Big Data and Analytics: Unlocking the Value

Nowadays, technological advances have made continual data transactions not only possible, but the norm. As a result, Boston Consulting Group experts James Platt and Elias Baltassis say businesses should redefine how they extract and deal with the huge amounts of information available. Instead of reorganizing data into smaller, more manageable categories as everybody used to, it is time to leverage the current possibility of simultaneously extracting and analyzing information from big data.

To effectively integrate this new analytical approach, Platt and Baltassis highlight three core changes that businesses must make. 1) Build a culture focused on seeking out new opportunities to gather and assess information. 2) Cultivate trust-based relationships with clients, ensuring them that their data will be used wisely. 3) Create a data ecosystem that allows all stakeholders to interact continually, mutually increasing access to information and fostering improved data analysis.

Read our dossier :

Sphere of NumbersBig data: does bigger always mean better?

Based on “Why Detailed Data Is As Important As Big Data” by Sam Ransbotham; “Make Data Work Throughout Your Organization” by Thomas C. Redman; “Six Provocations for Big Data” by Danah Boyd and Kate Crawford; “In Defense of Small Datas” by Caribou Honig; “The Deciding Factor: Big Data & Decision-Making”; and “Big Data: Driving Adoption Across Europe”.
Business Digest nº 229, september 2012