Big Data contains enormous potential for Danish companies. However, the success rate for Big Data projects is low. With a simple framework – presented in the Harvard Business Review and developed by researchers from CBS – you can become better at assessing the chances of success.
There is a need for a more data-driven approach to Big Data projects. Even though the area has enormous potential to strengthen and develop companies’ business, the return on the area is so far limited – up to 85 percent of all Big Data projects fail. Part of the problem is that it is difficult for the company management to predict whether a project is viable and has good prospects of success or not. That problem is addressed in an article in the Harvard Business Review written by Thomas Ritter and Carsten Lund Pedersen of CBS.
Four key questions:
In the article, the two authors present the D.A.T.A. framework, which can be used to assess whether a Big Data project will succeed. D.A.T.A. stands for data, autonomy, technology, and accountability, and the four areas are crucial to all Big Data projects. The article explains the meaning and importance of the areas in detail and with good examples, and for each area, the authors have identified a key yes/no question that you as a manager can use in your project.
- Data – Do we have access to data that is valuable and rare?
- Autonomy – Can our employees use data to create solutions?
- Technology – Can our technology provide the solution?
- Accountability – Is the solution in accordance with laws and ethics?
Based on the answers, one can easily and quickly calculate a score for the project in question, which indicates how great the chances of success are. The D.A.T.A. framework thus makes it possible to analyse the chances of success easily and quickly, and it is an obvious tool to use for the management of a company in the pursuit of successful Big Data projects. The article also contains a number of references and links for further reading in the field.
Read the full article from the Harvard Business Review and learn more about the D.A.T.A. framework here
If you would like to know more about the project, please contact
Henrik Blach, Project Manager, Servitize.DK, tel. +45 43 25 05 10