EMC’s Federation Business Data Lake (FBDL) announcement has been a long time in the making. It’s been a perfect storm of industry trends that enable big data and make data lakes a feasible data architecture option. These trends include:
Data Growth – Web applications, social media, mobile apps, sensors, scanners, wearable computing and the Internet of Things are all generating an avalanche of new, more granular data about customers, channels, products and operations that can now be captured, integrated, mined and acted upon.
Cheap Storage – The cost of storage is plummeting, which enables organizations to think differently about data. Leading organizations are transitioning from viewing data as a cost to be minimized to valuing it as an asset to be hoarded. Even if they don’t yet know how they will use that data, they are transitioning to a “data abundance” mentality.
Limitless Computing – The ability to bring to bear an almost limitless amount of computing power to any business problem allows organizations to process, enrich and analyze this growing wealth of data, uncovering actionable insights about their customers and their business operations. (more…)
When we engage with clients to help them identify where and how to leverage big data for business value, we frequently use the Big Data Business Model Maturity Index (BDBM). This helps organizations understand how effective they are at leveraging data and analytics to power their value creation processes.
Big Data Business Model Maturity Index
Applying the BDBM can help an organization identify how it should enact changes to people, processes, and technologies to enable the creation of analytic insight that drives its top-level strategic initiatives. Organizations that adopt this approach can utilize advanced analytics to couple new sources of customer, product and operational data, optimizing key business processes and uncovering new monetization opportunities.
However from an IT perspective, what does this look like? The traditional data warehouse just can’t support these new data and analytic capabilities. (more…)
Business users are increasingly turning to data management and advanced analytic technologies that enable organizations to uncover business insights. These insights can help them operate with more efficiency, build improved products, and provide more relevant services to their customers. However, to get the most benefit from these next-generation technologies, organizations must determine where and how they can best leverage Big Data to obtain the greatest value. This premise is the foundation of my recently published book Big Data: Understanding How Data Powers Big Business.
Some organizations struggle to understand the business potential of big data. They are unclear as to the different stages of business maturity. Our Big Data Maturity model benchmarks an organization’s big data business aspirations, and provides a way to identify the level of sophistication desired for data monetization opportunities:
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