by Angela Guess

Vicky Falconer recently wrote in Business Spectator, “Just think what $48 billion could buy… What is that figure and why is it relevant? According to a new report from PricewaterhouseCoopers, that is the sum of money the Australian economy left on the table last year and wasted due to its inability to fully leverage the potential of data-driven innovation. $48bn: that’s the equivalent of 4.4 per cent of gross domestic product and about the same as the entire (and struggling) Australian retail industry. Little wonder that big data is top of the CIO priority list on almost every report you read. So… How do you realise commercial value from your data and not end up on a hunt for fool’s gold?”

Falconer goes on, “(1) Realise you’re on a journey. When you begin to seek value from big data you will need a healthy degree of realism. It is hard to get to a revenue stream right away. More likely it will be a journey, starting with projects that add value to the existing business before arriving at opportunities that create whole new revenue streams. A good starting point is to leverage how you already make money. Consider your current revenue streams and how you could approach them differently to add new value, and what insights will be required to achieve that.”

Read the rest of the list here.

photo credit: Flickr