It is evident that future is Big Data and Analytics - Why? The focus has shifted from understanding Big Data to how organizations can drive value from Big Data now. This shift explains the change in the trend.
I recently listened to a recording from the Gartner Group discussing some interesting trends around information, analytics and big data. The presenter was Frank Buytendijk. Below given are some of the highlights and key takeaways from this webinar.
The major strategic assumptions are given in the following picture:
It is evident that future is Big Data and Analytics - Why? The focus has shifted from understanding Big Data to how organizations can drive value from Big Data now. This shift explains the change in the trend. Organizations now realize that a major lever in their ability to grow and run their businesses more efficiently is to better understand the data that drives their business and customer interaction.
The Open Data Concept:
Open data is the data which public and private businesses share externally to help target audiences to improve their business. Something which is there and growing exponentially.
- It provides a competitive edge over others. When the information regarding how a product or a service is being used or it was used is shared, the data becomes increasingly a competitive differentiator of a product and service itself than just being an internal data point to support a decision
- It helps create more jobs because when new information is being shared, it needs resources to implement those new ideas, this increases the need for skilled people and also as the businesses grow more jobs are created
- It provides better tracking of income taxes and good for general economy of a region
- It creates a relationship management tool in the hands of the commercial organizations
- It leads to digitization (explained later in the blog) of the products and services
- Unnecessary exposure: It can give an organization possible exposure that they might not really know. When sharing the data with the outside world anybody can use it and control over it may be lost.
- Unintended Use of the Info: The data can be used or manipulated in ways that were not intended.
Suggestions on how to manage some of these concerns includes:
What is crucial to understand is that every business has information that is worth more sharing rather than keeping it internal. There is some information that can be shared for free, the other data can be monetized. This is a way to create a significant amount of meta data.
The Starting Point:
The most important piece of advice Gartner that provides to organizations who want to start with big data is about the ideation. What do you want to do with the data? Gartner gets many inquiries relating to what competitors are doing. The essential advice Gartner gives is do not copy competitors. Instead, what others are doing in the different industries should be looked at and their ideas that suit your business, should be applied wherever applicable. First, it provides transformative ideas and second, proven ones.
There are several examples that Gartner shared during the webinar that illustrate how data and analytics have helped organizations:
• Diagnostic and therapeutic uses (microscopic big data) among other medical areas
• Monetizing monetary data
• Retailing retail data
• Advanced archaeological studies and discoveries
One of the newest uses of the data and analytics was related to location based intelligence i.e. creating customer conversations in the moment which can be useful for industries such as creating awareness for wine connoisseurs regarding wines and other existing vineyards.
Many organizations feel that this type of analysis is not applicable to a B to B industry, however, in the digitalizing world, the products and services all become technology and data components, you may not sell to consumers directly, but your customers start using your products and services as part of their products and services. A new trend is that a B to B is now becoming a B to B to C regardless of the vertical.
What does the future of info management looks like?
What can Big Data do for your industry is an obvious question. There are two schools of thoughts as to how to “do” Big Data. One is the traditional approach and the other has more to do with the business innovation. However, both the approaches are complementary.
Learn more about TriCore's Business Analytics Services.
More to follow in our next Blog….
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