Big data and analytics, the latest buzz word in the global market space, has changed the way organizations’ C-Suite makes strategic decisions and operates their business. The C-Suite includes the company’s top management entities such as the CIO, Chief Marketing Officer, CFO, Chief Analytics Officer, and Chief Procurement Officer among several others. On several occasions, business heads face challenges with respect to big data and analytics and struggle to get a hold over the excess information and analyze it. The current approach towards big data analytics and data science is still old-school and is at a nascent stage. The management is still unable to prioritize tasks, or are yet ill-informed about the benefits of big data analytics and data science and the impact it can have on the businesses’ profitability.
Data or Decision Making – Where Do We Focus?
Organizations often follow a silo-based approach and place more emphasis on the data; thereby, neglecting the benefits of analytics on strategic decision making. Large amounts of information available from disparate sources of data, which are obtained through a legacy approach and traditional systems, often use the one-size-fits-all approach for measurement and provide incorrect insights. In reality, the organizations must combine the big data available to them from a variety of external and internal sources, analyze it, and leverage the insights to make better-informed decisions.
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The C-Suite’s Big Data Balancing Act
Businesses can reap the benefits of big data analytics by prioritizing tasks, using scalable data mining and analytics tools, and developing the organization’s data science and analysis capabilities. Data analytics helps in identifying the right metrics; thereby, deriving actionable insights and driving strategic decision making within the organization. In order to balance their big data and analytics, the C-Suite managers must keep the following points in mind:
- Today, the production of big data has outpaced the organization’s capability to use this data and derive insights from it. The management must recognize the issues ranging from problem identification to collating data and generate insights by validating a framework that ensures data availability and visibility across departments and the business stakeholders, resulting in a balance between data production and consumption
- Organizations must determine the objectives and goals they wish to achieve through big data analytics to make better decisions
- Strike a balance between problem identification and problem-solving by determining measurable outcomes, mapping the business issues, and leveraging data analytics to drive consumption and prevent a silo-based analytical approach
- Identify potential risks and mitigate them by empowering the frontline personnel within the organization and providing them with access to structured, relevant data and analytics tools and training them on problem-solving techniques
