The Age of Big Data has truly arrived. With it comes a new challenge for companies worldwide as they learn to adapt to this real-time digitalization of information. Implementing a successful strategy is the key to gaining the upper-hand in this new era of data collection.
"It's no longer a question of whether or not this trend is worth following. Companies simply have to act now as their survival is at stake." explains Renaud Cornu-Emieux, head of EMSI Grenoble (Ecole de Management des Systèmes d'Information). According to the firm Transparency Market Research, the Big Data market should be worth 8.9 billion dollars by the end of the year and continue to grow exponentially to reach 20 billion dollars by 2016. Faced with immense potential in fields such as law, technology, and economics, the question still remains of how to gain added value from this new market.
Adapting internal organization and culture
"Four key questions must be addressed in order for companies to implement viable strategies and profit from Big Data." states Federico Pigni, a professor of information systems at Grenoble Ecole de Management.
First up, fostering a data-driven culture. "To recognize the possible risks and advantages offered by Big Data, leaders and managers must themselves be ready to trust in its opportunities." adds Federico Pigni.
The next step is to implement an organizational structure that can analyze data flows and their complexities. As Frederico Pigni explains: "Creating value from Big Data is only possible through a collaborative effort by all the key parts of a company."
Furthermore, this capacity will allow companies to benefit from vital specific data sources, notably social network data. Each time a user searches Google, uses a mobile app, tweets, or comments on Facebook, they are feeding a data flow. It's up to companies to decide when the advantages of using these flows outweigh the risks.
The final variable in the equation is the mastery of technologies and their architectures. "Only through understanding will companies be able to anticipate new opportunities and come out on top." concludes Renaud Cornu-Emieux.
Technological building blocks to produce real value
Examples of real value generated by technology are now widespread. In the United States, an innovative example uses anonymous facial recognition software to allow club owners to monitor their business in real-time. ScenTap, a mobile app, also uses the data gathered by cameras at the club to give real-time occupancy numbers, including the ratio of men to women. Information that is also beneficial to clients deciding where to go.
"In France, the SNCF has invested in developing its internet and mobile activity in order to control the flow of data and avoid Google controlling client relations. A scenario that has already happened with hotels, which are now dependent on Booking.com." says Renaud Cornu-Emieux.
Leaders are often faced with the question of how to integrate digital advances into their strategy. Companies will stand out in the Big Data market through innovative business models and smart ethics choices.
Helping you stay a step ahead
Innovative management training is the key to staying ahead of the game. In September, Grenoble Ecole de Management is launching an Advanced Master in Big Data with the participation of Ensimag and 18 companies.