Did the title about data make you curious? Great!
Of course, in today’s data-rich environment I’m not really suggesting that you ignore it, rather the opposite! But in working with clients around the world and in numerous industries, I’ve found that many are lost by all the information that is available to them.
In fact it seems to drown out their reasoning of what to do and they remain frozen in indecision. Is this your case? If so, then just follow the steps I detail below and you will soon be doubling, quadrupling, if not 10x the ROI of your data!
The Current Situation with Data
Data is everywhere and most organisations are drowning in it! Technology is at the heart of this data explosion and is being blamed for disrupting businesses, but most have simply not adapted to this new information-rich world.
I admit, a lot has changed in recent years. Consumers are learning how to adapt their behaviours and now trade their personal information for extra benefits. In response companies are changing their business models as their value shifts from products to services, or in some cases, to the sale of the information they gather.
Some organisations are reinventing themselves to take advantage of these changes. Others are ignoring them – at their peril, since they risk becoming the next Kodak, Borders or Blockbusters. If you’re interested in reading more about the US Retail Apocalypse and the 23 big retailers closing stores then I highly recommend this post on Fox Business.
So what should you do, whether you are in manufacturing or retail? Well, I believe that you should start by renovating your business model to take advantage of the countless new opportunities that the wealth of data offers you. And in my opinion, you had better do it sooner rather than later, because your competition almost certainly will!
The Opportunity
Yes you have data and information, but if you’re a regular reader of my blog, you know that it’s not enough. You have to turn these into knowledge and understanding, and then into actionable insights. And this can only be done by asking the right questions of your data and information.
If you are struggling to take needed action despite a wealth of information, then this is certainly where you should start making changes – fast!
A 2015 Capgemini and EMC study called “Big & Fast Data: The rise of Insight-Driven Business” showed that:
- 56% of the 1,000 senior decision makers surveyed claim that their investment in big data over the next three years will exceed past investment in information management.
- 65% admit they risk becoming irrelevant and uncompetitive if they do not leverage data. This is especially true given that non-traditional providers, like startups thriving on big data processing, are moving into their industries.
- Although companies realise they desperately need to dig into data analytics to maintain their business position, 45% surveyed think their current internal IT development cycles are not sufficient for new analytics and don’t fulfil their business requirements.
