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Arrival of "Big" Data with Two (2) Opportunities - Coggle Diagram
Arrival of "Big" Data with Two (2) Opportunities
“Big” Data is More than Just Volume
Data points being replaced by ephemeral big data streams
Digitization-infusion-ubiquity trifecta perpetuates these data streams
Coming from interconnected supply chains, mobile devices, IoT, social media
e.g., Walmart produces over 200x entire Library of Congress every hour
Boeing 787 jet generates 2,500 iPhones worth every hour
Most firms fail to capitalize on data in hand
Abundance, not scarcity is the problem today
Strategy must now be crafted assuming information abundance ≠ scarcity
Raises the bar for valuable insight🡪Red Queen problem
Two untapped opportunities in big data:
Generating foresight🡨cheap computing horsepower speeding transformation
Challenge: How to use such foresight to deliver more business value
Micro-segmentation, dynamic pricing, and instantaneous price discrimination
Discovering what causes what
Correlation in statistics ~ Walmart’s beer and diapers sales on Friday night
Causation is the Holy Grail of prediction
Can tweak things that cause sales, returns, or customer loyalty
Trifecta is opening up opportunities exclusive to born-digital firms
Abound in information intensive activities
e.g., finance, operations, supply chain, marketing