Being able to see what’s around the corner is the kind of foresight every business wants, and when companies unlock the potential of big data it becomes possible. But are companies getting a telescope or a microscope? Are they taking full advantage of the data they are collecting?
If major organisations know that big data is valuable, then why aren’t they using it? The reason appears to be a lack of knowledge of how big data can help. 'Data means nothing without the right people to translate it into strategic advice.’
Goodbye ‘gut feel’. Hello #bigdata insight.
Hindsight + insight = foresight
Big data can help a business excel:
- Forecasting means identifying upcoming trends based on previous data. Knowing what events lie ahead gives you time to prepare so you can minimise the impact of damaging events or maximise the potential of golden opportunities.
- Decision-making of any kind is easier when you have trusted data to rely on. Helen writes, ‘[businesses] now have the ability to mine hundreds if not thousands of data sources, both inside their organisation and out, and build a holistic picture of the complex world they inhabit.’
- Risk analysis is vital for identifying the unknowns. With the right data, you can gain valuable insight into any potential risk on the horizon. This could relate to a future partnership or a change in the geopolitical landscape.
If you want the business benefits of big data, you need the confidence to unlock its potential. Gut feeling may have gotten you this far, but it’s time to put your trust in what the data knows.
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