New York, NY (PRWEB) June 17, 2014
Today most businesses are awash with data they collect on their customers; information they use to measure how the company is doing; offering insights into ways they can offer better products or service. But many are finding that this data is itself a money-making asset; one that could be turned into a separate business. CFO’s special report “Tech Spending Spotlight” looks at this trend through the stories of several companies that are trying to figure out how their companies can tap into the Big Data wave.
Through a series of four articles, the report covers Big Data’s use in marketing and sales; how companies can identify a need for it; how and when to make a business out of it; and the risks associated with centralizing data, and a look at organizations that are using Big Data tools.
One story in the four-article report, Big Data: Where the Money Is, takes a close look at Explorys, a Big Data spinoff of the Cleveland Clinic. The firm has its origins in a search tool created for the clinic by its former CIO, who now fills that role at the spinoff. The tool succeeded in making medical research at the hospital faster, speeding up queries by almost exponential amounts of time. The new firm made that tool the linchpin of a business that has amassed 226 billion data facts and serves 19 large health-care organizations.
With much of corporate America on the verge of plunging into projects involving “big data,” in another story, Keeping Big Data Small, explains why it’s crucial that companies keep their goals – and the scope of their projects – beautifully small. “Whatever the goal is, it needs to be tied to a business outcome,” says Phani Nagarjuna, chief executive and founder of Nuevora. “What is the business outcome that you are trying to optimize?”
As Big Data grows bigger, more complicated, and more difficult to deal with, the article, Who Will Be the Data Keepers?, looks at how the choice of which data to retain and which data is discarded becomes pivotal.
And don’t miss the last article, How Big Data Brought Good Decisions to Life. Merchant Cash and Capital of New York, an alternative financing company for small merchants, through a case study shows how they used Big Data lower the company’s underwriting cost per deal and improve the underwriting decisions.
No matter what stage of Big Data development you are in, “Tech Spending Spotlight” offers valuable insight into each stage of the process. Access it for free now at CFO.com.
About CFO Publishing: CFO Publishing LLC, a portfolio company of Seguin Partners, is the leading business-to-business media brand focused on the information needs of senior finance executives. Delivering content through multiple channels including online, digital, mobile, and print, the business consists of CFO magazine, CFO.com, CFO Research Services, CFO Learning and CFO Conferences. CFO’s award-winning editorial content and loyal, influential audience make it a valued resource for its readers as well as an effective marketing partner for a wide range of blue-chip companies. CFO has long-standing relationships with nearly a million finance executives.