Posted By Industry Perspectives On February 14, 2013 @ 9:48 am In Industry Perspectives | No Comments
Paul Barth is the Founder and Managing Partner of New Vantage Partners .
The term “Big Data” has many meanings and continues to evolve quickly. While the term originated in response to the need to manage large and diverse data sets, today’s promise of Big Data goes beyond its original technology–centric focus.
Realizing the value of Big Data today demands more than technology. It requires the vision, experience and know-how necessary to see Big Data as a strategic opportunity and to leverage it across an enterprise. Today, there are many voices in the arena of Big Data, but only a few who understand the real opportunity for Big Data to create shareholder value.
We believe that for enterprises to be successful in their Big Data initiatives, they must consider these realities:
1. Big Data Impacts Every Business Function
The impact of “Big Data” extends far beyond those traditionally associated with data, creating an opportunity for every business function to rethink how it innovates, forecasts, plans, operates and interacts with customers.
2. The Power of Big Data is Outside the Four Walls of the Enterprise
“Big Data” presents the opportunity to leverage large and diverse sets of third-party content such as demographics, social media and government-supplied data. This presents opportunities and threats that hold potential to reshape organizations, industries and markets.
3. Big Data Creates New Risks
“Big Data” presents new risks and opportunities associated with issues such as ownership, quality and consistency. These must be considered, leveraged, addressed and balanced in order to realize the full potential of the opportunity.
When we think about the potential business impact that can be realized from Big Data, it is important to understand the potential reach of Big Data within an enterprise:
In sum, to realize the full benefit resulting from Big Data initiatives, enterprises must demonstrate:
Editor’s Note: Prithwi Thakuria, Practice Leader at New Vantage Partners, also contributed to this article.
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