How to Develop a Big Data Strategy to Outperform Your Competitors
Although many organisations do not yet understand Big Data, it is pouring into all organisations from almost every angle imaginable. Every day, small and medium-sized enterprises can easily collect terabytes of data, while startups can effortlessly reach gigabytes and large multinationals can even generate petabytes without any problem. However, simply having massive amounts of data is not enough to become an information-centric organisation that stays ahead of its competition.
Note that I deliberately do not call these organisations data-driven organisations, but rather information-centric. The difference might seem subtle, but in fact the two terms are very different. Data, after all, is useless without the right tools at hand and the right culture in place. Only when data is transformed into information can it become valuable for an organisation. Information-centric companies have a culture that relies on data that is stored, analysed, and visualized, and in which the results form an integral part of the company’s strategic decision-making.
According to Paul Kent, Global vice president of Big Data at SAS, 37% of managers surveyed still base their decision on gut feelings, instead of data analytics. A precondition for an information-centric company is therefore a cultural shift that allows data and the tools required to analyse and visualize it to be accessible to large groups within the organisation so that the decision will not be based on raw estimates.
Big data will change how organisations are structured and managed. It will affect all departments, from those that deal with the core activities of an organisation, such as operations or manufacturing of products, to supporting departments, such as human resources.
The challenge organisations will face in the coming years is how to become information-centric organisations that make decisions based on massive amounts of data that are collected in real time. Although the number of organisations currently taking full advantage of Big Data is still small, this will change in the future. The result will be that all companies, including the SMEs, will be able to take full advantage of the benefits of Big Data regardless of their industry or location.
Moving from a culture in which gut-feeling decisions or raw estimates are acceptable to a culture that truly incorporates Big Data is challenging. So, what is required to move from a product-centric organisation to an information-centric organisation, one in which decisions are based on hard data and extensive analyses? Where do you start? How do you convince your CEO, and which questions do you need to ask? As these are such important, but difficult, questions, we have developed the Big Data Course for you. A comprehensive online course available in an exclusive member area that will help you better understand big data. Register now and start with turning your organisation into an information-centric company.
Mark van Rijmenam is Co-founder and CEO of Datafloq. Datafloq is the One-Stop Shop around Big Data. We are the number one Big Data platform connecting Data and People, connecting all stakeholders in the global Big Data market. Mark is a strategist who advises organisations on how to develop their big data strategies. As such, he is a well sought after speaker on this topic. His book “Think ...