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Have You Got A Big Data Strategy In Your Company: Strategic Data Thinking?

Are you excited or apprehensive about the Big Data revolution? Can you think of one particular area where big data can be used to maximize the effectiveness and generate mouth-watering competitive advantages?

It is obvious that we now live in a world in which vast amounts of data are being produced every day, every second — endangering large and small companies that don’t have A Big Data Strategy.

And I believe that most companies and executive teams are improving and evolving their mastery of data assets – a plan of how to use and leverage the vast amounts of data they might have or could have access to.

Start with strategic data thinking:

1) Define and identify what it is you want to achieve, when it comes to big data.

2) Now, you have to define the analytics requirements, i.e. how you will turn the data into insights and value?

3) Find the easiest way to present that data, value, and insights to the end consumer or decision maker. For Example will the data be presented in infographics, reports, interactive self-service dashboards, or advanced visualisations?

4)  Now, look at software and hardware requirements — Is the current data storage, reporting, and analytics technology right?

Some of the most influential and important people in Big Data:

Viviane Reding – Vice president, EU Commissioner for Justice, Citizenship and Fundamental Rights. You can follow her on Twitter @VivianeRedingEU.

Peter Fleischer – Global privacy counsel, Google, a company pushing the boundaries of technology.

Werner Vogels – the chief technology officer and Vice President of Amazon.com

Erin Egan – Chief privacy officer, policy at Facebook Inc., the social media giant.

Christopher Graham – Information Commissioner at ICO, the Information Commissioner’s Office is the UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.

Andy Day – Director of business intelligence, News UK, He leads the team responsible for collecting, managing and analysing our customer data in order to identify opportunities to create new products and services, improve customer experience and ultimately deliver customer and commercial value.

David Sear – Chief executive, Weve, a joint venture between the UK’s three largest mobile network operators (MNOs) – EE, Telefonica UK (O2) and Vodafone UK.

The new generation of data warehouses are bigger, better, and faster than ever before, transforming data into information and information into actionable insights, enabling businesses to forge ahead with unprecedented speed and agility.

I really appreciate you reading my post. Here, at CEOWORLD magazine, I regularly write about business, leadership, management, and technology issues and trends. If you would like to read my regular posts then please feel free to connect via LinkedIn, Twitter, and Facebook.

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Dr. Amarendra Bhushan Dhiraj
Dr. Amarendra Bhushan Dhiraj is the CEO and editorial director at CEOWORLD magazine, the leading global business magazine written strictly for CEOs, CFOs, top managers, company directors, investors, senior executives, business leaders, and high net worth individuals.
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