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Despite the conceptual understanding of Big Data, many people are still trying to figure out how to put the concept in practice. There is no doubt that data is spreading quickly and sources are many. Also, proper usage of all data available can help organisations to stay ahead of competition, however making the case to include Big Data as part of the strategic investments needs a bit more consistency.
I have written before about how How Big Data can help Strategy Management, now let’s see how Strategy Management can help unleash Big Data investments.
If data is really valuable, what defines its value is definitively the Enterprise Strategy.
Whatever long-term aspirations of achievements will establish the sources for Use Cases so much required for the implementation of relevant, sustainable Big Data solutions.
“In order to demonstrate true business value of Big Data, you will need to make a pitstop at the strategy management model to understand what exactly is required in terms of improvements of Operational Efficiency and to be able to quickly and easily drive competitive innovation that translates immediately into some sort of advantages that benefits your organisation”.
So based on the formal strategy definition: You want to gather information and insights from all of your data to be able to pull it together to be able to quickly and easily drive business value that translates immediately into some sort of advantages that benefits your organisation.
For instance, by following the well-known methodology of the Balanced Scorecard, created by Drs. Kaplan-Norton in early 90s, you will find significant information at the core of the enterprise strategy regarding tangible and intangible assets translated into a measurable framework of Goals and Key Performance Indicators (KPIs)that comprise in a holistic way, at least the four perspectives of businesses: financial, market & customers, internal processes and enablers of learning and growth – All business perspectives are driven by valuable data analysis and strategic initiatives.
Each business perspective along with its challenging strategic objectives, may uncover precious use cases for Big Data Analytics, which certainly will benefit the organisation from using Real-Time, Predictive Applications now available throughout a wide range of new technologies such as the Hadoop ecosystem, machine learning, graph databases etc..
My suggested approach is to leverage more on the expertise of Strategy Management to promote solutions of Big Data Analytics for dramatically improve operational efficiency as well as to drive competitive innovation, in perfect harmony with the current organisational strategy execution model.
This way, it will give technology a “business touch” required for making the Big Data investment meaningful for the enterprise. You can simultaneously speak both languages of IT, when it comes to modern infrastructure to tackle the new challenges of a data-driven society, and BUSINESS MANAGEMENT that is always hungry for continuos improvements.
Next time you think about Big Data, try to start figuring out what is your current enterprise strategy and what are the imposed challenges in it that can be solved with Data Analytics. I’m sure you will see how everything make sense.