Unlocking the Value of Big Data: A Mental Model Audit and Strategic Integration Approach

Creating stakeholder value in today’s modern era is a challenge that futurists and executives must focus on. Despite the growing importance of “Big Data,” there is a risk of it being overlooked or dismissed as irrelevant. It is crucial for Chief Information Officers and digital executives to ensure that Big Data gets the attention it deserves.

When faced with persistent problems like underutilization of data, it is important to rethink our approach to this issue. A mental model audit can help us analyze how we think about data and identify areas for improvement. In a recent study with senior executives, they were asked to categorize themselves as Swallows, Hedgehogs, or Moles based on their approach to data. Very few executives identified as Hedgehogs, indicating a lack of a universally accepted framework for creating value with data.

Value from data is often achieved when ambitious goals are clearly defined and linked to achievable projects with specific milestones. Simply incorporating data and analytic goals into strategic decision-making processes can lead to significant value creation for an enterprise. At the Gartner Data and Analytics Summit 2024, VP Analyst Ehtisham Zaidi discussed how companies that have strategically integrated data, analytics, and AI into their operations have outperformed their peers 80% of the time in the last nine years.