Four imperative institutional and human capital issues need to be addressed to better maximize the value of big data.
Institutional inertia — Big data offers the potential to transform how organizations understand markets, competition and strategy, among other business issues. It’s all about how quick and smart they can become. This kind of sweeping change understandably creates unease and even resistance at many levels.
Fear of math — People need to realize that much of analytics is not so much about mathematics as it is recognizing the potential of data, or the ability to ask the right questions, connect the dots and communicate and understand quantitative experts.
Lack of leadership — As with any challenge facing today’s organizations, implementing change in an age of big data requires commitment from top leadership.
Inadequate resources — Transforming an organization’s culture so it becomes adept at managing big data cannot be accomplished simply by calling in a few consultants or holding a seminar. It requires substantial resources, along with continuous training at all levels in the organization.