The adequate use of big data has the potential to transform businesses, delivering a new wave of productivity growth and consumer comfort. Adopting big data will incline a key basis of competition for present organizations, and will create new competitors who are adept to appeal employees that have the analytical skills for a big data world.
Leaders of organizations commit to perceive the potential opportunity as well as the strategic peril that big data produce and should assess and then block any chasm between their current IT skill and their data strategy and what is crucial to seize big data actions suitable to their enterprise.
They will need to be creative and proactive in determining which pools of data they can combine to create value and how to gain access to those pools, as well as addressing security and privacy issues. On the topic of privacy and security, part of the task could include helping consumers to understand what benefits the use of big data offers, along with the risks. In parallel, organizations obliged to recruit and absorb deep analytical talent and retrain their analyst and management ranks to grow into more data savvy, chartering a culture that values and rewards the adoption of big data in decision making.
Decision makers need to recognize the potential of exploit big data to recognize the next wave of expansion in their organizations. They must commit to provide the institutional framework to allow companies to easily create value out of data while protecting the privacy of citizens and providing data security.
Leaders also have a significant role to play in helping to mitigate the shortage of talent through education and putting in place technology enablers including infrastructure such as:
- communication networks
- accelerating research in selected areas including advanced analytics
- creating an intellectual property framework that encourages innovation
Creative solutions to align catalyst may also be crucial, including, for instance, requirements to share certain data to advocate the community welfare.