0
Big Data
for
Directors
Date: February 2014
Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
Prepared By: Arthur...
Contents
• Big Data
• Data Is Getting Bigger…. Welcome to Big Data
• Data as a Factor of Production
• Achieving Insightful...
Big Data
Organizations are beginning to:
• Attempt to take advantage of their large and vast data sets to increase their
c...
Big Data
Big data represents large data sets where traditional relational databases are
unable to efficiently:
• Capture d...
Data Is Getting Bigger…. Welcome to Big Data
The amount of data is increasing every day at an increasing rate of growth.
T...
Data as a Factor of Production
The traditional factors of production are:
• Labour
• Capital and
• Resources.
It can be ar...
Achieving Insightful Decision Making
Big Data and supporting technologies can encourage more insightful decision
making pr...
Big Data & Directors
In summary Big Data is:
• A significant new trend and development in the digital arena.
• Rapidly cha...
Big Data Opportunities
Some of the opportunities Big Data represents as a strategic asset include:
• Increase revenue
• In...
Big Data Risks
Big Data also can represent significant risk to organisations. Examples include:
• Breaches of data assets
...
Directors Starting their Big Data Journey
Initial key areas for Directors to begin their Big Data journey encompass:
• Ide...
Big Data Key Questions for Directors
Some key questions that Directors need to ensure are addressed from their Big
Data as...
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Big Data for Directors

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Directors need to adapt and incorporate the impact of Big Data to be able to execute their duties and meet their responsibilities as a Company Director.

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Transcript of "Big Data for Directors"

  1. 1. Big Data for Directors Date: February 2014 Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved Prepared By: Arthur DimitropoulosMBA CMA MAICD
  2. 2. Contents • Big Data • Data Is Getting Bigger…. Welcome to Big Data • Data as a Factor of Production • Achieving Insightful Decision Making • Big Data & Directors • Big Data Opportunities • Big Data Risks • Directors Starting their Big Data Journey • Big Data Key Questions for Directors Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  3. 3. Big Data Organizations are beginning to: • Attempt to take advantage of their large and vast data sets to increase their competitive advantage. • Increase their strategic and competitive advantage through their internal and external data sources by: • Understanding market & individual customer trends, demands and behaviors. • Customizing and restructuring their operations. • Increasing forecasting and planning accuracy. • Embracing predictive modeling. • Creating new business models • Exploit previously untapped value residing in their data for shareholders. Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  4. 4. Big Data Big data represents large data sets where traditional relational databases are unable to efficiently: • Capture data, • Manage data & • Process data Big data has at least one of the following characteristics being high in: • Volume, • Velocity & • Variety Big Data Characteristics High Variety High Velocity High Volume Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  5. 5. Data Is Getting Bigger…. Welcome to Big Data The amount of data is increasing every day at an increasing rate of growth. This rate of growth is impacted by the increasing number of connected devices. Data is also being created automatically by devices and networks. The types and sources of data is also increasing, examples are photos, videos, blogs, forums, web, transactional applications, web and social media. The data is generated in real time and in a very large scale. Traditional Data Creation Sources Number of Connected Devices Automatic Creation of Data Different Types Of Data Formats Big Data is Getting Bigger Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  6. 6. Data as a Factor of Production The traditional factors of production are: • Labour • Capital and • Resources. It can be argued a new factor of production is data Data is a differentiation factor for every organization Factors of Production Capital Traditional New Resources Labour Data Factor of Differentiation & Competitive Advantage Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  7. 7. Achieving Insightful Decision Making Big Data and supporting technologies can encourage more insightful decision making processes as the available data and maturity of an organization’s information management capabilities increase. Complexity Required in Data, Information, Intelligence & Technologies Reporting the Past •Batch Reports •Ad-hoc Reports RequiredEffortinAchieving Analyzing the Past •BI •Analytics •Batch Reports •Ad-hoc Reports Predicting the Future •Modelling •Insights •BI •Analytics •Batch Reports •Ad-hoc Reports Reporting the Now •Predictive Modelling •Increased Update Frequency •Modelling •Insights •BI •Analytics •Batch Reports •Ad-hoc Reports Making Performance Happen •Event Triggers •Increased Update Frequency •Modelling •Insights •BI •Analytics •Batch Reports •Ad-hoc Reports •Event Triggers Low High HighLow Summary of Effort & Complexity in Maximizing the ROI from Big Data Assets & Technologies Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  8. 8. Big Data & Directors In summary Big Data is: • A significant new trend and development in the digital arena. • Rapidly changing the way businesses and industries function. Big Data is changing the way Directors need to work due to the creation of: • New opportunities • New risks Directors need to adapt and incorporate the impact of Big Data to be able to execute their duties and meet their responsibilities as a Company Director. Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  9. 9. Big Data Opportunities Some of the opportunities Big Data represents as a strategic asset include: • Increase revenue • Increase revenue channels and new products • Increase brand awareness • Increase customer service levels & satisfaction • Reduce customer churn • Increase gross margins • Operating efficiency gains • Identify fraud • Increased governance and risk mitigation opportunities • Encourage innovation Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  10. 10. Big Data Risks Big Data also can represent significant risk to organisations. Examples include: • Breaches of data assets • Compromising of the data assets • Attacks on the data assets • Increased compliance costs • Protecting customer data that resides on internal and external networks These risks can be mitigated by: • Having a strong Big Data governance framework and sponsor • Engaging the Audit committee • Engaging Risk • Engaging Legal Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  11. 11. Directors Starting their Big Data Journey Initial key areas for Directors to begin their Big Data journey encompass: • Identifying what it is you wish to achieve from your Big Data assets • Creating a vision for your Big Data • Defining your Big Data strategy and implementation plan • Ensure your Big Data strategy is aligned to your corporate strategy • Define your Big Data governance framework around people, processes and technology • Balance your Big Data between its ROI, value creation and associated risks • Identify and evaluate the capabilities required and where gaps exist in being able to achieve maximum returns and reduced risks. Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
  12. 12. Big Data Key Questions for Directors Some key questions that Directors need to ensure are addressed from their Big Data assets include: • How can Big Data be incorporated to contribute to the Board of Directors decision making processes. • How can Big Data contribute and be incorporated into the corporate strategy? • Is the Big Data and Analytics strategy actionable? • How can Big Data change your industry, products and supply chain? • How can Big Data change competitive strategies across industries? • How can Big Data increase customer service levels and reduce churn? • How can Big Data provide customized service and marketing initiatives at the individual customer level? • Who is ultimately responsible and accountable for your big Data? • What is your organisational structure, governance, compliance, privacy, educational, socializing and operating model specific to your Big Data assets? • What are your Big Data policies and risk program? • How are your internal & external Big Data assets protected over their life cycle? Copyright © 2014 Arthur Dimitropoulos • All Rights Reserved
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