Mapping change to opportunity: New imperatives for big data and analytics
One frequent question I am asked is "how do big data capabilities map back to the strategic imperatives that enterprise firms are dealing with today?" This recently released infographic works to answer this question and many more, including new ways to monetize information streams by employing the expertise of chief data officers (CDOs).
Acquire, grow and retain customers
Today's customers demand that you know them and deal with them as individuals rather than as part of a generic market. This requires new ways of truly understanding and engaging with them, and big data technologies play a key role here. Finding new customers, discovering unmet needs and understanding how people and events are connected creates new ways of engaging in markets, some of which didn't even exist until recently
Create new business models
The ability to pragmatically handle large and diverse amounts of information creates new opportunities and driving what we call born-on-the cloud solutions. The Internet of Things provides ways for firms that once sold things to now participate in optimizing how the things are used. Entirely new ways of creating better outcomes for customers, and new ways to monetize information streams that did not even exist until recently, have become top priorities and are helping drive the rise of the chief data officer (CDO).
Transform management processes
You cannot manage what you cannot measure, and big data technologies have transformed both the scope and speed of information collection and processing in support of management insight. We have moved from computing-limited management insight to now where we're limited by out creativity rather than processing power. Deep and broad harvesting of real-time operating conditions are now pragmatic; big data technologies can deliver insight in minutes where it used to take months.
Supercomputing levels of calculations are transforming how risk is understood and managed. Risk calculations that used to be done monthly over narrow variables can now be done hourly over dramatically expand dimension and market conditions. Context and the interconnected nature of risk can now be modeled, and big data technologies can help the enterprise move from risk management to risk avoidance.
Predictive analytics means every company now has the opportunity to be data driven, and those that have embraced this opportunity are already outperforming their peers. Driving inspection and predictive analytics deeper into logistics, predictive quality, predictive asset management and demand forecasting allow problems to be fixed before they materialize.
Big data technologies are democratizing access to information and increasingly allowing business users to create insight and visibility that used to require expensive and long lived IT projects. Blending structured and unstructured data creates new possibility of not only understanding what, but also why. The rise of context and cognitive computing are transforming how information can be used to guide business outcomes.