Since all this socially-produced information around your product or service will increase to considerable proportions, the need will arise to extract the relevant data. On top of that, there is also a staggering amount of data available, which is somehow related to your business.
Besides the enormous amount of data, the quantity of sources and the speed of data traffic are elements changing data into Big Data. Organizations have to collect, analyze, and understand data in order to use them in a meaningful way, and thus stakeholder transformations as the ultimate value creation for that organization: its right to existence in Society 3.0.
Big Data forces organizations to become real-time, meaning that the right data should be available to stakeholders at the right time, place, and format in order for them to act (if you re-act you are too late!). Stakeholders must therefore be empowered to undertake “entrepreneurial activities.”
At Seats2meet.com locations, curated data, showing the available knowledge at that location, are displayed on dashboards and accessible to all stakeholders, thus enhancing the 3rd Space stakeholder experience: the unexpected meeting of relevant people (serendipity!), so our stakeholders experience a transformation.
Curating data is one thing. Data analysis is another. Our gamifier Horst Streck describes the beginning of this process as follows:
“To increase the profitability of using data, this data has to be translated to practical, open information. Working with data has to be a joint effort throughout the whole organization.”
There is good software available, for sale but also free; basically everything can be measured. But then what? In my experience, there is too much data for smaller organizations and value networks, so look into your network for this particular data analysis knowledge. Start small and build it up. Funnily enough, old indicators don’t mean anything anymore. We used to measure stuff like number of visitors, average check, cost percentages, etc. Now, there are data on your website visits, the number of views, popular pages, popular sequences, the way content is successfully organized on the site, and much, much more. Then, there is social info: who says what about your company and where. What is your social status, are the organization’s tweets well read, and so on. I can make an endless list of data available to you. My solution is to divide the monitoring of data throughout the organization and not have a fixed department for that. Real-time data is for every stakeholder, who are too important not to work with in real time.
Big data refers to data sets that are too large or complex for traditional data-processing application software to adequately de
Business analytics is a top priority of CIOs and for good reason. Effective business analytics - from basic reporting to advance