As big data continues to grow, the related opportunity to obtain a competitive advantage grows with it. By now, there are companies that have confidently moved forward, seeking big things around big data and obtaining big benefits as a result.
They achieved the benefits by putting and using big data and analytics to drive innovation and growth. These analytics leaders are using data in predictive (e.g., optimization, simulations) and anticipatory (e.g., segmentation analysis, sensitivity analysis) ways to power themselves into the future.
Successfully managing big data and analytics requires tying three critical aspects; the right technology, operating model, and people; together to create a culture steady around differentiated analytics. It is trying to find new ways to apply analytics to growth-oriented strategies.
Top Management Sponsorship
Executive sponsorship, such as COO, CFO, or CMO, is critical to developing enterprise enthusiasm for analytics. They typically create demand for these services within their organizations and promote them elsewhere in the business.
Top-Line Analytics Strategies
Organizations, described as Leaders, have developed the capabilities to succeed in their analytics efforts. They’re using analytics to evaluate risks and trade-offs, understand cost and revenue drivers, and predict trends to help drive business performance and innovation.
Executives in those organizations achieve great value by using analytics to create new products, services and business opportunities, and to have comprehensive view of what could impact their business.
Analytic Operating Model
Managing analytics successfully provides the organizations the opportunity for transforming their management models and the ways in which organizations make decisions. To take advantage of the Big Data opportunity, Successful organizations have to advance their cultures to drive an organization-wide analytic operating model that makes data science a focal point of their business strategy and management practices.