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Making Big Data Work for Your Business

Making Big Data Work for Your Business

By : Sudhi Ranjan Sinha
4.8 (19)
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Making Big Data Work for Your Business

Making Big Data Work for Your Business

4.8 (19)
By: Sudhi Ranjan Sinha

Overview of this book

Bridge the gap between data and decision. Big Data has brought about a revolution in the way we do business. Essential business decisions can today be informed by the wealth of data now at our disposal. However, while Big Data may appear to be the answer to every business problem, for many, gaining real value from data – gaining business insights is a difficult task. Big Data, for many, is a big problem itself, with many struggling to reap the rewards that it promises. In this accessible and stimulating guide, Sudhi Sinha, management, technology and sustainability expert, provides a unique perspective on Big Data and how to derive maximum value from it – with sharp and careful analytics. “this is a perfect starter for any manager who wants to understand and explore Big Data… The Big Data field is evolving quickly, and this book serves as a quick and practical introduction to the field.” AnHai Doan, Professor, University of Wisconsin; Chief Scientist at WalmartLabs USA This insightful and engaging book demonstrates that Big Data, to be most effective, needs to be weaved within the fabric of organization strategy. Without it, you are simply left with numbers and statistics, lacking purpose – lacking potency. Beginning with the essential stage of building a strategy framework for you Big Data analytics project, and integrating it within your wider business strategy, Sudhi provides you with the knowledge and insight to help you build a big data strategy that gets results. Big data is one of the biggest buzzwords in the world of business today. And while it is true that it has opened up huge opportunities for businesses of all sizes, it is nevertheless difficult for many businesses to turn the reserves of numbers and statistics at their disposal into clear insights that can inform important business decisions. Beginning with the creation of a Big Data strategy and the identification of the key opportunities that it has the potential to unlock, the book will then demonstrate how to implement and manage your project with the best team and the right technology for your needs. Once this is in place you will then find out how to get the most from your Big Data insights, with effective organizational alignment and change management.
Table of Contents (15 chapters)
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Making Big Data Work for Your Business
Credits
Foreword
About the Author
Acknowledgments
About the Reviewers
Preface

Chapter 1. Building Your Strategy Framework

Big data has clearly got everybody's attention, from academia to industry. Conservative estimates put the market of big data technologies to nearly 2 billion dollars in 2013. Research Company IDC expects this market to be in excess of 25 billion dollars by 2016. Even more interestingly, GE executives Peter Evans and Marco Annunziata believe that big data will influence over 10 trillion dollars worth of economic benefits to the global economy in less than 2 decades. Every major corporation with interest in this space is setting up multi-million dollar research initiatives with leading institutes and think-tanks.

Big data is radically transforming the way businesses are designed and operate. Now, your business can make sense of a huge volume, velocity, variety, variability of data, and effectively visualize the analysis of this data. Now, you do not have to spend hundreds of millions of dollars or years to get these types of capabilities. Technologies that enable organizations to make sense of big data are significantly reducing the entry barriers for such investments. These new capabilities are fundamentally altering many management practices and impacting all types of companies—small and big, traditional, and new age. Now, start-up companies can offer new insights into customer analytics to large retailers and become multi-million dollar organizations in little or no time. Similarly, traditional large manufacturing companies are focusing on more profitable service segments of their businesses derived from new insights around data and analytics.

Companies today are struggling with figuring out how to take the capabilities and possibilities from one-off initiatives that impact one or some parts of the business to broader usage. Executives are not questioning the value of masses of data; the question in their minds today is how to use it well and amplify its effects. They key lies in weaving big data into the strategic framework of your organization.

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