In the previous chapter, we worked on identifying parts of your business where we can unlock untapped value by applying big data analytics and integrating its possibilities into your strategic framework. Now, let's work on identifying what specific opportunities to pursue. Big data should not be seen as panacea for all organizational pursuits. There are certain scenarios where big data capabilities can help organizations understand problems or opportunities and make decisions. In this chapter, we will work on identifying these scenarios. Happy hunting!
Let's first review the major changes that are enabled by big data. In their distinguished book Big Data: A Revolution That Will Transform How We Live, Work and Think, Prof. Viktor Mayer-Schonberger and Mr. Kenneth Cukier talk about 3 major changes:
The ability to process all or vast amounts of data. This is important because now you are no longer limited by sample sizes...