“Big Ideas” Big Data Business Model Maturity Index
Oh boy, am I excited about this!! We have turned the Big Data Business Model Maturity Index (henceforth called BDBM) into a very cool, visually engaging film (view below). Well, film might be the wrong term. While I don’t expect any Oscar nominations from the film, I won’t refuse one. However, “film” or not, it does turn the BDBM into a living, and hopefully thought-provoking story with engaging visuals (see Figure 1).
The concept behind Big Ideas is to turn a series of key points, like what you see on the BDBM, into an animation that ties all the points together into a compelling, provocative, and visually engaging story. It may not be Steven Spielberg, but it’s as close as we can get!
The key BDBM points that the Big Idea animation highlights include:
- Start your Big Data journey by focusing on one of the organization’s key business process—for example, on-time delivery pickup, better customer acquisition effectiveness, reduced fraudulent transactions, improved patient treatment effectiveness, or increased readmissions effectiveness
- Build upon existing business intelligence and data warehousing investments by leveraging the key performance indicators (KPIs), metrics, data sources, dimensions, reports and dashboards that have already been identified and built for your key business processes
- Exploit the Big Data new economic model—the 20x Big Data cost advantage (e.g., open source software products, scale-out commodity hardware platforms) compared to traditional data warehouse cost models—to analyze all your internal and external, structured, and unstructured data in real time, leveraging predictive analytics to uncover significant, actionable, material (SAM) insights
- Convert the insights into business user recommendations (i.e., set of actions against which business users should make given the business situation) which, with proper recommendation tagging and continuous predictive model fine-tuning, can lead to business process optimization (turning the business process decisions over to the analytics)
- Package the customer, product, and operational insights that come out of the “insight to recommendation to optimization” process to create new monetization opportunities like selling insights to partners, producing intelligent products, and/or creating a more compelling user experience
- Transform the entire business model by leveraging new insight to provide a new ecosystem upon which partners and developers can create new solutions that that benefit partners and customers alike.
I hope you have as much fun watching the BDBM Big Ideas video as I did working with the team to create it. Enjoy!!