13) How Big Data Can Fuel Bigger Growth for Your Company

Why should you care about Big Data?

In today’s challenging environment, how will companies grow? The answer is the most valuable yet untapped asset - Customer Information.  Consider how companies are using 'sensors & telematics systems'  in cars to offers lower insurance premiums to its car customers, How online retailers are integrating social media to understand the customer sentiments, how credit card companies are Customer Behavior data to target direct marketers.  It is clear that companies are opening new organic revenue streams by tapping their data & building an information services growth engine.

What can companies do about it?

Before launching a new information business, companies should assess whether they have enough information to differentiate themselves in the marketplace, have data elements that are difficult to replicate in the marketplace, and can combine their data with information from others sources & use sophisticated analysis to create differentiated products. If the assessment reveals there is sufficient revenue potential from an information services business, companies should consider :

1. Consider the best applications of your data (Ex- Marketing, Risk Management, R&D, Operational effectiveness)
2. Compare the attractiveness of the information service to the service offered by existing players (also validate the information services strategy with potential strategic customers) 
3. Understand which important capabilities or assets they will need to win business in the information services 
4. Assess the legal, privacy and policy implications of monetizing information assets
5. Design the most appropriate go-to market approach
6. Use an accelerated prototyping approach to get the new offers into the market quickly

How do you get the started on the journey?

Focus on following 7 step could help companies get started on using Big Data to build a information service business

1. To what extent does your organization use customer data to drive growth?
2. Have you launched new products, services, or businesses focused on the value of your customer information? If so, how successful have those offers been in the marketplace?
3. Do you feel your customer information-based offers are sufficiently differentiated?
4. Do you have a detailed information management strategy tailored to your organization’s unique requirements?
5. How does your organization prioritize information sources as they relate to corporate strategy?
6. With the proper analysis of data from multiple sources, could you develop more innovative and competitive offerings?
7. How much potential insight do you think is locked up in inaccessible data sources?