How Your Company can Turn Big Data into Profits
Everyone has heard that information is money. Then, a lot of information should equal a lot of money. Unfortunately, this isn’t true because most organizations are still fighting with the idea of how to use their big data to earn a profit. Today, everywhere you turn you hear about the benefits of Big Data, how it can open a new world of opportunity for your company, and how it will change everything for you. But, for most large companies they sit on a pile of data they have no idea how to capitalize on. So how do you do this and where do you start?
1. Your company needs to identify the right business cases.
Analyzing your data is all about what you learn when you measure and monitor these cases. Therefore, you must make changes in the way you do business in order to profit on the business cases you study. If your CIOs are not willing to make the necessary changes based on your analysis and what you have learned, then you are studying the wrong business cases and wasting your time.
2. Your company needs to assemble the right team with the right leaders.
Assembling the right business team requires the primary business sponsor that must be a C-level executive or VP. You need to hire a consultant or firm that specializes in business analysis. Your team also needs a line-of-business person who can keep your team focused on the project and business outcomes. Finally, your IT department plays a role in your business team. Your consultant works with your line-of-business person and your IT department to produce an effective outcome for your enterprise.
3. Understand the requirements and get them right.
Your business team has three critical, sub-steps to follow for gathering all your requirements effectively. First, they must understand the business metrics and the questions that are associated with the dimensions that answer their questions. Second, the team must prototype and validate, that their solutions will answer the questions which will achieve the benefits for your company. Third, the IT department is responsible for ensuring the data the team requires is being captured by the source system.
4. Your team needs to make quartile reports on their progress.
Your business team needs to assemble and deliver quartile reports to you based on their results and progress. Today, new analytic capabilities allow your team to deliver reports to you every three to four months. If anyone on your teams suggest this isn’t possible it is time for you to look for a new team member to replace them.
5. Start with the end solution in mind and work backwards.
When you work with analytic solutions you are working with a living process. Therefore, the one your team makes changes and addition to, the healthier it will become. However, if no member of your team is requesting changes you must consider this solution, dead and understand no one is using it. By starting off with the end-user in mind you can understand who will be using your data. Also, who benefits from the data and how they benefit. This way, your project will gain success and be a tool that enables you to find your solution.
About Julie Sinclair
Julie is a retired school teacher who loves writing, gardening, Internet research, crafts, and being with her family. After retirement Julie has kept up her skills in computing by taking classes at the College near by.