Extracting Value from Big Data

5:14 am Big Data

In 2010, most executives were not in the least interested in taking on board advice that data was a strategic asset that needed investment if they were to survive in the future.

Two years on, and the executive team are finally sitting up and taking notice that data will define their future. Is it too late for these lagging companies to maintain or regain their strategic ground.

Studies have shown that those companies that have embraced a data-driven decision culture, and have incorporate big data into their information strategy significantly outperform those who have failed to heed the signals that data will indeed drive strategic advancement.

Personally, I don’t think it is too late – but only because Cloud technologies and Data/Analytics-as-a Service have conveniently bridged the timeline gap. However, in promoting this, there can be no further delay in the acquisition of insight that data analytics delivers.

Cloud computing and data as a service allow companies to federate proprietary data with purchased Big Data [data from social data social networks, bloggers, statistics, sensors, logs etc]. Gaining a  360-degree view of customer demographics, economics and preferences provides broader and deeper actionable insight that can be transformed into marketing campaigns and product devleopment.

  • Marketing campaigns can now be highly targeted, due to insight that predicts customer behaviour and preference trends.
  • Product features can be optimised based on customer preferences.

These insight translate right throughout the supply chain from demand planning and optimisation right down to in-store merchandising.

Valid insight, imbued with relevant context is the key to extracting value from Big Data. Together, with supporting culture and processes that ensure that this value is driven into strategic and operational improvement will seal the ongoing success of any business.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.