Beyond Big Data: Shape business strategy and create value

You can't develop a business strategy of tomorrow using Big Data with the data mindset of yesterday. It is no secret that big data can enable organizations to create, deliver and capture value. But that doesn't make things easier or simpler to get from here to there.
 
There are 3 critical elements for successfully leveraging Big Data. 
Intelligent Data: I call Big Data infused with the relevant context (including intuition, applicability, scenarios, etc.) and purpose as Intelligent Data. Organizations can gather data in many different forms - sounds, texts, video, music, behavioral visuals, etc. They also get data from both online and offline sources. Many a times, different data points studied individually may not add much value. Organizations should leverage interlinked data points to assess, plan and shape high growth business model.

Right Metrics: With relevant data abundantly available, the right set of metrics becomes a key ingredient in creating a business strategy. Organizations should study all sources of value with fresh perspective and measure everything that matters. Tangible and physical assets have been traditionally given higher importance. However with the ability to gather data around customers, employees, suppliers, distributors, partners, communities and their network effects, organizations should include them as new sources of value creation and develop metrics to measure them. 

Actionable Insights: Once organizations have the intelligent data and right set of metrics to measure value, it is crucial to develop actionable insights. Stopping at data analysis defeats the whole purpose of Big Data.  They should convert the analysis into specific action items or to-do list for employees at different influence/leadership levels within the organization. These specific actions could result in selling the right set of products and services to the relevant customer segments using the appropriate sales platform. Or these specific actions could result in reducing different types of risks - operational, financial, organizational, legal, regulatory, etc. Or these identified actions could help capture other sources of value.