From the NSA to the NBA, big data is everywhere. It’s often billed as “the new oil.” And while it certainly has the potential to be as profitable, unlike oil, data is a constantly generated and renewable raw material. I believe we’re only beginning to uncover the practical advantages it can lend to businesses and individuals.
Big Data: A Revolution That Will Transform How We Live, Work, and Think, a new book by Viktor Mayer-Schönberger and Kenneth Cukier, explores how big data analytics are revolutionizing the way we see and process the world. The authors showcase big data’s growing effect on just about everything: business, government, science, medicine, privacy — and even the way we think.
It took centuries to refine crude oil into the imaginative products we’ve come to rely on today. To realize the potential of big data, companies need to adapt their business models in a way that generates substantial results for the bottom line. Developing the capability to refine data into greater business insights, more profitable decision making, and new product offerings is the first step and starts with effective data management.
Companies must also view data as an enterprisewide corporate asset. That enables sharing of data about customers and products across all business units— which often provides opportunities to up-sell and cross-sell and to create customer service and retention plans that satisfy customers while meeting the company’s needs.
By transforming the way we look at big data, all kinds of organizations can tap into its full potential to transform the way we live and do business. For more on how Verisk Analytics is refining our data, read the latest issue of Verisk Review.