There are three areas to use big data, new product development, analytics and serving customers better. When it comes to using big data, it helps to define as best as possible, how the program you are developing is going to improve one of these three areas.
New product development is always an area that is froth with failures. In some countries 9.7 products for every 10, fail. In the US it is about 7 out of 10. Big data can help to reduce this number and allow for the promising products to bubble up to the top. This of course saves time and money in the area of development and allows for better productivity overall.
In the area of analytics, everyone wants a better understanding of what is actually going on. The better the picture, the better informed the decisions are (in theory). Analytics is one of those areas where a solid mind who understand how data moves around, comes in handy. Insight via big data can help us see trends we have not seen before.
And finally helping customers, well, we all know that is really how we get customers to come back, so why wouldn’t we want to do that! The biggest failure in this area is that many companies just don’t serve their customers as the primary way to drive up revenue. They come at it in a very selfish way. Nobody has ever said, “gee, I wish that company would over charge me again and continue to give me sub standard service.” But often that is what we get and the best companies that survive are going to be the ones that use data to improve the relationship for the customer, realizing that is how the bottom line is improved. Don’t believe me, chances are Amazon is doing a good showing you why this works better than your methods.