Good read and takeaway how-to. Big Data for many is overwhelming, particularly when it comes to management and utilization. However, in order to remain competitive, we need to develop best practices and the more information we have of “discovered” tips and advice, the better.
Excerpt: Large-scale data gathering and analytics are quickly becoming a new frontier of competitive differentiation. In a recent Harvard Business Review article we explore how companies require three mutually supportive capabilities to fully exploit data and analytics: an ability to identify and manage multiple sources of data, the capacity to build advanced analytic models, and the critical management muscle to transform the organization.
Getting started on a successful data and analytics journey, however, is a continuing challenge for many leaders and they often struggle for a clear strategy that ties data and analytics to improved performance. We took a close look at companies that have recently launched big data strategies to shed further light on the tough road C-level executives face. From these experiences, we have distilled four principles to defining a strategy and getting started: