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Big data is a relatively new phenomenon. Its use is increasing in many organizations. But, as with many new processes, its use cuts both ways. It has positive benefits to both the organization and customers. It also has its potential downside. This piece looks at both with respect to the quality profession.
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Big data benefits
Big data is the accumulation and analysis of huge amounts of information (data). This information is generally divided into two categories, structured and unstructured. Structured data includes information electronically stored, notebooks, spreadsheets, and similar information. Unstructured data includes videos, pictures, tweets, and word processing documents.1
The digitization of data and the internet combined with algorithms has created the opportunity for companies and government to be more efficient by identifying and assessing relevant information in a timely manner. Such information allows the organizations to better serve their customers and identify areas that can be improved.
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Big Profits from Small Data
Big data is often used to figure out how to sell more stuff to smaller and smaller niche markets.
Six Sigma is a problem solving process. It cuts unnecessary, preventable costs, which can boost any bottom line dramatically.
We know from experience that a sample of a population will contain the same patterns of defects, mistakes and errors as the total population.
So we don't need big data to solve big problems. We can get big profits from small data.
I've helped companies save millions of dollars using Excel and QI Macros Improvement Project Wizard.
The biggest spreadsheet I ever used was only 47,000 rows of data, not millions. It yielded $5 million in savings in just a few days.
To learn more about how to do this, download my free ebook at https://www.qimacros.com/pdf/Agile-Process-Innovation.pdf.
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