Why Your CEO Should Be Awake Every Night Because of Big Data

Datafloq
Posted by Datafloq

 

 

Many believe that Big Data is a hype, a buzzword, something that will pass if we don’t pay attention to it. Although we are at the peak of inflated expectations, Big Data is all but a hype and a buzzword. In fact, if you do not start developing a Big Data strategy within the next few years, your company will not exist anymore in 10-15 years. Big Data is not something you want to be dealt with by your IT department. Big Data is so important, that it better keeps your Board, and especially your CEO, awake every night.

The examples are everywhere: Macy’s is changing the shopping experience thanks to Big Data. Southwest Airlines delivers excellent service because of Big Data. And Coca-Cola uses Big Data to produce the best orange juice year-round. Each of these companies is in different industries, but all of them benefit massively from Big Data. Big Data is for every organisation, small or large multinational and for any industry. Whether it is the fishing industry or thepublishing industry.

As can be understood from these examples, Big Data goes a lot further than using just Business Intelligence tools to create KPI dashboards that can be used. It requires a different corporate culture that is data-driven and information-centric. In addition, Big Data is all about combining and analysing different data sets to create new, real time, insights that can be used for decision-making. An out-of-the-box approach is vital to provide new data-driven solutions for the customers. Developing a Big Data strategy requires the organisation to have a good understanding of what Big Data is, what it entails and what the different possibilities are. Developing a Big Data strategy is only one aspect. Implementing that strategy within your organisation and selling it to the customers (and employees) is a different ball game. It is anything but easy as the statistics show because 55% of Big Data projects fail.

However, those organisations that do manage to implement a Big Data Strategy are doing very well as research has shown that they outperform their peers financially by 20%. Not understanding Big Data or not wanting to move ahead with Big Data is therefore the wrong approach. Yes it is difficult and it involves money, energy and a cultural change, but not doing it will be far more expensive in the long run. Those who still have difficulty to really grasp what Big Data can do for your organisation, please join the Big Data Course or buy my book Think Bigger – Developing a Successful Big Data Strategy for Your Business. It is a small investment that will definitely pay-off in the (near) future.