CTO Straight Talk - Issue 3 - 22

STRAIGHT TALKING

AS THE ABILITY TO USE ALL THAT
DATA AND RUN ANALYTICS ON IT HAS
INCREASED AND IMPROVED, BUSINESSES
ARE SUDDENLY ABLE TO ACCESS NEw
TYPES OF INSIGHTS. IT IS THE "ART OF
THE POSSIBLE" FOR DATA.
well as focusing on what is really unique.
Depending on the existing capabilities of
your organization, big data may require
investments in human capital-the IT
experts and data scientists who can help
ensure that you get the desired results.
Because big data is by definition an
evolving activity, having a robust projectmanagement framework can help you
keep things on track and moving in the
right direction. That approach can also
help you steer the initiative toward new
and emerging opportunities.
4. Build the Right Technology Landscape.
Even if you are an IT professional, the
nuances associated with big data may be
eye opening. A big data initiative does not
have to "break the bank" but it will likely
require some specific investments. The
good news is that big data initiatives are
generally less expensive and less complex
than the massive data-warehouse projects
that some organizations have built using
traditional IT tools-a sort of "brute
force" attempt to garner more value from
corporate data. The best news is that
starting small means your initial expenses
can be quite low.

22

5. Build a Winning Team.
Even in an era where technology is so
critical, the human factor can make the
difference between success and failure.
Big data projects call upon a range of
skills. Obviously, some of these are pure
IT skills; others have to do with mastering
the data science side of big data. But
deep business knowledge is also vital-
having the ability to dig into operational
realities and discern issues that can be
attacked with big data. Recruiting the
people you will need for your big data
projects, and then organizing, managing,
and motivating them, is a case of making
investments up front that will pay over the
long term and yield future success.
6. Manage Your Investments and the
Monetization of Your Data.
The valuation and monetization of data is
almost a "secret sauce" aspect of big data.
Having an approach to help you weigh the
costs of big data against its benefits can
help you make decisions that are most
likely to be profitable and meaningful. This
inquiry starts at a granular level and helps
you develop an appreciation of the true
value of data and its costs. If you take



CTO Straight Talk - Issue 3

Table of Contents for the Digital Edition of CTO Straight Talk - Issue 3

Contents
CTO Straight Talk - Issue 3 - Cover1
CTO Straight Talk - Issue 3 - Cover2
CTO Straight Talk - Issue 3 - 1
CTO Straight Talk - Issue 3 - Contents
CTO Straight Talk - Issue 3 - 3
CTO Straight Talk - Issue 3 - 4
CTO Straight Talk - Issue 3 - 5
CTO Straight Talk - Issue 3 - 6
CTO Straight Talk - Issue 3 - 7
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CTO Straight Talk - Issue 3 - Cover4
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