For every industry and business, there's a wise Big Data Journey to Value formula that goes like this:
* (Big) Data + Analytics = Information
* Information + Context = Insight
* Insight + Actionable Systems = Desired Outcomes
You'll notice that in the game of Big Data, the accumulation of (valuable new technology-driven) data (about your customers, about your internal efficiencies) is only the first step.
Innovation, business competitive advantage and results, only comes out of Big Data if you have *Actionable Systems* that can create Desired Outcomes.
Make sure you add this 2nd step to any of your conversations around business competitiveness in today's hyper-rich innovation, data-rich, internet-scale environment.
Jeff Jonas video about Enterprise Amnesia: https://www.youtube.com/watch?v=52VWaf0XxNY
Jeff Jonas video about Enterprise Amnesia: https://www.youtube.com/watch?v=52VWaf0XxNY
Jeff Jonas video about Enterprise Amnesia: https://www.youtube.com/watch?v=52VWaf0XxNY
Other good Jeff Jonas videos include:
https://www.youtube.com/watch?v=yHA1h8gZwls
BACKUP
Another great example of using predictive technology is in the City of Richmond. Richmond, Virginia had a significant problem with violent crime. In fact, in one year, they were listed as the 9th most dangerous large city in the US. And this was not a one time problem. The following year, Richmond increased it’s rank to #5! The city had no interest in becoming the #1 most dangerous city and wanted to do something different… and do it quickly!
IBM helped the City of Richmond to analyze its crime data and provide enhanced predictions on the times and locations with the highest probability of crimes. The City was able to align its resources to the areas that were most likely to experience crimes
As a result, violent crime decreased in the first year by 32%. And this also wasn’t a 1-time decrease. The following year, violent crime fell another 40% moving Richmond from #5 on the list of the most dangerous US cities to #99.
Most cities can’t afford to keep adding new resources. Our goal is to use our resources more effectively in fighting crime and keeping our cities safe. On our smarter planet, technology can help us do that.