Big Data

Summary

The world is getting smarter, and business must follow. We now have smart phones, smart TVs, smart watches and even smart nappies. What they all have in common is the ability to collect, share and use data to improve functionality and performance. Most companies now collect data with the intention of gaining new insights, yet most have no idea how to let the data shape strategy and decision-making. SMART businesses are able to thrive in this new world and marry the best of traditional metrics and data sets with insights gained from big data and advanced analytics. This book provides a practical framework to help businesses become SMART and leverage big data and analytics. Illustrated to many real world examples from a cross section of companies and organisations, the book will take the reader through these following five steps (the SMART model): 1. Start with Strategy with the limitless amounts of data available today, companies need to clearly define what it is they need to know. Any framework for big data exploitation and analytics has to start with the key business questions a company needs to answer. 2.  Measure Metrics and Data This part will outline how companies can collect relevant data and measure the metrics that will help them answer their most important business questions. It will cover the different data sets and explain how companies collect and leverage them. In particular, it will cover how to combine Big and Small data to deliver breakthrough results. 3.  Apply Analytics this part outlines how companies turn their data into insights with many practical examples of how big data analytics generates real business benefits. 4.  Report Results this part will look at how the results of big data analytics can be visualised and communicated to ensure key decisions-makers understand them. 5.  Transform this final part discusses how SMART companies use the insights gained from their data to transform everything their do. For this, companies need to create a culture of fact-based decision-making where data and insights are used to improve and challenge everything a business does.