In todays fast paced business environment with vast amount of data, and growing customer demands, your company and brands are in constant desperation to make right decisions at the right time. This uncompromising agility is indispensible to design new products or serevices and gain competitive advantage. Big Data is the key to obtain actionable insights that help you take informed decisions in a time-bound manner. Predictive data modelling is essential to design a road map for future business growth.
Move away from Technology Push, embrace Big Data Insights
In this humorous video, Mat Shore the expert innovation speaker discussed why technology and engineering companies need to move away from the old model of technology push. He also shows how Marketing need to become more disciplined if they are to expect R&D and Senior management to believe the insights they create. This video is the first in a series that Mat Shore is creating to walk trainees through the steps of segmentation and targeting, insight creation and value proposition development.
Product Development in the Big Data Era
The most ambitious thing you can do with Big Data is to employ it in developing new product and services. If you are serious about product and service generation with Big Data, you need to create a platform for doing soa set of tools, technologies, and people who are good at Big Data manipulation and the creation of new offerings based on it.
Taking a product/service innovation focus with Big Data also has implications for the financial evaluation of your efforts. Product development is generally viewed as an investment rather than a savings opportunity. With this focus, you may not save a lot of money or time, but you may well add some big numbers to your companys top line.
An important dimension of your Big Data initiative Ill discuss is how rapidly and aggressively you should be moving. Should you jump in headfirst or put a cautious toe in the water? Should you have multiple projects or just one? Should you hire a group of data scientists or maybe rent one or two for a while? The answers to these questions depend on your industry, the activities of your competitors with Big Data, and how technically innovative you want to be. Ill describe three overall levels of speed and aggressiveness in Big Data adoption.
Whats the Right Speed of Big Data Adoption?
You should move conservatively if:
- Your competitors arent doing much with Big Data
- Technology hasnt driven industry transformation in the past
- You dont have much data on customers or other important business entities
- Your company typically isnt a first mover in industry innovation
You should be moderately aggressive with Big Data if:
- Your industry is already active with Big Data or Analytics
- You want to stay ahead of competitors
- Your company is typically facile with technology and data
- You have at least some people who can do Big Data work
You should be very aggressive if:
- Someone in your industry is already being very aggressive
- You have been an analytical competitor in the past
- You have used technology to transform your industry in the past
- You have assembled all the necessary capabilities
Driving Business Growth from Unstructured Data
Today unstructured data is generated across a multitude of organizations; this unstructured data is growing at a faster pace than the pace at which it is consumed. It is not possible for a human to manually surf through, understand and extract insights from unstructured data and communicate them across various channels. Computers can access and read through this data, however for computers, gathering data insights is not really possible.
What information can be unlocked by extracting relevant data insights from various platforms and presenting it in a structured analytical format? Data Insights & Information which you may need often:
- Market sentiment
- Latest news updates that can have an impact on your business
- Customer behavior, customer opinions and requirements, customer grievances and much more
- Information about organization circulating on social media : improves social listening
- Competitor strategies and announcements
Information extraction from an unstructured data can be done for people, addresses, phone numbers, etc. to name a few. Another common type of extraction is the one that encourages social listening. As a result you get answers to your questions like:
- What products are the most popular and why?
- Why are customers leaving us?
- Why a product that used to be very popular, has reached its decline stage?
- What is the value of a tweet, a like or a share?
- Are we providing the desired level or customer services or are our investments in this direction going waste?
- What is the best price for my product?
When your requirements are clear, it becomes easy to transform unstructured data into useful and directed information that gives you an insight to solve your targeted problem and take firm and informed business decisions.
Does Big Data accelerate your Innovation and Business Growth?
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