Determining the economic value of your data

Organizations need a model to measure how effectively they are using data and analytics. Once they know where they are and where they need to go, they then need a framework to determine the economic value of their data. William Schmarzo explores techniques for getting business users to think like a data scientist so they can assist in identifying data that makes the best performance predictors.

Organizations do not need a big data strategy; they need a business strategy that incorporates big data. Most organizations lack a road map for using big data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating big data into the business model. William Schmarzo discusses the transformative potential of big data before introducing the Big Data Business Model Maturity Index—a guide for helping organizations understand where and how they can leverage data and analytics to power their business models. William also shares worksheets for assessing the business value and implementation feasibility with respect to an organization’s big data use cases.