The noise around Bid Data is refusing to die and it’s not without a reason. The Big data infographic by CeBIT captures the scope of its impact well in this infographic.
Big data infographic by CeBIT- source
The key question that one needs to ask is – are you simply following the hype or have you built your own story around smart decisions? For this it is important for the players to identify
- Key decisions they make
- The decisions they use from the value chain before and after them
- The way their decisions influence other value chain players
- Identify the variables that affect these decisions
- The control/influence they have on these decisions
- Other factors influencing these variables
- Impact of variance in these variables on their KRA
- The impact of big data in deriving insights on ways to manipulate these factors
It is therefore important to go back to the drawing boards and redraft the complete big data view of their decisions blueprint.
It is clear that big data is a big opportunity and if you haven’t already taken steps to leverage it you might be rendered irrelevant and disrupted by it soon.