It’s important for companies to remember that business technology can have an impact that extends well beyond a simple return on investment. Adopting new technology is one way to drive growth and profitability, and it can even transform the business for the better. Yet with an increased rate of change comes increased business risk. While advancements in big data analytics and business management systems can help organizations in all industries cut costs and gain a competitive edge, it is critical for business leaders and their technology project partners to work strategically and methodically. Innovative technologies can help businesses reduce price and lower barriers to entry, change the ‘go-to-market’ strategy and even transform processes and culture.
Key rewards
1. Early adoption puts the business ahead of competitors. Adopting innovative technology early means management has time to learn how to leverage the technology to its best advantage and can begin claiming market share while competitors are still considering whether to go ahead.
2. Successful implementation increases value for stakeholders. Successfully implementing the right technology can deliver business performance benefits to the bottom line.
3. Improved performance includes the ability to operate more effectively. When the new technology is in place it should enable an organization to operate more effectively.
4. Increased productivity leads to improved efficiency. Ideally the new technology will increase productivity, leading to improved efficiencies.
5. New technologies can help organizations analyze and store the data that they have.
Big Data
Big data: ‘Extremely large collections of data (data sets) that may be analyzed to reveal patterns, trends, and associations, especially relating to human behavior and interactions.’
Big data is a term that describes the large volume of data – both structured and unstructured – that floods a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
Organizations can analyze big data to make decisions about new product development, marketing and pricing strategies.
Big data: Opportunities
– Errors within the organization are known instantly. Real-time insight into errors helps companies react quickly to mitigate the effects of an operational problem. This can save the operation from falling behind or failing completely or it can save the organization’s customers from having to stop using the company’s products.
– New strategies of the org’s competition are noticed immediately. With Real-Time Big Data Analytics, the business can stay one step ahead of the competition or get notified the moment a direct competitor is changing strategy or lowering its prices for example.
– Organizations can identify new trends and patterns which can help in understanding customer needs
– Organizations can respond to changing conditions faster and can use this speed to generate competitive advantage
– Organizations can manage their performance better as they will have an increased amount of performance data.
– Service improves dramatically, which could lead to higher conversion rate and extra revenue. When organizations monitor the products that are used by its customers, it can pro-actively respond to upcoming failures. For example, cars with real-time sensors can notify before something is going wrong and let the driver know that the car needs maintenance.
