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Principals for realizing and harnessing the Big Data value
There are many aspects to consider in harnessing big data and becoming an insight-led organization.
The EMC/Capgemini study found seven guiding principles for not only driving value from big data but also putting insights at the heart of the enterprise.
If an organization is able to rapidly assimilate, integrate and analyze its data and turn that data into insights to inform every decision it makes, that organization will be able to set the agenda for its market. Achieving this is about harnessing data, both your own internal business data and the growing stream of big data from new internal and external sources. But this is not easy.
We see the following seven principles as central to making the necessary transformation:
Principle 1: Embark on an insights journey within your business and technology context
The starting point must be your business objectives. Design your roadmap to harness new data sources based on how they will help achieve these objectives. Equally importantly, your journey must be dictated by where you start, in terms of data maturity but also technology.
Principle 2: Enable your data landscape for the flood from connected people and connected things
There are many new technologies that enable the capture and management of the data flood. Your new data landscape should be a mixture of these technologies, chosen to provide the right solution in terms of cost, flexibility and speed to suit each specific data set and to meet the insight needs of the business.
Principle 3: Create a data science and analytics culture
Data science unlocks the insights. It needs to become part of the culture of the organization. Only by embedding it throughout the enterprise, and systematically making all decisions better informed, can organizations achieve the transformation to becoming insight-led.
Principle 4: Unleash data- and Insights-as-a-Service
The demand from business users for information and data driven insights is ever increasing in virtually all organizations. To harness this, business users must feel that they can rapidly access the information they need where and when they need it.
Principle 5: Make insight-driven value a crucial business KPI
Measure your measurement: apply data science to your data science to see where you are adding value and where you are not. If data is becoming one of your most valuable assets, then treat it as such – include it in KPIs and business reviews.
Principle 6: Master the governance, security and privacy of your data assets
Insights from unreliable data are worse than no insights at all. Equally, programs fail and businesses leave themselves exposed if data is not handled securely and with consideration of relevant privacy issues.
Principle 7: Empower your people with insights at the point of action
Ultimately all organizations are a series of decision points, both at the macro and micro level. Empowering your people with timely insights that make each of those decisions just 5-10% better will transform your business.
Through the application of these principles, we are seeing organizations start to generate real value. In our study with MIT6, we demonstrated that only when technology adoption is accompanied by transformation management (including vision, business engagement, and organizational change) do businesses realize tangible benefits in terms of profitability and market valuation. This is as true for big data technology implementation as it is for any other technology.
Reference – From the study Big & Fast Data: The Rise of Insight-Driven Business – Insights at the Point of Action will Redefine Competitiveness.