4 Ms of Big Data: Make Me More Money!!
This is Part 1 of a 5-Part series. Be sure to view the rest of the series below.
I first introduced the concept of the “4 Ms” of Big Data (“Make Me More Money”) as a counterpoint to the technology-centric “3 Vs” of Big Data (volume, variety, velocity). I thought that members of the business community deserved their own Big Data acronym that better reflected why they should care about Big Data. And the “4 Ms of Big Data” seemed like a nice destination for folks on the Big Data Business Model Maturity Index (see Figure 1).
I wrote a blog titled “The “4 Ms” of Big Data” in order to explain that big data offered organizations the opportunity to optimize key business processes, improve operational decision making, and uncover new monetization opportunities in the areas of packaging and selling data, creating “smart products” and leveraging Big Data to create a more engaging, differentiated user experience for both front-line employees and customers alike.
My über-creative marketing folks (having imbibed too much Starbucks and Chipotle) came up with the idea of taking the “4 Ms” to the next level of detail by creating 5 infographics that would act as a roadmap for helping organizations realize the “Make Me More Money” promise of Big Data.
So here we go with the first of the series of infographics. The first infographic introduces the overall 4Ms flow and the 4 areas of helping organizations make more money:
- Drive the business objective by helping organizations create a business strategy that incorporates Big Data.
- Create value by looking across the organization’s value creation processes and seeking out opportunities where Big Data can optimize those processes with better, more accurate and timely business insights.
- Monetize the data by uncovering new areas where data (or more importantly, insights) can be packaged either for selling to partners, or integrating insights into the physical products to create self-diagnosing, self-healing, “smart” products.
- Enhance the user experience by delivering actionable insights (think prescriptive analytics and recommendations) to front-line employees and customers alike.
I hope you enjoy reading the infographics as much as my outstanding marketing team had in developing them!!
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