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Big data is interesting from a technology perspective, but the real story for big data is how organizations of different sizes are leveraging data and analytics to power their business models. Big data has the potential to uncover new customer, product, and operational insights that organizations can use to optimize key business processes, improve customer engagement, uncover new monetization opportunities, and re-wire the organization's value creation processes.

As discussed in this chapter, organizations need to understand that big data is about business transformation and business model disruption. There will be winners and there will be losers, and having business leadership sit back and wait for IT to solve the big data problems for them quickly classifies into which group your organization will likely fall. Senior business leadership needs to determine where and how to leverage data and analytics to power your business models before a more nimble competitor or a hungrier competitor disintermediates your business.

To realize the financial potential of big data, business leadership must make big data a top business priority, not just a top IT priority. Business leadership must actively participate in determining where and how big data can deliver business value, and the business leaders must be front and center in leading the integration of the resulting analytic insights into the organization's value creation processes.

For leading organizations, big data provides a once-in-a-lifetime business opportunity to build key capabilities, skills, and applications that optimize key business processes, drive a more compelling customer experience, uncover new monetization opportunities, and drive competitive differentiation. Remember: buy for parity, but build for competitive differentiation.

At its core, big data is about economic transformation. Big data should not be treated like just another technology science experiment. History is full of lessons of how organizations have been able to capitalize on economics-driven business transformations. Big data provides one of those economic “Forrest Gump” moments where organizations are fortunate to be at the right place at the right time. Don't miss this opportunity.

Finally, organizations have been taught to think cheaper, smaller, and faster, but they have not been taught to think differently, and that's exactly what's required if you want to exploit the big data opportunity. Many of the data and analytics best practices that have been taught over the past several decades no longer hold true. Understand what has changed and learn to think differently about how your organization leverages data and analytics to deliver compelling business value.

In summary, business leadership needs to lead the big data initiative, to step up and make big data a top business mandate. If your business leaders don't take the lead in identifying where and how to integrate big data into your business models, then you risk being disintermediated in a marketplace where more agile, hungrier competitors are learning that data and analytics can yield compelling competitive differentiation.