With Big Data once again we in the IT industry are falling into the same old trap of talking about inputs (volume, velocity, variety and veracity) and technology (Hadoop, Spark) rather than the desired outcomes. No wonder then that analyst groups are reporting that only a tiny fraction of Big Data proofs of concept are being industrialised and put into production.
On one level this is understandable – talking about outcomes can seem a little dry. Highlighting the potential for revenue gains or cost savings or reducing risk (of future costs or revenue losses); or indeed the underlying elements – such as operational excellence or an enhanced customer experience – that will deliver those financial gains can seem as if the same old story is being recycled. Consequently it is much more exciting to talk about what is new, which is why the technology always seems so exciting.
But this time there is a difference. We live in the information age and work in the knowledge economy. Insight is the lubricant of both and the most sustainable advantage any business can have is better insight than its competitors. And by better I mean in breadth, depth, accuracy and timeliness.
The good thing about Big Data is that data – the raw material for insight – is in vogue when for ages it has just been seen as digital exhaust. But to make the most of the transformational opportunity that is available, we need to steer the conversation away from Big Data to what it enables, strategically. We need to use the excitement about unstructured data and the internet of things to seed the concept of insight advantage in commercial consciousness.
I believe there are six steps to achieving insight advantage. Read my article outlining those steps – the first in a series of pieces that will be published over the next couple of months.