Does you company have a Big Data and Analytics strategy plan?

McKinsey Quarterly published an article in March of 2013 called: “Big data: What’s your plan?“. In summary:

The payoff from deploying a big data and advanced analytics solution can deliver productivity and profit gains as high as 5 to 6 percent higher than competitors. In order to achieve this, companies need to develop a plan and strategy. A successful plan requires dialogue at the top of a company to establish investment priorities; to balance speed, cost, and acceptance; and to create the conditions for frontline engagement.

A successful plan will focus on:
1) Data: How to assemble and integrate data is essential since data is spread and silted across the organization and somethings in different systems (or organizations). Making the information useful and available is a required capability.

2) Analytic Models: Integrating data does not do much if you can use it to make decisions. Advanced analytic models enable data driven optimization or predictions. The plan needs to understand where analytical models will make the biggest impact to the organization.

3) Tools: The output from these complex analytical models can be complex. So, this output is only useful if employees and managers at the right level within the organization can perform actionable tasks on the information.

The big data and analytics plans and value will vary by company and industry. The data will come from many sources like customer, vendor, sales, maintenance, and physical objects (like meters).

McKinseyValue

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