Fortune has published an insightful article which details three major obstacles facing companies as they attempt to use big data to their advantage.
Big data has been one of the majorly hyped terms around the industry for the last few years, but according to Fortune, companies are struggling to turn the constant stream of information to their advantage, perhaps more often than has been recently portrayed.
Writing on Fortune.com, Anne Fisher states that according to a new study from the American Institute of CPAs (AICPA) and its London sister organisation, the Chartered Institute of Management Accountants, three main hurdles still exist in turning data into dollars.
According to Arleen Thomas, the AICPA’s senior vice president of management accounting and global markets, the first is being in too big a hurry. Secondly, researchers with a narrow, highly focused project often turn in better results than those with a wide, shotgun approach. Finally, Thomas advises that 'busting up the company bureaucracy' can result in information flowing quickly to the right people.
Furthermore, she recommends that data scientists "need to be good at communicating information in a compelling way. They also need leadership ability, to get others to act on the insights in the data.”