Big Data

4 Ms of Big Data: Make Me More Money!!

Bill Schmarzo By Bill Schmarzo CTO, Dell EMC Services (aka “Dean of Big Data”) April 29, 2014

This is Part 1 of a 5-Part series. Be sure to view the rest of the series below.

I first introduced the concept of the “4 Ms” of Big Data (“Make Me More Money”) as a counterpoint to the technology-centric “3 Vs” of Big Data (volume, variety, velocity). I thought that members of the business community deserved their own Big Data acronym that better reflected why they should care about Big Data. And the “4 Ms of Big Data” seemed like a nice destination for folks on the Big Data Business Model Maturity Index (see Figure 1).

Big Data Business Model Maturity Index

Figure 1: Big Data Business Model Maturity Index

I wrote a blog titled “The “4 Ms” of Big Data” in order to explain that big data offered organizations the opportunity to optimize key business processes, improve operational decision making, and uncover new monetization opportunities in the areas of packaging and selling data, creating “smart products” and leveraging Big Data to create a more engaging, differentiated user experience for both front-line employees and customers alike.

4Ms of Big Data InfographicMy über-creative marketing folks (having imbibed too much Starbucks and Chipotle) came up with the idea of taking the “4 Ms” to the next level of detail by creating 5 infographics that would act as a roadmap for helping organizations realize the “Make Me More Money” promise of Big Data.

So here we go with the first of the series of infographics. The first infographic introduces the overall 4Ms flow and the 4 areas of helping organizations make more money:

  • Drive the business objective by helping organizations create a business strategy that incorporates Big Data.
  • Create value by looking across the organization’s value creation processes and seeking out opportunities where Big Data can optimize those processes with better, more accurate and timely business insights.
  • Monetize the data by uncovering new areas where data (or more importantly, insights) can be packaged either for selling to partners, or integrating insights into the physical products to create self-diagnosing, self-healing, “smart” products.
  • Enhance the user experience by delivering actionable insights (think prescriptive analytics and recommendations) to front-line employees and customers alike.

I hope you enjoy reading the infographics as much as my outstanding marketing team had in developing them!!

 

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4Ms of Big Data Infographic

 

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Big Data Powers Your Business Transformation Infographic

 

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Bill Schmarzo

About Bill Schmarzo


CTO, Dell EMC Services (aka “Dean of Big Data”)

Bill Schmarzo, author of “Big Data: Understanding How Data Powers Big Business” and “Big Data MBA: Driving Business Strategies with Data Science”, is responsible for setting strategy and defining the Big Data service offerings for Dell EMC’s Big Data Practice. As a CTO within Dell EMC’s 2,000+ person consulting organization, he works with organizations to identify where and how to start their big data journeys. He’s written white papers, is an avid blogger and is a frequent speaker on the use of Big Data and data science to power an organization’s key business initiatives. He is a University of San Francisco School of Management (SOM) Executive Fellow where he teaches the “Big Data MBA” course. Bill also just completed a research paper on “Determining The Economic Value of Data”. Onalytica recently ranked Bill as #4 Big Data Influencer worldwide.

Bill has over three decades of experience in data warehousing, BI and analytics. Bill authored the Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements. Bill serves on the City of San Jose’s Technology Innovation Board, and on the faculties of The Data Warehouse Institute and Strata.

Previously, Bill was vice president of Analytics at Yahoo where he was responsible for the development of Yahoo’s Advertiser and Website analytics products, including the delivery of “actionable insights” through a holistic user experience. Before that, Bill oversaw the Analytic Applications business unit at Business Objects, including the development, marketing and sales of their industry-defining analytic applications.

Bill holds a Masters Business Administration from University of Iowa and a Bachelor of Science degree in Mathematics, Computer Science and Business Administration from Coe College.

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