When data is turned into insight – provided at the point of action – it creates true business value. Organizations benefit from next-generation ‘Big Data’ technologies by reshaping their existing data landscape into a more cost-effective, yet increasingly agile foundation for business. They thus enable themselves to deal with the flood of data that is coming from connected people and things. But there’s much more: predictive analytics – delivered in real time –substantially redefines business models. Monetizing data even creates entirely new ones. And there’s no end to the disruptive potential of cognitive computing and deep machine-learning.
Big Data is critical to many organizations. The Internet of Things, mHealth, online retail, smart energy, Industry 4.0, connected cars and the future of insurance all rely on actionable insights as a key component to make the promise real. It’s at the very heart of their Digital Transformation.
Well, potentially, that is. Research by Capgemini Consulting shows most enterprises put better insights from data at the very top of their digital priority list. And disruption is looming around the corner as shown in another of our reports. The majority of the companies interviewed believe that the new data landscape will thoroughly shake up business as we know it. New entrants use data to create brilliant, intelligent products and services with equally superior delivery.
But the journey to becoming an Insight-driven enterprise is a complicated one: it requires real technological and organizational change, all the way from starting within the right business / technology context via modernizing the data landscape and maturing governance to providing insights ‘as-a-service’ at the point of action.
And more than anything else, it may turn out to be a matter of culture.
Not everybody within the organization needs to become an accomplished data scientist, but it sure helps to study the ways of these purple unicorns just a little bit more. By embracing data – living and breathing it – enterprises can take the lead to become truly insightful, making better use of the assets they possess and thus outsmarting the competition.
More agility, less infrastructural constraints, and a tight relationship between business and IT are at the heart of making better and new businesses with data. It’s what Thriving On Data is all about.