Why am I a fan of big data, because it works. Many large consumer goods and B2B companies are jumping on the big data bandwagon because of what it can do. I am not just talking about analysis but the ability to make real work changes on the fly for your organization. The ability to take information internally and externally and use it in new ways to outsmart competitors.
Imagine the ability to spot a hot trending product before your competitors and then being able to order and promote it long before the wave hit. You would be in the perfect spot to capitalize and gain a higher margin on that product, before your competitors got into the space and started competing on price. Your ability to profit would go up. That’s what big data can do for just about any company. The more data you have, the better position you are in to capitalize on it to make money and win customers.
What is also great about big data is, it gives you the ability to test and experiment your ideas out. Allowing for your organization to be more agile in how it approaches the market. It also helps with personalization of services and creating dynamic demographics that actually mean something.
Big data can even augment management, giving leadership insight that they never thought possible. And this is where things get interesting. Because right now, most people in the big data space are working from a technical point of view. I work from the business side. Looking at how to apply the data in new ways. This is where the competitive advantage comes into play, looking at the market and consuming base and understanding how to apply these new concepts to those markets and bases.