Emerging trends in many industries are opening up multiple opportunities for Big Data analytics. Given the sensitivity of data security, and the fact that leveraging Big Data implies cultural changes that require time to take hold, CIOs need to start preparing diligently now for a secure, robust analytic capability. Wavestone US has identified 10 things CIOs can do before even the first Big Data project is launched:
- Review the organization’s strategic plan for opportunities to apply big data analytics. Identify an analytics-savvy team within the organization to help with brainstorming ideas.
- Develop and execute an educational awareness campaign on Big Data possibilities.
- Inventory all the data that is available – structured and unstructured, internal and external, streaming and operational.
- Architect the required infrastructure and establish an investment plan.
- Identify potential third parties to assist if required in specific parts of the process, e.g., opportunity definition, hosting, data modeling, data sourcing, etc.
- Develop a Big Data pilot program that is concise, executable and delivers results quickly.
- Develop, identify and/or recruit the skills required to execute and capitalize on the Big Data pilot projects.
- Develop an organization strategy and governance model to support, manage, and leverage the expanded analytics capability.
- Update security policies and key procedures such as change control to establish a foundation for the program.
- Chart out the funding profile for a multi-year Big Data program – make it a key part of the strategic plan.
Big Data has the potential to generate significant value to an organization, but it is a multi-step, iterative journey, and the risks in terms of security, compliance and invalid conclusions are real. By establishing a robust Big Data-ready operating environment CIOs can confidently lead the organization to embrace the opportunities Big Data can provide.
To learn more about what Wavestone US can do for your company, visit http://www.wavestone.us/capabilities/.
Wavestone US
Our team is a blend of former C-suite executives and industry leaders, and high-quality talent at all levels who can tackle your most complex issues with a fresh approach. With a globally connected network of 3,000 employees, Wavestone US is designed to help you get results. All our consultants thrive on complex challenges, enjoy blazing new trails, and are committed to your organization’s success.
4 Eco-Actions That Combine Sustainability with Your Digital Transformation Efforts
Jun 30, 2022
As organizations become more aware of the need for digital sobriety, here are some key eco-actions to take to make the digital world less environmentally harmful and more sustainable in the long run.
Open Banking, the Next Frontier of Banking Business Models – and How to Start Off on the Right Foot
Jun 23, 2022
Take a closer look at how open banking presents a new business transformation opportunity for banks to increase competitiveness and quality of service offerings.
Have a Question? Just Ask
Whether you're looking for practical advice or just plain curious, our experienced principals are here to help. Check back weekly as we publish the most interesting questions and answers right here.