Big data has brought game-changing shifts to the way data is acquired, analyzed, stored, and used. Solutions can be more flexible, more scalable, and more cost-effective than ever before. Instead of building one-off systems designed to address specific problems for specific business units, companies can create a common platform leveraged in different ways by different parts of the business. And all kinds of data—structured and unstructured, internal and external—can be incorporated.
Yet big data also requires a great deal of change. Businesses will have to rethink how they access and safeguard information, how they interact with consumers holding vital data, how they leverage new skills and technologies. They’ll have to embrace new partnerships, new organization structures, and even new mind-sets. For many companies, the challenge of big data will seem as outsized as the payoff. But it doesn’t have to be.
In engagements with clients of The Boston Consulting Group, we’ve found it helpful to break down big data into three core components: data usage, the data engine, and the data ecosystem. For each of these areas, two key capabilities have proved essential. (See Exhibit 1.) By developing the resulting six capabilities, today’s businesses can put in place a solid framework for enabling—and succeeding with—big data:
In a world where information moves fast, businesses that are quick to see, and pursue, the new ways to work with data are the ones that will get ahead and stay ahead. The following six capabilities will help get them there.
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