Big Data’s Five Routes to Value
Five key applications of big data are helping forward-looking companies gain competitive advantage.
Read more hereTransforming Business Models with Big Data
Companies that embrace the full range of opportunities available won’t just gain competitive advantage. They’ll also transform their business models and industries by driving growth in new sectors and new ways.
Big Data: The Transformation Imperative
An effective big data approach is no longer just the responsibility of IT; the entire business must undergo transformation. Elias Baltassis discusses how BCG can help companies define their data vision and strategy—and discover value-creating change.
Big data is transforming the competitive environment. With advanced analytics and new data sources, companies in one sector can play a role in the products and services of others, even those far removed from their traditional line of business. This blurs the boundaries between industries and changes competitive dynamics. Companies that transform their business models in parallel with these shifts will find new opportunities for revenue streams, customers, products, and services.
Transformation requires a great deal of change. For both new and existing players, success requires:
- Having a big data strategy and vision that identifies and capitalizes on new opportunities
- Fostering a culture of innovation and experimentation with data
- Understanding how to leverage new skills and technologies, and manage the impact they will have on how information is accessed and safeguarded
- Building trust with consumers who hold vital data
- Creating partnerships within and outside the core industry
- Finding ways to gain insight and implement the results quickly
Unlocking Big Data Opportunities
Businesses have long understood that there's value to be extracted from the massive amounts of data generated every day. Yet for all their enthusiasm, most companies are only scratching the surface of the opportunities that await them. They’re analyzing data for insight, but they have yet to understand the transformative role that data can play in how and where they do business.
There are five ways to unlock value from big data:
