Big data: using SMART big data, analytics and metrics to make better decisions and improve performance

The world is getting smarter, and business must follow.  We now have smart phones, smart TVs, smart watches and even smart nappies. What they all have in common is the ability to collect, share and use data to improve functionality and performance.

SMART companies do the same. They use data to gain new insights and inform their decision-making. However, most businesses are data rich, but insight poor.  They have been told that data is king for many yeas and most have been hoarding data ever since. The problem is that most have no idea what to do with it and how to let the data shape strategy and decision-making.

Furthermore, most companies have focused on collecting and reporting transactional data and traditional business metrics. As companies continue to do that, many are not aware that the world around them has changed. We are seeing a complete ‘datafication’ of our world, which gives us unimaginable volumes of data on everything.  SMART businesses are able to thrive in this new world and marry the best of those traditional metrics and data sets with insights gained from big data and advanced analytics.

This book provides a practical framework to help businesses become SMART and leverage big data and analytics. Illustrated to many real world examples from a cross section of companies and organisations, the book will take the reader through these following five steps (the SMART model):

1. Start with Strategy– with the limitless amounts of data available today, companies need to clearly define what it is they need to know. Any framework for big data exploitation and analytics has to start with the key business questions a company needs to answer.
2. Measure Metrics and Data– in this part I will outline how companies can collect relevant data and measure the metrics that will help them answer their most important business questions. It will cover the different data sets and explain how companies collect and leverage them. In particular, it will cover how to combine ‘Big’ and ‘Small’ data to deliver breakthrough results.
3. Apply Analytics– in this part I will outline how companies turn their data into insights with many practical examples of how big data analytics generates real business benefits.
4. Report Results– this part will look at how the results of big data analytics can be visualised and communicated to ensure key decisions-makers understand them.
5. Transform– in this final part I will discuss how SMART companies use the insights gained from their data to transform everything their do. For this, companies need to create a culture of fact-based decision-making where data and insights are used to improve and challenge everything a business does.