The Worst Content Marketing Is What Everybody Else Is Doing: How to Get Ahead and Stay ThereContent Marketing Minds: Ingredients of the Tastiest Content [Nutrition Label]From the Corn Field to the Digital Era: Content Marketing Starts with TrustContent Marketing: Is 2014 Really Shaping Up to Be the Year of Video?
Your Customers Aren’t Listening! How to Create Consumer Dialogue that Converts4 Tools for Nonprofit Social Listening and Reputation ManagementThe Promising Role of Social Listening in Treating Health IssuesThe Importance of Social Listening for Brands
- Public Relations
Facebook Testing a Way for Users to Buy Products on the PlatformRise of Social Media in Ecommerce [INFOGRAPHIC]How eCommerce, Augmented and Virtual Reality Will Redefine the Retail ExperienceSearch Query Analysis to Increase eCommerce Website Conversions
- Content Marketing
Technology & Data
Social Startups: Bizible Connects All the Dots from Marketing Contributions to RevenueCreating the Perfect Profile for Your Social Media Marketing EffortUsing GPS and Localization for Social AnalyticsAnalytics and Prospect Intel: Discovering Your Ideal Prospect
- Big Data
- Tech & Innovation
3 Security Risks You’re Taking Every Day While Using Social MediaShould the President Have the Power to "Pull the Plug" on the Internet?How Safe is Your WordPress Website From Hackers and Other Malicious Attacks?
- Software & Tools
- Small Business
- Social Organization
Celebrating the Grand Re-Launch of Social Media Today! SBH Podcast Episode 8Why Should You Care If Your Employees Are Thought Leaders?Beyond Engagement: The Art of Managing Social-Media Risk in Employee Advocacy
Why All-in-One Social Media Management Systems Don't Cut It for Social Customer ServiceWhat You Should Know About Customer, Digital, and Contextual ExperienceSurging into Q3: How to Make It Better Than Q2Is How You Serve Your Customers Costing You Business?
Join us September 15th in Atlanta for The Employee Advocacy Summit and learn how to unleash the power of your employees.
Post your event here and we'll share it with our community. If one of our members is featured, we'll promote as well on their profile.
- Marketplace & Webinars
The SMT Marketplace
Your resource for exclusive content and insights from Social Media Today, and opportunities to reach our community of professionals.
The Social Business Book Club brings you books, discussions, and insights from today's to business thought leaders.
Join interactive talks and and panel discussions with leading thinkers and practitioners on social media and networked business, or browse the catalogue of recorded sessions - all completely free.
Reach Social Media Today's community of marketing and communications professionals in an editor-approved context with a native advertising package.
What Big Data Brings to Decision-Making Strategies
Posted on June 2nd 2014
Potentially valuable and relevant "big data" is generated everywhere as wellsprings for new intelligence processes. But big data is only valuable if it can be used to answer business questions and offer new insights for business goals and future direction. While a lot of attention for big data has been focused on technologies that can process and analyze it, big data only matters if an organization knows what to do with it. When considering the value of big data from a strategic perspective, it's usually more important to focus on the ends, not the means, of what big data can provide.
Big data analytics can and should be part of executive-level efforts for building out overall corporate strategy, for uncovering new business opportunities and innovative direction, and for expanding decision-making processes. Organizations that are still trying to figure out what big data could do for them frequently fall into the trap of thinking that big data analytics are solely a technology initiative that belongs to IT. Often big data projects need strong and constant senior management involvement to succeed. The challenge for senior executives is to understand all of the implications of becoming a data-focused organization, particularly where big data plays an integral part, and then to put that understanding into action.
Getting into the habit of asking the right questions when working with analytics of any kind is an essential activity for strategic management:
What is the ultimate reward? – What is the organization trying to achieve with big data analytics? Opportunities may range from creating new lines of business or business models, to improving core operations.
Do you understand your big data process? – Are you letting the data tell you something new, leading you to new areas of innovation? – Or are you focusing on finding answers to specific questions?
Are you willing to embrace new business models or modes of competing, if all possibilities can be tested and analyzed? Big data analytics using commodity hardware opens the door to expanded ways of testing various propositions, especially 'offbeat' and cutting edge notions.
Are you considering the impact of big data initiatives for the overall organization? What actions does the senior team need to take to enable the cross-functional teams and collaborations that will be needed to support big data initiatives? Frequently big data processes cut across organizational boundaries-- yet internal politics can throw up roadblocks.
Is the value achieved worth the cost? Consider big data initiatives in the context of other strategic priorities; then compare the costs of each, and identify which are most likely to contribute to performance improvements and business outcomes, with the most balanced cost.
Big data initiatives are the most successful when upper management enables and nurtures a data-savvy organization that can act quickly on the results of the analytics, when it makes sense to do so. A significant benefit from big data initiatives may be the transformation of how the organization operates internally, conducts business externally, and fulfills the needs and desires of customers.
This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines of a smarter planet. I've been compensated to contribute to this program, but the opinions expressed in this post are my own and don't necessarily represent IBM's positions, strategies or opinions.