How To Write A Big Data Business Value Map

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1 White Paper Big Data The Business Value Roadmap Written by Dan Whitacre, Chief Technology Officer, LÛCRUM, Inc. & dbadirect Making Data Meaningful

2 Big Data: Business Value Roadmap When you do not know where you are going any road will get you there. The Information Challenge Big Data! I believe we all have an understanding of the problem. Data is growing at a phenomenal rate. We have more and more data available to us than we have ever had before. We will have even more tomorrow. Additionally, the pace of our lives and the pace of business will continue to accelerate. Decisions are being made or must be made in a fraction of the time that they were made yesterday. Of course, the kind of data available is also expanding. An example: it was not that long ago that we spent the bulk of our time analyzing sales transactions just trying to understand and forecast product movement. Now we have the ability to integrate customer demographics data, activity on our online website, market data, sentiment analysis from web conversation, call center records, campaign results, and other forms of data to forecast how best to serve our customers. We have come a long way in a very short time; and we are just beginning. The analytics war is on. Organizations, even departments within organizations, are all in competition for the next information innovation initiative. It is a race to find a new use, a new combination of data, a new insight, or a new data source that will make an impact. Interestingly, I also find many organizations are trying to overcome what I would define as, the information tar pit. Frankly, there is so much information and so many options that we cannot move forward. Progress becomes a discussion of alternatives rather than the building of an information ecosystem to support and sustain business change and value. Unfortunately, the information tar pit has a direct impact on our decision- making capabilities. Warning Signs That You Are In Need of a Decision- Making Upgrade Are you in need of a decision- making upgrade? There are common signs to be aware of that indicate that you are. If you are reflecting on your organization or the comments that you hear within in your organization and you hear things like

3 it is time for an upgrade. The next question is, where do you start? Faced with a sea of expanding data and opportunity but with a limited amount of resources, the question is always the same, where do I expend my limited resources to get the most value? Organizations are on guard to prevent the initiation of science projects where a technology is implemented for technology sake. As the saying goes, when you do not know where you are going, any road will get you there. What is needed is a business approach to information and technology. The Business Value Roadmap Business users are clamoring for a solution. They are struggling with the growth of data, the speed of decision- making, and the variety of data they need to deal with. The pressure is on to develop an incremental approach to bringing together and leveraging this vast resource for business value. The Business Value Roadmap is the approach needed. The simple application of the four P s of developing a business value roadmap provide the context and decision making process to deconstruct the information challenge in digestible steps. The Four P s The 4 P s of a business value roadmap are simply principle, place, path, and policy. Together the four P s will enable you to develop a logical progression for your Big Data initiatives.

4 The first P is principle - what do you believe in? From a business perspective the types of questions that need to be answered include: What are your business objectives? What data do you need to accomplish those objectives? Is there additional external data that would enhance the effort? What is the quantitative value of the objective and therefore the data? And, what happens if you do not meet your objectives? The second P is place. A frank analysis is required to answer the following questions. Where are you now from an information, architectural, technology, process, and culture perspective? What will the environment look like when you are finished? Given the rate of change in the industry, these questions will be revisited multiple times along the road to information excellence. The third P is progress. The definition of progress is the breakdown of logical steps that will take you from where you are to where you want to be. Each step should have a clear objective and value proposition. The deliverables from the first step should build a foundation for subsequent steps. The fourth P is policy. The definition of policy is the rules, methods and organization that you will put in place to sustain your path in momentum. Policy includes how you will measure and monitor success, how you will determine the quality of data appropriate for each problem, how you will communicate your findings, and how you will market your successes. Summary The four P s provide the context, direction, and measure of success for your Big Data journey. The Business Value Roadmap is a living document that acts as your charter while you are on your journey to information excellence. The Business Value Roadmap will be revisited and adjusted as your journey progresses. Your environment is a dynamic one and therefore your journey will have a few unexpected twists and turn. As was said in the beginning, Big Data is here and change is not an elective. It is time to get moving, but let s make it a business- driven journey rather than a technology- driven one.

5 LÛCRUM, Incorporated 2013 Contact Us Today: Erin Macdonald Marketing Associate (888) x 821 LÛCRUM, Inc. 100 East RiverCenter Boulevard Suite 900 Covington, Kentucky LÛCRUM is an information, intelligence and analytics consulting firm comprised of business and technology professionals focused on making data meaningful. Specializing in getting the most from your existing technology investments, our solutions increase profitability, drive operational efficiency, and maximize decision- making capabilities for our clients. Visit our website: Like us on Facebook: Follow us on Connect on LinkedIn.