#BigData means Big Business
Using large amounts of data to make sensible business decisions is certainly not new but if there’s one thing our industry loves its a buzzword.
One thing’s for sure…
If your business relies on data to to remain competitive, Big Data is a buzzword that you cannot ignore.
At Semantia, we’ve relied on the use of data to validate every decision – for ourselves and for our clients. In fact, we’ve be delivering on the opportunities enable through data insights for more than 10 years.
From real-time vehicle sequencing systems, to automated marketing solutions and services, we absolutely rely on the availability of data and the use of intelligent systems to make sense of an increasingly dynamic data ecosystem.
The Web has both simplified and complicated the way we access, interpret and act on data.
90% of Data Today Created In The Last Two Years
An IBM report on big data states, “Every day, we create 2.5 quintillion bytes of data, so much that 90% of the data in the world today has been created in the last two years alone.”
Whilst, we see the Big Data term as a new label for a concept which has been around for a long time. Simply creating a label does not make dealing with the issues for organisations faced with a rapid explosion of data, information and intelligence any easier.
It has been said that we live in the age of information and inferred that data is to the digital revolution what oil was to the industrial revolution. Certainly a huge volume and variety of data has emerged in the wake of dramatic changes in technology and the digital revolution.
In business, collecting and analysing large volumes of information helps improve understanding of markets which in turn, helps companies improve their competitiveness and their organisation’s performance.
Big Data Creates Value
Effectively harnessing Big Data improves knowledge of customer preferences, habits and considerations in making transactions within different categories, brands, market segments and channels. Simply put, the successful utilisation of data leads to an improved exchange of value between customers and organisations.
You would have observed within your own industry how data improves competitive business performance, and it’s true, some of Australia’s most successful companies have already started adopting core principles behind data, analytics, insight and are beginning to see improved commercial results.
Conversion to Actionable Insights Remains a Challenge
But along with Big Data, Big Challenges still remain – least of which is determining what data should be collected, accessed and analysed and from there, understanding the best practices in analytics, extraction of insight and the powerful conversion to actionable metrics that drive commercial strategy.
Balancing the science and art of data, insights and measurement creates value with new possibilities for business.
Converting that analysis into actionable metrics is the domain that Big Business Advantage.
If there’s one thing for certain in this time of continuing interconnectedness it’s that big data will only get bigger.