Big data seems to be both a curse and a blessing. The potential for growth and destruction is partly breaking the sea of data into an unmanageable mass. But shouldn’t simplified access to relevant industry data lead to greater security in modern business planning?
In this article, you can learn about the following topics in just a few minutes of reading:
- How big data are affecting the corporate world.
- Which industries are leading the way in the age of big data?
- How big data creates an advantage over the competition.
- How to adapt data analytics and strategy to the data culture.
Be More Efficient, Smarter And Faster With Big Data
Raw data becomes information. Information becomes knowledge. Knowledge generated by data analytics creates value for business. The goal is to capture, harmonize, structure and finally analyze large amounts of data from different sources.
In the process of digitalisation, the almost unlimited storage space, cloud computing and faster computing speeds provide an ideal basis for profitable valuations.
A systematic approach to data science offers companies a wide range of analytical possibilities. In this way, unknown patterns in large data sets can be uncovered and new business opportunities can be discovered.
These discoveries have implications for the future of a company or an entire industry.
This customer data can lead to innovative product developments and successful marketing activities, combined with the necessary expertise and human intuition.
The following types of data are particularly important for businesses:
- System Generated Data: Market or regulatory data.
- Customer Data: Customer behavior or community data.
- Operational Data: Transactional or project management data.
- Publicly Available Data: Log data or location data.
No one can afford not to take advantage of these opportunities.
Big Data Evaluation Breaks Into All Industries
No industry has a secret recipe for unlimited success in times of digitization. According to Harvard Business Research, 72% of companies fear they could be affected by the consequences of an increasingly digital world. Especially when it comes to so-called “born global” companies like Netflix or Uber, which are massively blurring the boundaries of entire industries.
Often with simple, dynamic and low-cost solutions that are rapidly displacing traditional competitors. Thanks to highly innovative software solutions and large capital investors, they have managed to spread through every industry worldwide in a very short time.
These successes are based not only on luck but also on good analysis of relevant data. The intelligent use of available information is a source of innovation and sustainable growth.
Data analysis is still too often carried out as ad-hoc analysis using simple IT tools such as Excel or Access. Advanced solutions should increasingly contribute to secure and sustainable business planning. The key word is digital intelligence means to wisely use data to your advantage.
Who Can Benefits From Big Data
Big data and data science have become increasingly important in many industries. Taking a leading role in the digital transformation based on big data is a central theme in many areas of top management.
Let us first look at the results of developing a big data strategy for companies:
In terms of relevance and decision making – IT and electronics, healthcare and banking performed the worst. Together with the lack of implementation of real measures, they ranked last out of the 12 industries surveyed.
With a focus on big data strategy development, the picture is changing again across all industries. About a third (34%) of companies say they have a big data strategy in place.
However, there are differences between industries. For example, 56% of media companies and 46% of insurance companies have a big data strategy. Even the banking sector, which has previously shown even lower levels of data-driven decision-making, top the recent ranking.
It should also be noted that although the automotive industry is leading the way in the importance and use of data science, only 34% of companies have a big data strategy, according to Statista’s report. Like telecoms, IT and electronics are at the bottom of the league in terms of strategic focus.
In an increasingly digital world, it is no longer enough to keep an eye on the next competitor or isolated industry. Instead, you need to be aware of your own operational weaknesses. Combined with an analysis of comparable strategic groups, you can draw the next steps.
Complex and large-scale activities? This is where advanced analytical methods come in. This allows you to react quickly to changing market conditions. But how can this be achieved?
Data Analytics And Data Integration As Tools For Success
We will also briefly outline the key points that can lead to success in an era of digitization:
Data Strategy
Developing a data strategy has many benefits. According to a global survey of 270 institutional investors, conducted by KPMG, 62% of respondents are more likely to invest in a company that has integrated data analytics into its overall strategy.
Data can be used to make more targeted strategic and operational decisions. The company’s strategy becomes clearer, easier to plan, more manageable and, above all, more transparent.
Data Governance
Integrating data in different formats from different databases is a complex challenge for companies. Sourcing and collecting data from the right sources, then synchronizing and storing it in the right format is the first objective of data governance. This allows you to sort and classify the data.
Data Analysis
The right tools can help unlock hidden knowledge. But without the necessary human knowledge, intelligent interpretation and intuition, these assessments are of little use on their own. Therefore, more and more training and education opportunities are emerging that focus specifically on data science as a potential career area.
Data Integration
Data integration is the overall control of data access, usability, and security at the enterprise level. Combined with the right analytics and visualization tools, every byte can make the most of it.
Conclusion
Big data is not a trend that is going away, so it will be with us in the future. It is therefore worth looking into this issue and drawing the right conclusions for your business. This article only covers a small part of what you can do with big data in your industry. The possibilities are almost limitless, and with the right strategy you can quickly make the most of them!
Do you have experience with big data? Want to get involved but don’t know where to start?
At ExistBI, we look forward to sharing our ideas with you. We’d love to help you discover the potential of big data strategy for your business and put it into practice.
