Overcoming Big Data’s Challenges

Companies that have the most success leveraging big data are getting three things right: talent, technology, and culture.

Sourced through Scoop.it from: www.strategy-business.com

Culture. This might be most difficult challenge to overcome. When it comes to bringing big data into the corporate culture, there are two kinds of companies. Some firms — Google, Amazon, Netflix, and LinkedIn, for example — have big data baked into their business model. These companies have no culture issue around big data, because big data was part of the equation from Day One.

Then there are the more traditional, mainstream companies — firms that have built and cultivated their management teams by heavily valuing intuition and experience as a way to make decisions. Executives from these types of companies are often heard to say things like, “I know my customers. I’m in the field all the time. I don’t need all this extra data that you’re bringing me. And I don’t understand the statistical black box that comes with it.” But no one is advocating using analytics as a replacement for judgment and intuition. Rather, analytics has the potential to become a much more powerful aid to judgment and intuition.  –  The bigger picture, however, is that companies and their senior leaders have to realize that the era of big data is here and, even if they themselves don’t fully embrace it, ignoring it is not an option. Because big data is so prevalent now, the technology and analytic solutions will also continue to improve, increasing the amount of insight that can be gleaned from each byte.

It’s similar to the inventions of the microscope and the telescope in the 17th century: Suddenly, scientists were able to see cells and planets in ways they couldn’t even have imagined. And in the same way that those discoveries kicked off an era of scientific invention, the advent of big data has already fostered innovation in developing new business models and solving business problems in new ways.

See on Scoop.itInternet of Things – Technology focus

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