Value creation from big data

Value creation from big data: 4 capabilities companies need to harness big data to create value.
Now days companies are trying their best to understand data collection and analytics, they are spending millions on consultants instead of focusing on which management capabilities they need to improve in order to extract real and useful value from the big data. The use of big data allows organizations to know more about their businesses and to translate that knowledge into a better decision-making and ends up by improving the business performance but it is not that easy because of data's volume, velocity and variety. Some researchers have found that the data itself doesn't generate creation opportunities, this occurs through the process of data management where the data is democratized, contextualized, experimented and executed by managers.
    Data democratization:
It is firm's capability to integrate the data across the firm and enable employees to access the data whenever is needed. The big amount of data gotten might seem humonguos but many departments  within the firm can benefit from it, this mixure will get us to more and better data application 
    Data contextualization:
Ability to assign meaning to the collected data as a way of interpreting. Because companies collect different data related to customers and it's behavior, market demand and shifting prefernces, the capability to identify the key points to gain a holistic view of customers is associated with better value creation.
    Data experimentation: 
It is firm's capability to promote "trial and error" and continuous experimenting with the data to observe and monitor possible several changes. The bigger the data the more chances of variation or transformation. Firms that focuses more on the  robustness of data it self rather than on experimentation are less successful at extracting value. 
    Data execution:
Capability to transform data insights into actions that lead to identification of new opportunities to increase consumer value. Firms need both focusing on creating value from the insight and from indirectly to their network (outside) where knowledge base is diversified and dynamic making the network rare, scarce and difficult for competitors to copy.



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