Currently, regardless of the dimension of an organization, to have a global perspective on business-related information is vital to the organization’ development and growth. Data has driven the digital transformation, and when it comes to data collecting and analysis, it applies to all areas that make up the business, from a better business strategy, undergo through the development and implementation of products and services, until Human Resources.
Several organizations already have data that is part of Big Data Analytics. However, there are still a few that make strategic use of all information that this kind of technologies can provide. The more data we can get from our activity, the more likely we can convert it to competitive advantage. The opposite can also be applied: the fewer data we have, the harder it will be to innovate, to compete and to lead.
Nowadays, the key to success is turning data into insights. Those who lead and invest in Analytics, Big Data, Data Science and Artificial Intelligence solutions can build more robust and assertive analytical skills set. This option comes with a strong understanding of the importance of having a solid technologic base that can support all machine and analytical processes.
According to a research by IDC on the investment level in Big Data and Analytics globally, compiled in the Worldwide Semiannual Big Data and Analytics Spending Guide, revenues in this area are expected to be close to 190 billion dollars in 2019, an increase of 12% compared to 2018.
In a world where the pace of change is accelerating, the margin of error for organizations is shrinking and demands more innovative and collaborative processes, greater agility and high-performance solutions, the importance of exploring the potential of using our data is unavoidable and at the moment, this is already a very clear reality for several industries.
Working with huge data sets collected from organizations’ activity makes it possible to turn data into valuable information that will lead us to more informed, bounded and transparent strategic decisions promptly, identify patterns, keep up with the competition, improve customer relationship, optimize processes, manage risks and improve cybersecurity.
In practice, the use of this type of solution can be materialized in innovation: technological innovation, product innovation, marketing and sales strategy innovation, human resource management innovation, the organization’s innovation. And innovation brings innovation.
If we focus on innovative solutions that give us a comprehensive and detailed understanding of our activity, we can position ourselves in the market in a differentiated way that leads us to success.
Opinion article published in IT Insight – October, 2019