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Friday, 19 February 2016

Information as Currency: Business Process Management in the Era of Big Data

Content is frequently referred to as the king of the new digital landscape, but content as currency may be a more accurate descriptor. With cost no longer being a factor, digital information has become essential for growth. Information may not have reached the point of replacement for the dollar, but its value continues to increase as it flows from one network to the next.

With effective management, content can improve customer satisfaction and cost-effectiveness while reducing litigation risk. However, poor content management can result in wastefulness, dissatisfied consumers and significant security risks. The goal of the modern business is to unlock the full potential of the new digital currency -- information -- without becoming vulnerable to its aforementioned pitfalls.

Big Data and Content Strategy
Although big data is currently a hot topic, the concept is by no means new. The volume of collected and analyzed data has been on the rise for decades. However, the recent shift toward a data-centered digital economy has increased the pace of data collection, as well as the development of technology used to interpret and understand big data. This digital transformation spells increased opportunity, but also increased risk. Significant increases in content volume can quickly prove disastrous for businesses lacking the advanced technology and management systems needed to extract value from big data.

If effective management strategies are implemented in conjunction with new technological solutions, huge volumes of data can be used to garner accurate insights into demographic and geographical trends. Ultimately, the goal is to use this data to make accurate predictions based on identified trends.

The Role of Business Process Management
The application of business process management (BPM) strategies to digital information can significantly improve workflow efficiency, thereby increasing an enterprise's likelihood of extracting value from collected data. In keeping with today's greater focus on content strategy, BPM has largely become a content-centric concept, as opposed to one focused solely on processes.

Due to the huge volume of data flowing across networks, knowledge extraction is more complicated than ever. Without the implementation of content-centric BPM strategies, the cost of big data can quickly exceed its purported value. However, if appropriately applied to big data management, BPM can ensure that digital content is interpreted accurately and effectively. The end result is improved decision making and greater customer satisfaction.

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