The use of Big Data is becoming a crucial way for leading companies to outperform their peers. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value.
Big Data will help to create new growth opportunities and entirely new categories of companies, such as those that aggregate and analyse industry data. Many of these will be companies that sit in the middle of large information flows where data about products and services, buyers and suppliers, consumer preferences and intent can be captured and analysed. Forward-thinking leaders across sectors should begin aggressively to build their organisations’ Big Data capabilities.
To sort out what can indeed be solved by the new technologies .Think about technology capabilities to store and process unstructured data; to link data of various types, origins and rates of change; and to perform comprehensive analysis, which became possible for many, rather than for selected few. Don’t expect inexpensive solutions, but expect cost-effective and appropriate answers to your problems.
The history of previous trends in IT investment and innovation and its impact on competitiveness and productivity strongly suggest that Big Data can have a similar power, namely the ability to transform our lives. The same preconditions that allowed previous waves of IT-enabled innovation to power productivity, i.e., technology innovations followed by the adoption of complementary management innovations, are in place for Big Data, and we expect suppliers of Big Data technology and advanced analytic capabilities to have at least as much ongoing impact on productivity as suppliers of other kinds of technology.
All companies need to take Big Data and its potential to create value seriously if they want to compete. For example, some retailers embracing big data see the potential to increase their operating margins by 60 per cent.