Big Data is one of the hottest buzzwords today, and for good reason. The ability to process enormous data sets of previously unthinkable magnitudes from many sources is now possible for companies in every industry, not just supercomputing labs. Wal-Mart Labs and Coca-Cola’s Freestyle next-generation beverage dispenser are both using new database and analytics platforms to analyze real-time data from customers to predict demand and help shape new products.
CEOs are starting to wonder if big data is for real and if it can deliver a significant competitive edge to their businesses. It’s critical to qualify the risks and rewards upfront, because big data can get expensive fast. Here are the five questions CEOs need to ask to help ensure return from this gargantuan analytics endeavor.
1. How is big data going to help my business?
2. How much will it cost?
3. How risky is it?
4. How will we measure the return?
5. How long will it take to see results?