Article: Big Data: The Management Revolution (McAfee & Brynjolfsson, 2012) - Book Turning Data into assets
8 important questions on Article: Big Data: The Management Revolution (McAfee & Brynjolfsson, 2012) - Book Turning Data into assets
Big data on tap from the Cloud
An additional trend is shaping the impact of big data: a revolution in the storage and
accessibility of both data and data processing.
- In the old data paradigm, for a business to manage data, it needed to invest in owned infrastructure to collect and hold all the data as well as any tools to analyze it.
- This significant capital requirement led to disparities among companies, with many unable to afford the sophisticated use of data.
- Today, businesses no longer need to store their own data, and even small businesses are increasingly able to access the leading tools for using unstructured data. The reason is the rise of cloud computing.
The following four templates are for creating value from
customer data.
- Insights: revealing the invisible
- Targeting: narrowing the field
- Personalisation: tailoring to fit
- Context: providing a reference frame
Template 1. Insights: revealing the invisible
- By revealing previously invisible relationships, patterns, and influences customer data can provide huge value to businesses.
- Data can provide insights into customer psychology, can reveal patterns in customer behaviour
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- Never study anything twice
- 100% sure, 100% understanding
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Data value generator
Step 1: Area of impact and key performanceindicators
- The first step is to define the area of your business you are seeking to impact or improve through a new data initiative
- Once you have defined the area of impact, you should identify your primary business objectives in that area.
Data value generator
Step 2: Value Template Selection
Now that you know the domain you are focused on, look back at the four templates for value creation, and identify one or more that may be most relevant to your objectives:
- Insight, targeting, personalization and context
Data value generator
Step 3: Concept Generation
After selecting a (or multiple) value template(s), you will want to use it to ideate specific ways that data could deliver more value to your customers and your business.
Data value generator
Step 4: Data Audit
- Once you have a strategy in mind, you need to assemble the data that it will require.
- Starts with surveying what data you already have that
could be used to enable or power your strategy (current
data).
- Next, you need to identify what data you still need for the
purpose of the strategy (needs gaps).
- Finally, you need to determine ways to fill the gaps you’ve identified (new sources).
Data value generator
Step 5: Execution plan
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
