It’s common knowledge that big data is about business disruption. A 2015 big data report revealed that 53% of companies expect to face increased competition from start-ups enabled by data. The big question is, what are those among the 53% doing to steer their company away from extinction?
Around 64% of executives said that they believe big data is changing traditional boundaries, and 24% were already experiencing ingress of competitors from adjacent sectors. These seven guiding principles as key to realising big data value and becoming an insight-led organisation:
- Embark on an insights journey within your business and technology context
- Enable your data landscape for the flood from connected people and connected things
- Create a data science and analytics culture
- Unleash data- and Insights-as-a-Service
- Make insight-driven value a crucial business KPI
- Master the governance, security and privacy of your data assets
- Empower your people with insights at the point of action
MIT points out that only when technology adoption is accompanied by transformation management, which includes vision, business engagement, and organisational change, do businesses realise tangible benefits in terms of profitability and market valuation.