The six burning questions for firms looking to make money from big dataIn this article reported in the Telegraph on 10 April 2015, Andy Neely asks how firms should go about reaping the potential financial rewards of big data.
Extract below:
"In the fast moving world of big data, firms big and small are increasingly looking to capitalise on the use of information to improve their business model and offer their customers better value. But if big data is the “new oil” for business how should they go about using it?
We know that in the publishing business, newspapers have had to adapt to new digital business models because advances in technology may initially have been disruptive for them. But the newer platforms like Google and Facebook have from the outset collected data from their customers and effectively they have started out with data-driven models.
At the Cambridge Service Alliance, we have just published new research which aims to facilitate the use of big data in businesses today. We have studied 20 start-up firms and 20 very different established firms, from The New York Times, to the bank Goldman Sachs (who plan years in advance), to the fashion and retail chain Zara, and also in the music business we looked at Next Big Sound. " [Full Article]