The use of analytics tools and techniques to gain insights from big data continues to dominate conversations across industries, driving discussions among executives in the C-suite to practitioners in the field.
Senior executives and board members need chief information officers (CIO) and chief technology officers (CTO) to confidently advise them on whether analytics investments will lead to performance improvements and value creation. In order to do this, CIOs and CTOs must first decide where and how a deployment can deliver short-term results, and from there, develop and implement a big data strategy.
Organizations can increase their potential to capture the value of big data by developing a broad-based analytics capability by employing four guiding principles of data science: align analytics models to business outcomes; find needed data internally and enrich it externally; encourage experimentation, learn from failure; and engineer solutions for implementation.
“Organizations can increase their potential to capture the value of big data by developing a broad-based analytics capability and employing four guiding principles of data science.”