Generating Business Value from Big Data and Analytics
Business has fundamentally changed – your competitors (known and unknown) are harnessing data to drive growth and profitability now.
The keys for Success are:
- Understanding the non-obvious connections in the complex, global and ever-changing economy
- Dynamic analytics solutions to improve the agility of the business. Our Big Data solutions:
- Automatically identify relevant changes in the constantly changing environment
- Account for the effects of those changes on your business
- Provide sound decision support within this context
- Holistically addressing the growth, efficiency and risk mitigation agendas.
A data-driven organization embeds the ability to harness data in every aspect of its business, including how decisions are made, how processes are operated, and how people are enabled.
Success depends on:
- Elevation of the importance of data and its robust uses to a C-Level priority that informs all actions
- Willingness to change process, people and technology together
- Keen attention to the cultural elements
- Moving from gut instinct to reliance on objective data
- Incentivizing employees to test new concepts
- Moving from ownership to stewardship of data.
Data is a business raw material that becomes valuable through the use of analytics. Big Data requires advanced analytics and technology to capture the value.
Success is achieve by:
- Solid handle on data available throughout the organization, enhanced with access to relevant 3rd party data
- Strong information management to fully access and leverage of your business data
- Technology capability to transform big data into usable data for qualitative and quantitative analytics
- Diverse analytics capabilities embedded throughout the organization.
Data and analytics is not simply about technology. A business problem orientation helps to zero in on the right data and apply the right analytics to generate tangible value.
The Critical Success Factors are:
- Clear definition and prioritization of the business problems to be solved
- Helps identify the most relevant data
- Focuses new analytics to deploy
- Provides clear success criteria
- Think big, prove small – pilot data integration and analytics to determine if they provide the business solution
- Strong understanding of how various data and analytics technologies fit together and how they work with your legacy systems.
New opportunities, new risks – while data is a valuable asset, new uses of it pose new risks – organizations need to carefully balance them.
Success will be driven by:
- Understanding the pieces of the puzzle your data answers for those outside of your traditional value chain can provide new revenue opportunities
- Strong data governance by design balances the risk of using data with the reward of capitalizing on it
- Robust information protection policies and controls implemented through technology reduces compliance and breach risks.