In a recent International Institute for Analytics study, (May, 2013, by Thomas Davenport and Jill Dyche), the key takeaway was:
“Analytics 3.0 are already becoming apparent.
The most important trait is that not only online firms, but virtually any type of firm in any industry, can participate in the data-driven economy.
Banks, industrial manufacturers, health care providers, retailers—any company in any industry that is willing to exploit the possibilities—can all develop data-based offerings for customers, as well as supporting internal decisions with big data.”
With big data adding new varieties of data (from social networks, M2M, legacy systems, etc.), who better to provide strategic leadership than IT? As cited in the report, “he most likely organizational structures to initiate or accommodate big data technologies are either existing analytics groups (including groups with an “operations research” title), or innovation or architectural groups within IT organizations.”
With the enormous benefits available to any business (cost and time reductions, new product and service offerings, etc.), this is one area where IT leadership must lead with innovation. Its not too late for IT to take charge: “2013 survey of data management professionals found that of the 339 companies responding, 71 percent admitted that they “have yet to begin planning” their big data strategies. The respondents cited concerns about data quality, reconciliation, timeliness, and security.”
Unfortunately, in this same survey, “respondents on the “business side” (as opposed to IT) did not mention these data management capabilities, and in fact sometimes complained when IT groups tried to impose them.”
With IT understanding the big picture of the “right way to do big data” and how to integrate and rationalize the data and most importantly how to visualize the data, why is IT again being viewed as an impediment and not as the big data innovation lead?
The answer will vary by company…but, regardless, CIO’s need to understand their opportunity in big data and need to quickly adopt a leadership role…
Big data is just that, BIG, and to become the executive lead for data, CIOs will need to lead with innovation and its associated traits of speed and agility…the clock has started.