Every hour, minute and second, massive amounts of data are continuously generated worldwide. For the insights it generates, and for the informational and competitive value it holds, today these amounts of data are called by many “the new oil” such as the importance they can have for the business of any organization.
However, these data are only of real value when transformed into relevant insights that directly impact the company’s performance, competitiveness and profitability. When used strategically, access to this real and factual information allows organizations to move one step ahead of the rest on the market, by leveraging unique performance improvements and creating exclusive competitive advantages.
Also, organizations themselves generate data throughout their entire value chain, inherently in the activities they carry out, regardless of the sector in which they operate or the business areas concerned.
Increasingly, data acts as a fundamental support for decision-making in organizations, minimising risks and making them more intelligent, strategic and competitive. We ate talking about an asset that generates a direct impact on the business and processes optimisation throughout the organization given its applicability in the various departments that comprise it: from marketing to sales, through human resources or finance, to strategy and innovation, the results are unmistakable.
Have you thought about the impact it will have on your daily routine, to have a complete, accurate and real-time view of your organization in one place?
Organizations, which have disruptive technological solutions, can deeply understand the market and the consumer, minimise costs, optimise operations and make more accurate investments. Undoubtedly, Big Data solutions bring agility, efficiency and competitiveness to your company.
Although there is already widespread knowledge and notable advances in raising awareness among leaders and decision-makers about the fundamental role that data analytics plays for companies, a Forrester study reveals that 73% of all data collected by companies is stored without ever being used.
A very high percentage, which proves that there is still a high waste of all the gains that the data present. Why?
The principal explanation is the way information is stored. Old and obsolete systems, which are not connected, lead to data dispersion and isolation, as opposed to the desired interconnection and strategic structuring of the same. All companies must consider this in their digital transformation processes, which may differ from company to company. Each one has to define its planning and working method, under which will settle the organization of stored information.
The key to the difference between organizations’ success and failure often relies upon the choice between a decision made from factual and realistic analytics, or an action guided by intuition and opinion. Thus, the strategic process of collecting, storing, selecting and subsequently analytical information management is crucial for its good use and the achievement of excellent performances.
More than the present, Big Data solutions make it possible to revolutionise the future of any organization that intends to be competitive and market leader, capable of dictating trends, analysing and anticipating scenarios.
For that, it is essential to start working on tomorrow’s winning strategy from today. The possibilities are endless, and the potential for gains and results, too.
Opinion article published in Lider Magazine – January, 2021