One of the major challenges of Big Data initiatives is the Value Creation. What is the business value of the data in question and how to leverage it to successful business strategies. There are various factors influencing the successful value creation.
Source: McKinsey Global institute
IT intensity – This is a big factor when doing analytics it is important to have the right tools, support and IT engagement. Many organization struggle when IT is mainly performing just infrastructure maintenance and support. How well invested in right tools and knowledge workers makes a big difference.
Data Availability – many organizations have incomplete data or in silos and or not in a position to make it available on time to the consumers. The reasons could be many from not having the technology, people, process, and awareness.
Data Driven – This is an important cultural factor. How well the organization seeks and used the data in decision-making process will spell the success of the Big Data initiatives.
Analytical Talent – This is a major factor. Some organizations are heavily invested in analytical talent based on their industry requirements. This is a premium talent and everybody competes for the top talent in this area.
Understanding where you stand in these factors and appropriately augmenting the shortcomings with the right tools, people, process will go a ling way in implementing successful Big Data Initiatives.
