Google, Apple, Amazon and Netflix are all successful companies with a seemingly infallible ability to choose the right product to develop, at the right time and for the right customer. The digital strategies are rooted in the use of Big Data and Analytics. How do they manage to stay ahead of the market, to set the trends and give the customers what they want at the right time?
The answer is Big Data. The digital strategies are rooted in the use of Big Data and Analytics. With the development of sensor-based data and the moved to digital solutions, all business have the opportunity to leverage Big Data and Analytics. You don’t have to be a massive technology corporation to leverage it.
Decision-making backed by massive data fortifies a company’s ability to design features and improve their processes. The more you know, the further you can go. Harness big data and your decisions will thank you. And so will your profits.
Join me at IESE in Barcelona, Spain, alongside its experts in decision-making and analytics, including Professors Inés Alegre, Miguel Ángel Ariño and Miguel Ángel Canela to explore how more companies can reap the benefits of Big Data and Analytics.
That’s why, before trying to make sense of it, the first step is nailing down the questions you want to answer. You can’t get anywhere if you don’t know where you want to go. Management, (that’s you, reader) needs to know where the company is going. Ask yourself:
Leverage big data in your decision-making to identify major opportunities. And then examine how to best monetize the data. Should you sell it, trade it, keep it private, or give it away. Leading firms all showcase examples of these monetization strategies.
Big data is also unwieldy. If you don’t identify the resources you need to use it how you want, you could end up lost in an ocean of information impossible to process and decisions that are ill-informed. There are simply resources you’ve got to have. So don’t try to cut corners. Learn what hardware, software and personnel you need to support your company’s big data endeavor and the fruit from the decisions made thereafter will make it worthwhile. Develop a Data Science team! This is a big step in leveraging Big Data.
A well-known fast-food chain has begun monitoring the number of people that are waiting for service and is using that data to adjust its screens to accordingly advertise products that are quick to cook and serve at rush hour. Data can impact customers, operations, and of course both. It requires an experiment and trial to get it right. This constant reflection, evaluation and follow-through with decision-making is essential. Big data is constantly changing and you need to change with it. Once you know what you want to achieve and have implemented the steps to leverage the data, don’t stop there. Its a continual process that demands evaluation and creativity.
“For all firms, leveraging Big Data and Analytics is about understanding their customer and operations in detail”.
About Russell Walker, Ph.D.
Professor Russell Walker helps companies develop strategies to manage risk and harness value through analytics and Big Data. He is Clinical Professor of Managerial Economics and Decision Sciences at the Kellogg School of Management of Northwestern University. He has worked with many enterprises and leading marketing organizations through the Analytical Consulting Lab, an experiential class that he founded and leads at Kellogg.
His most recent book, From Big Data to Big Profits: Success with Data and Analytics is published by Oxford University Press (2015), which explores how firms can best monetize Big Data through digital strategies. He is the author of the text Winning with Risk Management (World Scientific Publishing, 2013), which examines the principles and practice of risk management through business case studies.
Analytical Marketing, Analytics, Barcelona, Big Data, Big Data Analytics, Big Data to Big Profits, Data Analytics, Data Capture, Data Monetization, Data Products, Data Science, Digital Platforms, featured, IESE