The first dimension that we consider is labeled business objective. In our work we have developed a framework (Figure 1) to understand big data strategies and the techniques used with each strategy. The research firm IDC forecasts that the big data services and technology market will grow in value from $3.2 billion in 2010 to $16.9 billion in 2015 1. Like any capability, it requires investments in technologies, processes and governance. We define “big data” as a capability that allows companies to extract value from large volumes of data. While this is conceptually possible, it requires the implementation of new processes, technology and governance mechanisms that are collectively being referred to as big data.
These sources of data have created modern-day treasure troves that can be mined to glean insights into products, services and customers. Marketers can also collect information about every conversation people are having about their brand. It is now possible to collect click-stream data about every potential customer interaction with your web site.
Today, both the sources and volume of data collected have exploded. This data was used primarily to keep track of operations or forecast needs.
BUSINESS INTELLIGENCE STRATEGY AND BIG DATA ANALYTICS PDF HOW TO
Readers will learn how to build that advantage from these authors.įive years ago, most companies collected data that were a part of their daily transactions and stored them in a database. Companies that effectively create and implement big data strategies stand to gain a competitive advantage.
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