Six Tips for Formulating a Business Plan for Big Data - Slide 3

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Second, limit your scope to the top three or four business problems and figure out which can be helped by Big Data, suggests Ram Chandrasekar, director of the Analytics Center of Excellence and Strategy at pharmaceutical giant Bristol-Myers Squibb. By identifying a few key problems, you’ll avoid the trap of trying to do too much, which Rick Sherman, a data integration and management consultant, says is a common problem.

If you can’t identify a problem, then don’t bother with Big Data. “Business leaders must be able to provide guidance on the problem they want Big Data to solve, whether you're trying to speed up existing processes (like fraud detection) or introduce new ones that have heretofore been expensive or impractical (like streaming data from 'smart meters' or tracking weather spikes that affect sales),” says Dyché. “If you can't define the goal of a Big Data effort, don't pursue it.”

Recently, Loraine Lawson looked at what it takes to get real about Big Data, including a look at the people and roles you'll need and why experts say a business plan is uniquely important with Big Data. In this slideshow Loraine features six tips experts say will help you formulate a business plan for Big Data.

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