To thrive, organizations need to make sense of this big and fast-moving data, to gain real-time access to powerful insights and deliver them to the point of action.
It is no coincidence that new big data technologies and data science approaches have emerged at the same time as this need has made itself felt. As a result, organizations can now obtain the insights they need, and use them to drive new levels of performance. This gives them the ability to shape their markets and enter new ones.
“Big data…has become something that can deliver a competitive advantage to any company. Failure to harness it or take advantage of its usefulness will result in a company lagging behind its competitors and risking becoming irrelevant in its industry.”
Increasingly, this is a matter not just of success but also of survival – the survival of your organization and of you yourself as a senior stakeholder in that organization. We are already seeing leading businesses using big data to disrupt markets and threaten their competitors’ traditional value propositions.
In our study, a surprising 64% of respondents said that big data is changing traditional business boundaries and enabling non-traditional providers to move into their industry. Companies report a significant level of disruption from new competitors moving into their industry from adjacent industries (27%), and over half (53%) expect to face increased competition from start-ups enabled by data.
These findings reflect the fact that we are now at an inflexion point, where big data has created entire new ways of getting insight from data at a technology level. Organizations are finding their industries challenged by new data-empowered entrants. To win the battle for survival, you in turn need to rethink your own organization structures and processes in order to harness insights.
You may need to fundamentally reconsider your market value proposition in light of these new players. And this has to happen alongside any initiatives that you may already have in hand to improve existing functions.
“We have data ponds out there which need to be pulled together to gain the full benefits from big data technologies.”
Reference – From the study Big & Fast Data: The Rise of Insight-Driven Business – Insights at the Point of Action will Redefine Competitiveness.