Business analysts need better big data attitude, says KPMG

As more and more businesses turn to using big data to give them insights into their customers and potential risks to their business, KPMG said that they need to ensure it is being used effectively.

Speaking to senior executives at the Cloud World Forum in London, head of business intelligence Eddie Short said that not analysing information on risk properly could potentially lead to more harm than good.

Although companies feel that big data is becoming a necessary tool, Mr Short criticised the fact that they do not always consider how it can boost value.

He explained: "They tend to think that the amount they harvest, the speed they gather it and the range of information is important; but volume, velocity and variety don’t matter as much as employing better governance over the data collated, or understanding what is needed to grow the business or mitigate risk."

The solution he suggested was to implement good analytics models so that companies could link relevant information that would inform their business decisions more easily.

It is the volume of information available that has made big data such an appealing tool to businesses. With the evolution of cloud computing, and therefore virtual storage, companies are now able to gather and use more information than they were previously capable of keeping in-house.

However, it is possible for employees to be bombarded with too much information, which means that important information risks getting overlooked. This is why Mr Short suggested analytics models are needed to help companies consider where information fits together.

Mr Short also recognised that companies' responses to customers is becoming more and more information driven, which is why they are required to keep an eye on a variety of sources if they want to stay on top of the market.

Seeing the need within business to keep in tune with all customers at once, technology firms have been developing tools to aid in dealing with customers. An example of this is Microsoft's customer relationship management tool, Dynamics CRM.