When things are self-evident, there is not much to explain. For instance all our decisions being based on some sort of insight: broad, narrow, focused, blurred, spectacular, you name it. That in itself does not guarantee taking the right decisions: the ones by which you outperform competition, time after time. This game can only be won if you succeed in turning hindsight, insight and foresight into timely action. To achieve that first and foremost you need input: ‘data’ as we tend to call it. Not just a large and ever-changing bucket of ones and zeroes but meaningful facts, preferably the right ones, plus smart processing to produce intelligible information that speaks for itself and supports your targets.
What You See Is What You Get – Go Work on That!
Understood in this way, our notions of Leading Digital and Digital Transformation are about picturing self-evident truth from which concrete measures can be taken. Time and again, the challenge remains to brew the mixture of surprise and continuity that makes your business stand out. Gaining insight starts with data, facts, and it depends on what you harvest, how you do it, the recipes you follow to extract decisions, and which of those you carry out under what conditions. Basically, insight-driven business is all a matter of ‘what you see is what you get’. Of course you want to see the whole picture – fast and in every detail – lest you prefer to gamble or put your faith in serendipity. However, pictures are framed and move rapidly, which offers many possible worlds of business success to choose from.
Big & Fast Data: The rise of insight-driven business
Most organizations today acknowledge the role of analyzing big and fast data to move to the next phase of insight-driven business. It is the title of new research by Capgemini and EMC Corporation that surveyed over 1,000 C-suite and senior decision makers across North America, South America, Europe and Asia-Pacific to empirically test the what you see is what you get status of data-intensive decision making and business development. Two thirds of organizations today realize they are at risk of becoming uncompetitive unless they embrace new data analytics solutions. Big and fast data is changing traditional business boundaries: over one quarter reported competition from new players in adjacent industries, while 53 percent expect to face rivalry from data-enabled start-ups. Without immediate access to advanced analytics enterprises will be susceptible to market disruption.
One third of organizations are in the process of formally introducing new big and fast data focused C-level roles, e.g. Chief Data Officer. Nearly one third is planning to do so, but over one third is still inactive. The main barriers to the analysis of big and fast data include the shortage of specialists, high cost of data storage, the time it takes to analyze, and the cost of data analysis, while in some cases senior management continues to deny the relevance of the DATA imperative, i.e. doing all things analytically.
Insights & Data from Capgemini
In this context, Capgemini’s Insights & Data global practice aims to grow substantially faster than the overall market. Currently we have 10,000 practitioners in this field but see the general market demand doubling in the next five years. A new Insights-as-a-Service platform will be piloted with a select number of clients during H1. Designed to enable companies to analyze and respond to the behaviour patterns and actions of their customers in real time, this new platform should also enable continuous improvement of selected business processes in selected domains, without incurring the upfront cost of investment in data science and IT infrastructure.
To download a copy of the ‘Big & Fast Data’ report, please visit the Capgemini website.