By now, most companies have big hopes for big data. They see great potential in using sophisticated analytics to preempt problems, such as customers leaving or equipment failing, or to gain an advantage, such as perceiving an industry trend. But success may prove surprisingly elusive. The big data vision of many companies is murky, and the path is fraught with obstacles.
By taking a focused approach, businesses can home in on the initiatives that, one by one, will deliver the value of big data and, at the same time, build their capabilities in a coordinated way. Then by accelerating—developing initiatives and capabilities with greater speed and agility—companies can quickly see results, gain experience, and apply the lessons learned.
- Data Vision. These capabilities are crucial in determining the role data and analytics play in a company’s business model and strategy and the impact on value creation.
- Data Usage. These skills enable a company to generate and evaluate ideas for using data. Evaluating an idea can require determining if a use is permissible, the benefits it can bring, or if it should be prioritized. These abilities also are important to managing privacy, ensuring data security, and winning the trust of customers.
- Data Engine. These capabilities center around the structures—personnel, process, and technology—that enable a company to collect, store, manage, and use data.
- Data Ecosystem. These skills are tapped to create partnerships and other external relationships that play a role in big data business models and strategies.
This article originally appeared in bcg.com. To read the full article, click here.