From Big Data to Big Profits: Success with Data and Analytics

by Russell Walker

Overview

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

Product Details

ISBN-13:	9780199378326
Publisher:	Oxford University Press
Publication date:	08/03/2015
Pages:	312
Product dimensions:	6.20(w) x 9.30(h) x 1.00(d)

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.

Table of Contents

Chapter 1: What is "Big Data?"
Chapter 2: Benefits of Scale and Velocity in Big Data - The Movement to Now!
Chapter 3: Big Data Expands with Passive Data Capture
Chapter 4: Novel Measures in Market Activity: Direct vs. Indirect Measurement
Chapter 5: Precision in Data: New Possibilities for Mass Customization and Location-Based Services
Chapter 6: Data Fusion, Combining Data to Produce Economic Value
Chapter 7: Strategies for Monetizing Big Data
Chapter 8: Monetizing Big Data Through Productization and Data Inverting
Chapter 9: Impact of Analytics and Big Data on Corporate Culture and Recruitment
Chapter 10: Stimulating Innovation through Big Data
Chapter 11: Disrupting Business Models with New Data from Location-Based Services
Chapter 12: Protecting Data Assets
Chapter 13: Future Trends in Big Data
Chapter 14: Getting Started: SIGMA Framework for Implementing a Big Data Strategy: From Big Data to Big Profits

Editorial Reviews

"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

From the Publisher