15 Aug Are you guilty of data ignorance?
Very few companies are leveraging data.
The headlines scream otherwise as we are told that every company has big data and is using it to conquer the world.
But this is simply not true.
What is true is that most companies are very interested in Big Data and Data Analytics. The oft spoken about bounty found at the end of the Big Data rainbow is a tantalising lure and one that most CEO’s have not ignored.
But the truth is that most organisations are busy thinking about it, but doing very little about it. Aside from the Fintech industry there are a some like Channel 9, Altus Group and Advisian who have made the leap.
Yet many are still dipping their toe in the deep end, wondering whether or not to jump in.
In actual fact, they are wondering how on earth they should get started.
What’s the problem?
There’s no single person in the organisation who’s capable of making it happen. Big Data is a new phenomenon and one that is rapidly emerging into its own industry.
Plus, the world is suffering from a severe shortage of Data Scientists, Data engineers and other big data gurus. A unique set of skills are required to tackle this sort of challenge (Read our article on 5 skills to look for when hiring a Data Scientist)
A typical C suite response is to give it to IT.
A typical IT response is it’s beyond their skill set or beyond their budget.
Why should you even bother?
It’s a valid question but the empirical evidence suggests you can’t afford not to do something. Here’s why:
Old school time and motion studies were the panacea for improving through-put by increasing efficiency. The world has changed and the pace of business is so much faster these days that efficiency is prerequisite to any successful business.
Finding a competitive edge is still crucial and while the big wins are obvious the devil is always in the detail.
Exploring your operation data, transaction data, staff data and processes will almost certainly uncover some novel ways to introduce greater efficiency with little investment.
The data you keep on customers, prospect and suppliers can be explored to help you understand your business in a deeper way. Big Data ‘dives’ will uncover patterns and correlations in your data that would not normally be seen by the human eye.
In fact, I can guarantee 100% that your data will tell you something important about your business that you don’t currently know. That’s a 100% Money Back Guarantee by the way.
One Australian company has wrapped Artificial Intelligence very cleverly around the patent database: http://www.aulive.com/
The result is an online service that not only helps you search all existing patents, but actually helps you explore and test new ideas.
It even suggests new products for you. Wait, wah…?
This aspect is perhaps the most amazing and CEO and Founder, Simon DeWulf has proven that his machines can not only second guess scientists but can create far more exciting concepts.
Making strategic decision at the drop of a hat is something most CEO’s thrive on.
Making strategic decisions based on sound, data driven insights provides not only greater certainty in making that decision, it can give your organisation a continued competitive edge to keep you ahead of the pack.
Want to learn how to swim?
Focus on what you would like to achieve, examine your major hurdles and then get strategic
- Define strategic objectives
- Gather your assets
- Internal communicate is crucial
Approach the problem as though it was a new business unit which requires:
Don’t just stand there! Jump in with both feet and start kicking.
I guarantee you’ll never look back (in a ‘Money Back’ kind of way)