The market is volatile and very competitive. Consumers are increasingly demanding, informed and with less error tolerance by companies, which creates an increasing need for organizations to distinguish themselves from the competition and to offering a service of excellence to their customers. Here, the ability to anticipate scenarios and to be able to prepare your organization for opportunities and challenges plays a crucial point.
Anticipate scenarios means placing your business one step ahead from the competition by knowing the opportunities and preventing failures even before they happen. To do this, it is essential to enhance the generated data to positing your organization facing new market directions and leading the organization towards new opportunities.
Recently, Statista, a market and statistics research organization, published the Digital Economy Compass study, which states that in 2018 were created 33 data zettabytes, 16,5 times more than nine years ago. However, the same research advances that in 2035 an amount of information digitally generated will achieve 2, 142 zettabytes.
The amount of data available grows each day and offers to organizations in all sectors new indicators which by being boosted, maximize the efficiency and organizations success. As such, the organizations which want to position themselves at the forefront of Digital Transformation and being competitive in a market in permanent change, need to incorporate into their strategic pillars, technologies that enhance correctly, the power to transform the wide data volume from different sources into insights.
Thereby, the generated insights through effective and reliable data analysis allow us to guide and to make strategic decisions which respond to the market changes and increase the organizations' performance. Not everything can be predicted and assumptions are difficult to control, but a correct data analysis transformed undoubtedly, the way that how organizations work and look at their business and costumers. It has brought new business inputs and different ways of projecting the future.
Adopting for an Analytics, Big Data and Data Science solutions enable to look at the huge amount of data created and received daily and do predictive analytics, know the market and the consumer in detail, and thus create strategies to face the future.
Through these technologies, it is possible to obtain reliable information for decision-making, identify patterns behaviour and allocate the most available resources. And by knowing your costumers and prospects in greater detail, you can provide a more customized response, provide a value-added offering, identify cross-sell opportunities, personalized service or product, risk management and increase profits.
Organizations that use effectively generated insights from data can make better decisions and achieve a better performance face impacting situations, such as a financial crisis, and get an answer more efficient and reduce the impact on the business.
Undoubtedly, by adopting Data Analysis solutions in your organization, creating differentiation in a value chain, allowing your business to become more agile, more structured is one step ahead of the competition.
Opinion article published in Business.IT – June, 2019