How to Compete in a data-driven World

The success of companies increasingly depends on their ability to integrate data analysis both for strategic and operational decisions.

Wednesday, January 4, 2017

Both the availability of data and the ability of technology to use it for analysis, have increased exponentially in recent years. More sophisticated algorithms have been developed and computational and storage power has steadily improved. The convergence of these trends is fueling rapid technological advances, aiding better business management.

The fact is that harnessing the potential of Big Data is not evenly paced among companies, making data analysis capabilities one of the main differentiating factors in competitiveness.

A report entitled "The age of analytics: Competing in a data-driven world", by the McKinsey Global Institute, points out:

".. Most companies are capturing only a fraction of the potential value of data and its analysis."

".. The greatest barriers facing companies in extracting value from data and analysis are organizational. Many struggle to incorporate information based on data in everyday business processes. Another challenge is attracting and retaining the right talent-not just data scientists, but also managers who combine knowledge data with industry and functional expertise. "

"... The volume of data continues to double every three years as information pours in from digital platforms, wireless sensors, virtual-reality applications, and billions of mobile phones. Data-storage capacity has increased, while its cost has plummeted. Data scientists now have unprecedented computing power at their disposal, and they are devising algorithms that are ever more sophisticated."

"... Disruption is already happening, and it takes multiple forms. Introducing new types of data sets (“orthogonal data”) can confer a competitive advantage, for instance, while massive integration capabilities can break through organizational silos, enabling new insights and models."

Read full report

¿Busca soluciones de inteligencia comercial para su empresa?

Do you need more information about your business sector?

Request more information:

this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423

More on this topic

Informal Market Challenges: Big Data as a Tool

April 2021

The analysis of data and large volumes of images, combined with the implementation of innovative methodologies, allows companies to size up how many of their products could be marketed in outlets classified as informal.

More and more companies need to identify and estimate, with precision, what portion of their market they may not be serving.

Words as Data and Business Intelligence

February 2021

Thanks to the digitalization of writing and the rise of Internet searches and interactions, words have become very valuable inputs for statistical models and algorithms that allow inferring and reaching very precise conclusions about consumer behavior, among other uses.

Today, language has become the subject of big data analysis.

Big Data Vs. Surveys

July 2020

Does it make sense to keep doing surveys to evaluate, for example, the ranking of a brand, when all the real, honest, and unbiased information can be inferred from people's behavior on the Internet?

"... Traditionally, when teachers or business people needed data, they commissioned surveys.

Business Information "Convenient for Me"

November 2016

The failure of polls on the presidential election in the US shows that in order to get the right information, data must be collected and analyzed with scientific rigor, free from any bias caused by the personal interest of pollsters and analysts.