What is big data? Big data is defined as extremely large data sets that can be analyzed to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Why is big data becoming an important factor in today’s digital business? Data by the numbers is quickly becoming the basis for competition in today’s agile marketplace. Analytics becomes a crucial way for companies leading big data initiatives to do business better by enhancing their customer experience, leverage strategies to innovate and increase the quality of products and services.
Gartner’s article, 100 Data and Analytics Predictions Through 2020, states, “By 2020, contextual predictive data streams — and the proprietary algorithms behind them — will be a top three service provider differentiator.”
Investments in big data require hefty investments not only in the technology to support it, but also the personnel resources necessary to organize and disseminate the value gathered. Companies wanting to achieve success and glean ROI, big data initiatives must warrant a strong relationship with corporate strategy. Big data leadership must start with the CEO. Top down is a proven, effective way to drive the organization to the intended vision. Think about it like this: big data is the cart and corporate strategy is the horse.
Motivation and inspiration are also the keys to success and often the CEO is the one who will advance the charge. Big data and managing business decisions based on numbers versus that good ole’ gut feeling proposes a difficult balancing act where we go against those natural instincts and trust the data instead. This can often cause conflict with ideologies, but if the CEO is driving the vision, it will be hard to dispute. It will be imperative that the CEO is walking the walk and talking the talk. He or she must be the primary user and repeatedly show value of how analytics are supporting the corporate agenda to win business in the big data and analytics game.