We’re pretty sure most CIOs are rather tired of hearing, “big data”, “analytics”, & “omni-channel”. There is so much hype around big data that it seems that if you aren’t investing in it, you’re doing something wrong; at least that’s what executive teams are hearing from the board room, and very loudly at that. According to a recent forecast, from research firm International Data Corp (IDC), big data spending will reach $48.6 billion by 2019. The report went on to point out:
Obviously, big data isn’t going anywhere anytime soon. So, where does that leave your enterprise in the mix? Apparently big data must be useful somewhere, so let’s go hire someone, give them access to whatever they need and let’s see what they come up with. Yeah, that’s not a good idea. Your invitation to leave the company will be in the mail shortly (probably overnight) because you’re going to spend more money than you could possibly fathom with very little return, if any, to show for it. Whoa! Did a vendor just say that? Sure did!
What “should” you be looking for when management decides it wants to invest in big data? To begin, a big data or analytics investment is a “solution”. If you’re investing in a solution, prior to identifying the problem that the solution will solve for, then you’re in for trouble again. There are a couple of steps to take before making the big data plunge:
Identifying the problem you’re looking to solve is half the battle. Here are some commonly stated problems, that can be solved with big data, across just a few industries:
Since we used some industry specific examples above, let’s go ahead and build on that using the same examples:
While it’s obviously difficult, if not impossible, to identify a big data project’s exact ROI upfront, these are the types of positive statements you will be able to make at the end of your big data initiative, with proper planning. You identified real problems and came up with real use cases where big data can solve your problems and, ultimately, maximize your return on investment. This is called, “Calculating Real Business Value”.
If you need assistance calculating real business value for your organization, please inquire about our Big Data: Real Business Value Assessment. It’s not free, but it will certainly prove its worth. How do we know that? We’ve already done the analytics. Sound familiar?
We’re pretty sure most CIOs are rather tired of hearing, “big data”, “analytics”, & “omni-channel”. There is so much hype around big data that it seems that if you aren’t investing in it, you’re doing something wrong; at least that’s what executive teams are hearing from the board room, and very loudly at that.