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."

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