Big Data provides a competitive advantage only when used intelligently

In the 21st century every fresh challenge comes with its own set of unique questions. Big Data is slowly transforming everything in a development arc that follows the predictability of the S-curve that’s been associated with every technology.

Big Data is now a broader term that refers to more than the massive amounts of data like those, for example, reported by aircraft jet engines where a Boeing jet generates 10 terabytes of information per engine every 30 minutes of flight. Big Data now covers everything from the firehose of Twitter where 304 active monthly users send 500 million Tweets per day to the masses of small data that a department store needs to keep its customers feeling they are in integral part of the department store experience

When just capturing Big Data was an achievement in itself the considerations on how it would be best used were frequently overlooked. Today however Big Data is a given. The constant expansion of sensors, increased connectivity and more and more devices make the use of Big Data the norm which means that the competitive advantage a business seeks will lie in the way it is used. 

Whether you are involved in marketing, customer acquisition, supply chain optimization or broader strategic decisions Big Data is already in your toolbox. What makes a difference between you and everyone else depends on two things: A. How you apply it strategically (I detail this in just seven steps) and B. Whether your approach to Big Data implements three basic steps. 

What are the three basic steps? 

  • Clearly define the goals that the use of Big Data will help you achieve.
  • Create the necessary operational boundaries to make your goals achievable.
  • Establish the set of tools needed to get the job done.

Simple, right? 

Additional Reading

Three Ways to Monetize Big Data
How BYOD And Big Data Are Changing Marketing
How Are Burberry Bags Like Caesar's Palace? Both Use Small Data In A Big Way
Stores know customers better via Big Data
Boeing 787s to create half a terabyte of data per flight