Jaya Hayre, an analyst with our Data Discovery and Analytics team, argues that dealing with big data doesn't always mean having to spend big money
People assume that data analytics is a costly affair and can only be adopted by organisations with modern IT infrastructure or big budgets. In reality, not all data analytics requires masses amounts of investment. For instance, you can rely on cloud-based data and analytics solutions to start small and then scale as and when needed. A lot of companies already have the infrastructure that they need to get started with data analytics.
The key to this would be to follow a process that is systematic yet scaled to fit your company size and to follow resources following a few steps. You would want to identify what you want to measure, for example, start off with what KPIs would have the biggest impact on your decision making and the company’s financial performance. When considering what to measure always begin with the end in mind, however, always take note that new privacy laws and regulations may restrict the collection and storage of data.
Big data does not mean big money for companies: you can buy into a few machines and tools, but it mainly comes down to what your business needs are. You will need to consider the quantity of the data that needs to be analysed and presented. Data analytics can help businesses of every size to become smarter, more productive, and more efficient.
An important area of focus is the clarification of business goals and how the data you are collecting will support your goals. Use your budget wisely to consult, organise, streamline, and communicate with a data analytics team.
Data analytics can expand your influence beyond the books by developing data driven solutions to projects costs and one can prioritise the allocation of funds to maximise the operational impact of the budget. Without data analytics, anomalies in structured financial data can be difficult to detect - but with the right expertise and a small budget implementing the appropriate analytical techniques can elicit the evidence that is needed.
The power of data analytics is that it allows investigations to move faster, costing less but still allowing examiners to have access to unlimited amounts of quantitative and qualitative data trends, relationships, unexpected patterns, inconsistencies, and irregularities.
To summarise: if you were worried about data analytics being costly then I hope this article has made you rethink and realise that in fact data analytics can be tailored to you and your business needs. No need to worry, no matter how big or small your budget is - there is a way we can use our skills and knowledge to benefit your business.