Helping established companies to become data-led: from comfy slippers to running shoes
Dr Claire Brewis
Companies are improving their business performance by embracing new digital technologies, using them as a foundation for improving customer experiences, targeting new market segments and developing new business models. The cornerstone of this digital transformation is the companies’ ability to analyse vast amounts of big data - structured and unstructured data, often in real time - to gain insights that can transform organisational practices. However, 53% of UK businesses have not engaged with big data at all, which represents three million companies that are not benefiting from the new data resource.
The study originated from the researcher wondering how established firms using big data had adapted. This research draws on the experiences of more than 20 senior managers in four case study companies, which had implemented big data initiatives to improve their strategic marketing activity. The resulting model highlights five new, dynamic capabilities that the firms developed, in order to leverage benefits from big data. The Big Data-Driven Capabilities Model extends dynamic capabilities theory and offers a practical tool to inform strategic marketing practice.