The challenge of capturing the data lies in the speed with which the data moves, the range of data types, and the complexity of managing and processing the data in more meaningful ways that can lead to better decision-making and trend discoveries.
Data sets currently available within your organization that remain unexploited are a lost opportunity.
Examples of Big Data Initiatives
Below are some examples of big data initiatives that can deliver big returns. If you have not created your 2013 big data plans yet, perhaps start with one of these.
Understanding your customers and hearing their feedback: There is a treasure trove of information about you and your competitors in social media. big data can combine this information with your own internal surveys, as well as your own CRM data to help you better ‘hear’ and ‘understand’ your customers. Listening to them talk about the good, the bad and the ugly about your product/pricing/packaging will tell you what is really nice and needs to be carried over into future product versions, as well as what is not as good and how it can be improved. You will be surprised at what you might learn.
Competitive Intelligence: Few things can be more valuable than knowing what people are saying about you and your competition. For many businesses, social data can provide great insight into your position relative to your competition. It can also provide amazing guidance in terms of how to position versus your competition’s weaknesses, or their perceived weaknesses. When it comes to social media, the adage ‘that perception is reality’ could never be truer.
Understanding fraudulent activity: Big data analytics can be used to identify patterns of fraudulent transactions that work against your interests. These could be fraudulent claims in your insurance business or sales transactions that create a grey market for your products, or false product returns against your product warranties.
Try doing a pilot project, see the benefits and let a full-blown program pay for itself from the cost savings. This is a section of the market that is evolving very rapidly because most companies already have some sort of analytical solution in place to help manage fraud. big data is a natural extension bringing new techniques and new sources of data into the equation.
Final Thoughts
Data sets currently available within your organization that remain unexploited are a lost opportunity.
The challenge of capturing the data lies in the speed with which the data moves, the range of data types, and the complexity of managing and processing the data in more meaningful ways that can lead to better decision-making and trend discoveries.
Start with existing data within your organization -- the real power comes in the synthesis of this in-house data with outside sources.
Come to love social media. The nuggets inside can allow you to look at your business, your customers, and your competition in new ways.
Cloud computing will play a key role, since a large part of the data you will use is already in the cloud. Take advantage of this opportunity to leverage service providers’ investments in the cloud. Don’t make building out the infrastructure your stumbling block.
Finally, build data scientists into your plan -- they will play a key role in how much value you can acquire from big data.
Todd Johnson is executive vice president and chief operating officer of Saama Technologies, a leading pure-play business analytics services firm.
