For any organization, regardless of its size, it can be challenging to be able to have a complete perspective on all the information related to the business, its resources or the development of products and services. This means that any investment or innovation initiative will always be conditioned by some information scarcity.
However, there is something that we all have at our disposal and that we can use to achieve a complete degree of understanding about the organization: the data resulting from our own activity. And this is crucial for anyone who wants to be ahead of the competition and market leadership.
Do not think that this is a distant idea of the current reality or that it is only the fruit of the imagination of creators of works of science fiction. The number of organizations around the world that are already using such tools is constantly growing. According to a study conducted by IDC on the level of investment in Big Data and Analytics globally compiled in the Worldwide Semiannual Big Data and Analytics Spending Guide, revenues in this area are predicted to amount to close to 190 billion dollars in 2019, an increase of 12% over 2018.
In a scenario with more and more companies and public organizations betting on this type of solution, it becomes clear that its use is not limited to strengthening the business component. Its capacity for innovation has also undergone substantial improvements. It is not by chance that the sectors that have invested more in Big Data solutions and Artificial Intelligence are those that reach a greater projection from the point of view of the implementation of innovative projects, such as Banking, Retail, Industry or the Public Administration itself.
It is therefore worth remembering what these successful organizations already do: the importance of exploiting the potential of using their own data. Through Big Data, working with huge data sets collected from the normal activity of organizations makes it possible to transform this data into valuable information for a better and wider perception of its reality, which leads to more informed and framed strategic decisions.
In practical terms, working with this type of solution can materialize in several ways in the context of innovation: technological innovation, product innovation, innovation in human resources management, innovation of the organization itself, among many other possibilities. The influence of Big Data from the point of view of technological innovation, for example, is notorious, since the degree of probability of success of new solutions or projects increases if they are developed based on information taken from real contexts and situations. In addition, access to this type of information makes it possible to prioritize and define which areas are most in need and that can be improved through technological innovation – such as new solutions, new working methods, and more.
On the other hand, the impact of the use of Big Data assumes a particularly relevant visibility in the context of business management: not only do we have a rich source of information, capable of sustaining the best decisions, as this will help us to pay attention more careful and oriented to the detailed monitoring of projects and innovation investments underway. In addition, it also influences organizations’ ability to innovate in areas such as the development of products and services or the monitoring of customers and end users, allowing to work with more precise and structured information, which will serve as a basis for the creation and development of better products, services and better and more personalized experiences for customers.
In a very clear and direct way, what is at stake is the idea that innovation brings innovation: if we bet on innovative solutions that offer us a comprehensive and detailed understanding of our own activity, we can have a truly unique, differentiating market presence and as disruptive as it is innovative in how we manage our own organization, the business, the development of the products and services we offer, and the presence in the market.
Opinion article published in PME Magazine – June 27, 2019