How to use big data to gain competitive advantage in your industry
Big Data research has shown that, one in three decision makers frequently make decisions without the information they need. More than half of them do not have access to the information they need to deliver competitive results on their jobs.
McKinsey Global institute recently published a report on the opportunities in business and government use of big data. This big data is predicted to become the new way for leading companies to outperform their peers. Estimating that a retailer embraces big data, it has the potential to increase its operating margin by more than 60%.
We are in the “The Age of the Customer,” where customers not organisations drive business decisions. It is more important than ever for companies to get to know their customers to a deeper degree and begin to tap into their Big Data to use it for the organisation’s greater good. It is a pity that many executives have not embraced the Big Data movement.
Our future is so uncertain that it is difficult even after the fact to tell a good decision from a bad one based on its outcome. One bad decision can run into a stream of good fortune and turn out well, while a good decision can hit bad luck and be a disaster. Therefore it is important when assessing a decision or a decision maker needs to look at the process by which decisions are made.
Most of the great decision makers are using Big Data and its analytics to input into their decision making processes. A simple analytics tool you can use is google analytics to analyse the way your customer interacts with your business.
The following are 10 Key ways decision makers can harness Big Data in making their businesses become Competitive:
- 1. Treat your Network traffic as a Diamond Mine
- 2. Never Assume you know what your customers wants or needs
- 3. Capture Everything to avoid any blind spots
- 4. Focus only on Quality of your data rather on quantity
- 5. Embrace Agile
- 6. Remember your business operates in real-time
- 7. Analytics should never pose a risk on your production systems
- 8. The Data is Yours, Use Every Bit of it
- 9. Look at the Full Picture
- 10. Be Platform-Neutral
Big Data creates value, it can collect more accurate and detailed performance information on everything from product inventories to sick days, and therefore expose variability and boost performance. In summary, data-driven strategies can be used to innovate, compete, and capture value from deep and up-to-real-time information.
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