When The Economist features big data on its cover you know that it has gone mainstream. And, indeed for some time now, the lure of big data has been a seductive one; successfully manage and exploit the explosion in data and commercial nirvana will be assured. Increased revenue will be yours, competition will disappear and customers will love you even more.
And yet, the reality is not matching the hype. ‘How do I really drive value from big data’? is a question that needs to be fully answered. Frustration seems to be building and there’s a danger that disillusionment will set in.
But it doesn’t have to be this way. There is a route to driving value but you have to be realistic and you have to be methodical in your approach. You also have to start by recognising that, in reality, there are only three kinds of big data projects.
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