Despite growing enthusiasm for big data, many businesses risk leaving its vast potential on the table—or worse, ceding it to competitors. A culture of experimentation and out-of-the-box thinking helps organizations manage that risk.
Big data is now relevant to everyone, but many companies have yet to turn the availability of data into meaningful insights—and competitive advantage. Llorenç Mitjavila discusses how BCG helps clients develop the capabilities they need to generate valuable insights from big data and find success.
By breaking big data into three core components and then developing specific capabilities around each, businesses can create a solid framework for enabling and succeeding with big data and advanced analytics.
Data Usage. Build a culture that encourages innovation and experimentation. Also look for ways to establish trust among consumers. Businesses that use data in transparent and responsible ways will have more access to information than businesses that don’t.
Data Engine. Use platforms that are flexible, scalable, and efficient enough to handle different types of applications. In addition, put the insights to use, embedding them in operational processes in or near real time. Finally, ensure solid execution through proper governance and organizational strategies.
Data Ecosystem. Partnerships will be increasingly necessary to obtain required data, expertise, capabilities, or customers. Businesses must be able to identify the right relationships—and successfully maintain them.
BCG's Sylvain Duranton discusses how the firm can help companies see real results from advanced data analytics by providing a combination of technical excellence and sector experience that will enable client teams on the ground.