Creating value from big data and analytics : a leader's perspective

Abstract

The world is increasingly using technologies that generate and consume unimaginably large quantities of data, called big data. The power of big data does not lie only in its quantum, but in what organisations do with it. Within a business context, big data and analytic methodologies offer the potential to generate unique insights. However, the reality is that many organisations have not yet mastered the art of using big data and analytics to create value.

The objective of this research was to assist organisations that are on the journey to becoming data-led, by exploring a leadersÕ perspective on the required building blocks of the process through which big data and analytics create value.

This topic was explored through nine qualitative, semi-structured interviews with leaders of financial service organisations operating in South Africa. The study found that organisations that created value from big data and analytics needed leadership support to be able to successfully create a data-led decision making environment. Furthermore, organisations needed diverse skills embodied in staff that were willing to learn continuously, had strong quantitative abilities and business acumen. Different physical infrastructure is also needed, and this created a need for financing. Importantly, organisations also needed to have an understanding of what value they were pursing through a big data initiative.