There is a buzz around the market on “Big Data” is dwindling. Know Why? Because data is now like air, which is surrounding us. It has come out that the whole world is churning out huge chunks of data every day which is in tons of Gigabytes. Also, industries in the market shares data are among with other companies in order to evolve into new businesses, which give rise to the beginning of the Digital Ecosystem. And because of this huge pile of data’s which give rise to new tech like Artificial Intelligence and especially the Machine Learning.
In recent time, data has become a huge asset to an organization. And as per the recent survey, it was found that most of the tech giants, are still one of the biggest investors in Artificial Intelligence and mostly in Big Data. From the investors, perspective growth rate matters the most in which field, market, etc, all of them include a certain type and amount of data that always associated with that. Now, every decision has to be made after certain strategies being done with data analytics.
There are some pains that have been growing up, while investments in the market are now booming up, so many investment companies are not seeing the Return-on-Investment as much as they expected because due to the dynamic environment setup around this. Also, due to changes in technological development, which keeps on creating new competitors and shifted to a vast amount of wealth and reshaped the part of the economy. Due to this shift, it created a customer-centric value proposition that extends beyond what end user could previously obtain.
Now within near future, in a decade, new growing companies will be defining they’re not on the basis of “How they play against their peers” but instead they will be defining “How effective they are, in competing within rapidly emerging ecosystem”, comprising a variety of business dimensionally to a different sector. Since, when the cost of transacting for a product on the open market exceeds the cost of managing and coordinating the incremental activity which in return, needed to create that product/services whole internally, which is only the organization perform internally.
And apart from this customer relationship is also plays a very important role in every part of the business and market. So, to maintain the customer relationship, it will depend on the various factors that define the analytical formulas: -
1. The Power of Brand
2. A tone of One’s Message
3. The Emotions of your Products/Services can inspire
Follow the Data:
Competitive effectively means both collecting a large amount of data and developing capabilities for: -
“Better the data is, Better the analytical support and that will drive the Scenario Planning to inform how the ecosystem will evolve”
There are some questions that one should ask the organization in which he/she is working on: -
1) What are some of the data points and sources which are critical for your business?
2) How many points and sources of those data points & sources you have?
3) What would be/is the process to acquire or to gain access to those data points?
In the last there are few points that are important and keep an eye on it: -
1) Data Science is an easy part than it is anticipated. Getting the right data and getting the data ready for analysis, is much more difficult than going into data science.
2) Most of the time is spent just on getting the data. Once we have the data in a good format and good place then the data modeling is easy to process further.
3) Every data set is very unique with each other and it takes a lot of time to create and perform the analysis. But the main issue with the data is that the one who’s mining the data might be using only one source of truth to gather that, which might be a bit of difficult to process further.
4) It has been found in recent studies that most of the companies have not even incorporated real-time data into a day-to-day business process.
5) Most of the time it also happens that, most companies also struggle to identify – Which data they would be needing in order to improve competitive advantage.
Hope this finds you well, and I’ll be discussing more in my next blog. Till then keep the data in an organized way because DATA IS AN MOST IMPORTANT ASSET FOR AN ORGANIZATION.