From Big Data to Big Profits: Success with Data and Analytics

This book examines the technological, operational, and market transformations underway that are driving how Big Data is perceived and monetized in the post-Internet era. The digitization of business processes and data types, the inner connection of computing devices, the emergence of the Internet of Things as well as the decrease in data storage costs over time have resulted in an abundance of data that can be (1) transformed to create innovative data products; (2) aggregated or fused from fragmented sources to change how people and businesses look at markets and assets; (3) used to enter new markets or improve operational efficiencies; and (4) shared externally to create an online destination and community. The emergence of mobile devices and mobile apps that enable location-based services has improved data precision and allowed firms better access to customers, opening up exciting opportunities to market and customize products to customers. Case studies are provided on Big Data leaders, such as Netflix, Zillow, LinkedIn, Google, and Foursquare, which have innovated and disrupted markets with Big Data assets. Examples from health care, agriculture, and manufacturing are included. Specific strategies for monetizing Big Data are identified and developed. Also examined is the evolution of the Data Science function in organizations and considerations for recruitment and management of this highly specialized field. Trends and risks in Big Data are explored. The book provides a framework for assessing Big Data readiness and an evaluation on the performance of firms in leveraging Big Data for big profits.