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Technological advancements in computing have changed how data is leveraged by businesses to develop, grow, and innovate. In recent years, leading analytical companies have begun to realize the value in their vast holdings of customer data and have found ways to leverage this untapped potential. Now, more firms are following suit and looking to monetize Big Data for big profits. Such changes will have implications for both businesses and consumers in the coming years.
In From Big Data to Big Profits, Russell Walker investigates the use of Big Data to stimulate innovations in operational effectiveness and business growth. Walker examines the nature of Big Data and how businesses can use it to create new monetization opportunities. Using case studies of Apple, Netflix, Google, LinkedIn, Zillow, Amazon, and other leaders in the use of Big Data, Walker explores how digital platforms such as mobile apps and social networks are changing the nature of customer interactions and the way Big Data is created and used by companies. Such changes, as Walker points out, will require careful consideration of legal and unspoken business practices as they affect consumer privacy. Companies looking to develop a Big Data strategy will find great value in the SIGMA framework, which he has developed to assess companies for Big Data readiness and provide direction on the steps necessary to get the most from Big Data.
Rigorous and meticulous, From Big Data to Big Profits is a valuable resource for students, researchers, and professionals with an interest in Big Data, digital platforms, and analytics
- Sales Rank: #834315 in Books
- Published on: 2015-08-03
- Original language: English
- Number of items: 1
- Dimensions: 6.30" h x 1.00" w x 9.20" l, .0 pounds
- Binding: Hardcover
- 312 pages
Review
"Russell Walker's important book is not just about Big Data, but how to monetize all your data. It's an essential guide to competing in the data economy and developing analytics-based products and services."
Thomas H. Davenport, Distinguished Professor of IT and Management, Babson College, and Author of Competing on Analytics and Big Data at Work
"Few companies have truly mastered the art of deriving value from Big Data. In From Big Data to Big Profits, Walker provides excellent advice on how to leverage Big Data to improve your business. This book dives deeply into monetization strategies for Big Data and provides many examples of how it works. From creating data products to forming a data exchange, this book explains how others have succeeded and provides advice on how to get started. The time spent reading the book is well worth it!"
Bill Franks, Chief Analytics Officer, Teradata and author of Taming the Big Data Tidal Wave and The Analytics Revolution
"Packed with current case studies and examples, Russell shows where the money is in Big Data!"
Jeff Tanner, Dean, Strome College of Business, Old Dominion University
"Professor Walker's book takes a unique perspective by concentrating on the value of Big Data and the underlying monetization strategies and use cases. The book discusses modern sources of data and the underlying business opportunities backed by cases from innovative companies with entrenched data strategies. The concept of data fusion stands out as a strategy to benefit from data sources coming from a variety of different players. Equally impressive is the SIGMA scoring framework that positions a company with regard to Big Data readiness. I strongly recommend this book for anyone looking to innovate and influence Big Data decision-making."
Diego Klabjan, Professor and Director, Master of Science in Analytics Program, Northwestern University
"Walker does a wonderful job of describing the business relevance of the exploding range of new data sources, detailing how they can be 'fused' into unprecedented 'measurement data' about almost any aspect of the business environment and used to create highly differentiated new products and services."
Blake Johnson, Consulting Professor, Management Science & Engineering, Stanford University and Founder, Aztral, Inc.
"Walker's lucid exposition is linked to real-world examples and cases that illustrate his main points, and seldom have theory and applications been linked in such detail. Case studies illustrate and explicate the development and implementation of a variety of business models to buttress the author's theoretical discussions. Particularly interesting is the discussion of how big data will require careful consideration of legal and business practices as they affect consumer privacy. A user's guide, this book is equally important for novice and sophisticated readers."
S. A. Schulman, CUNY Baruch College
About the Author
Russell Walker, Ph.D. is Clinical Associate Professor at the Kellogg School of Management, Northwestern University. Russell Walker has developed and taught leading executive programs on Big Data and Analytics, Strategic Data-Driven Marketing, Risk Management, and Global Leadership. He founded and teaches the popular Analytical Consulting Lab, which brings Kellogg MBAs together with real-world projects in Analytics and the use of Big Data. His is the author of the award-winning text Winning with Risk Management http://www.amazon.com/Winning-Risk-Management-Financial-Eng ineering/dp/9814383880 and had also authored many popular business cases. He received his Ph.D. from Cornell University, where he studied catastrophic risk analysis. He also holds an MS from Cornell University, an Executive MBA from the Kellogg School of Management of Northwestern University. Dr. Walker consults with firms on the topics of Big Data and Analytics, Risk Management, and International Business Strategy. He was named Top 100 Most Influential Individuals in the Big Data Landscape by Onalytica in 2016.
Most helpful customer reviews
5 of 5 people found the following review helpful.
Power of Big Data that you cant find by "google search" or HBR
By SmartMsg
This book explains the definition and power of Big Data by providing numerous examples that, as a consumer, we an relate to - Netflix to LinkedIn to Nest. I am responsible for an IoT platform in a B2B environment and this book provided many great monetization strategies. What amazed me the most is how thoughtful the author was to make these solid concepts actionable (SIGMA framework) for people like me.
I highly recommend this book esp. some on in product management role!
4 of 4 people found the following review helpful.
Like the Internet before it
By Timothy E. Carone
This book is one of the few to provide business leadership with the tools they need to understand how the presence of big data will impact existing business models. There are two areas that are of particular value to the audience, namely data fusion (Chapter 6) and business model disruption (Chapter 11).
Data fusion is an underappreciated aspect to big data and is extremely hard to do right especially when the myriad of GIS data products are incorporated into customer and asset data. Data fusion is a key to monetizing data. Chapter 6 is a solid summary of what several companies accomplished by taking the time to do data fusion right from the beginning. There is always an egregious investment in time and resources to determine the data to fuse, how to prepare each data source to be fused and then designing and testing the fusion process. This is implicit in what Zillow and Mint did and the book provides well-defined lessons learned that can be incorporated into other similar efforts.
Chapter 11 addresses the key theme of business model disruption. The presence of data that fits the definition of “big data” does not mean that a company can go out, sell data, and start printing money to support its business operations, both internal and external. More likely the presence of a business big data means that its current business model is going to undergo major perturbations and the author provides an example of this with location services. All aspects of the business model (customer facing, value proposition, core processes, partner process, cost structure and revenue models) will be impacted. Like the Internet before it, big data provides businesses with the ability to positively impact all areas of its operations and help manage the risks associated with structural changes.
The author also demonstrates how value creation partners can not only be incorporated into the data monetization process but also the challenges of doing so and the potential outcomes that exist from such an investment.
Dr. Walker has provided a book for leadership to determine the breadth and depth of changes that will occur to a business model based on the presence of big data. Very few do that, certainly none in big data that I can remember.
4 of 4 people found the following review helpful.
Real-life
By Matthew W. Burris
Big Data and Data Science has become a buzz-word in the analytics space. Dan Ariely famously quoted, "everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it..." For anyone who has worked in the space, it definitely true - everyone wants to do it but few know how.
Russ' hands on experience with analytics and big data shines as he is able to provide his perspective on opportunities. His use of real-life examples bring tangibility and depth to this revolutionary technology.
I would recommend this book for both aspiring and accomplished Data Scientists alike. I believe that the concepts and examples provide to apply Big Data to your organization to drive new profits for your business.
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