|By PR Newswire||
|August 20, 2014 01:11 PM EDT||
COLUMBUS, Ohio, Aug. 20, 2014 /PRNewswire/ -- Most companies today have little idea how to turn data into dollars – let alone turning big data into big dollars. Yet most companies still want to capitalize on the promise big data holds for insights into opening new markets, acquiring new customers and retaining existing ones. The question is: "How?" ICC, the Business and IT Solutions company that correctly predicted the 2014 Oscars and designs collaboration solutions for today's workforce, has outlined five steps that can help organizations avoid being part of the estimated 70 percent of companies that fail to achieve business value projected from their big data initiatives.
"Any major technology initiative by your organization demands a sound strategy aligned with your business goals," says Steve Grover, VP of Business Analytics at ICC. "It is not simply the latest shiny object to be enjoyed for a while, then, tucked away discreetly when it doesn't fulfill expectations that were never properly defined."
Five Steps for Businesses to Turn Data into Dollars
Grover offers some guidance for IT and line of business professionals when looking to extract value from their data initiatives.
Step One: Find the right business case
Data analytics is all about measuring and monitoring and, based on what you learn, making changes to the way you do business. "If you are not willing to make necessary changes based on what you learn from the data, then you have the wrong business case and you will be wasting your time," says Grover.
Step Two: Assemble the right team
If you think of analytics as a football team then it requires an owner, a coach, a quarterback and a center. The rest of the team forms around this nucleus. The owner is the primary business sponsor and must be a VP or C-level executive. The coach should be a consultant or firm that specializes in analytics. The quarterback is a line of business person who has the expertise to keep the project focused on business outcomes and the center of the line is held by IT. The coach works on a daily basis with the quarterback and the center to produce an effective outcome.
Step Three: Get the requirements right
There are three critical sub-steps to gathering requirements effectively: First, understand the business questions and the metrics (and associated dimensions) required to answer those questions. Second, prototype and validate that the solution will answer the questions to achieve the benefits. And third, make sure the data required for the production solution is actually being captured by the source system!
Step Four: Build incrementally
The days of being handed $2 million and waiting a year for results are over. New analytic capability should be delivered on an ongoing basis – every 3-4 months minimum. "If any of your partners suggest otherwise, it may be time to make a change on the team," says Grover.
Step Five: Begin with the end in mind
Analytics solutions are living processes, the more changes and additions requested of an analytic solution, the healthier it is and the more valuable it becomes. Conversely, if no one is requesting changes the solution is likely dead – perhaps because no one is using it. "If you begin with the end user in mind, asking 'Who is going to be using your data?', 'Who is going to benefit from it and how?' the project will be much more successful," says Grover. "Remember that data is not, in itself, a solution, but a tool that enables the solution."
Want to Learn More?
- See what ICC CEO Steven Glaser has to say about data analytics and more at http://bit.ly/1naqJ5Z
- ICC takes a look at many different technology topics in our Insights page at http://bit.ly/1q0FFam
ICC (Information Control Company), based in Columbus, Ohio, is a leading provider of enterprise technology solutions. With a staff over 500 highly trained consultants, we are experts in Strategy, User Experience, Visual Design, Engineering, Project Management, Business Analytics and Quality Assurance. Using these skills, we develop and deploy innovative, business-critical solutions that enable Fortune 500 and mid-market organizations to improve operational efficiencies. Our Business, Digital and Technology solutions give our clients a competitive advantage that helps them drive revenues and increase margin.
Farsite, the advanced analytics division of ICC, specializes in helping companies use Big Data and predictive analytics to empower smart business decisions, solve their toughest challenges and gain a distinctive competitive advantage. For more information visit www.FarsiteGroup.com.
Clutch is a world-class digital ad agency inside the walls of ICC. Together, they're a collection of seasoned strategists, user experience specialists, writers, art directors and developers who specialize in the art and science of interactive conversations.
ICC is a Microsoft Gold Certified Partner and an IBM Premier Business Partner. ICC is committed to serving its clients, community and country by developing U.S.-based leaders who work hard to strengthen the American economy. More information is available at http://www.icctechnology.com.
SOURCE Information Control Company
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 26, 2016 03:45 PM EDT Reads: 1,713
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 26, 2016 03:15 PM EDT Reads: 901
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 26, 2016 03:00 PM EDT Reads: 816
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 26, 2016 02:00 PM EDT Reads: 1,627
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 26, 2016 01:45 PM EDT Reads: 1,991
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Jul. 26, 2016 11:45 AM EDT Reads: 552
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 26, 2016 10:37 AM EDT Reads: 322
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 26, 2016 10:15 AM EDT Reads: 1,184
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 26, 2016 09:45 AM EDT Reads: 957
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 26, 2016 09:30 AM EDT Reads: 1,103
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 26, 2016 09:00 AM EDT Reads: 1,695
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 26, 2016 08:45 AM EDT Reads: 1,320
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 26, 2016 08:45 AM EDT Reads: 1,542
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 07:45 AM EDT Reads: 2,049
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 26, 2016 06:15 AM EDT Reads: 1,434
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Jul. 26, 2016 06:15 AM EDT Reads: 1,801
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Jul. 26, 2016 06:00 AM EDT Reads: 1,905
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jul. 26, 2016 05:15 AM EDT Reads: 2,121
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 26, 2016 05:00 AM EDT Reads: 1,539
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
Jul. 26, 2016 04:30 AM EDT Reads: 1,919