Although data and analytics are highlighted throughout the popular press as well as in trade publications, too many managers think the value of this data processing is limited to a few numerically intensive fields such as science and finance. In fact, big data and the insights that emerge from analyzing it will transform every industry, from “precision farming” to manufacturing and construction. Governments must also be alert to the value of data and analytics as the enabler for smart cities.
Institutions that master available data will leap ahead of their less statistically adept competitors through many advantages: finding hidden opportunities for efficiency, using data to become more responsive to clients, and developing entirely new and unanticipated product lines.
The average time spent by most companies on the S&P 500 Index has decreased from an average of 60 to 70 years to only 22 years. There are winners and losers in the changes that come with the evolution of both technology and social norms, and these changes are coming faster and faster. Your effective use of data could propel your company into the S&P 500, and maybe even help keep it there longer than 22 years.
This report will help you to explore your organization’s readiness for big data and analytics. After a brief introduction to the concept of data lakes and their advantages, we divide readiness for the data lake into four parts: data, technology, people, and processes. We describe the steps an organization must take to bring these four resources into the new data era, and help you determine where your organization lies in this process.