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Arrival of "Big" Data with two ( 2 ) opportunities. - Coggle…
Arrival of "Big" Data with two ( 2 ) opportunities.
“Big” Data is More than Just Volume
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
Dust to gold
Historically wasted byproduct ~ sawdust
– Until repurposed by Ikea and kin as particleboard, synthetic wood, etc
Data is the sawdust of our era
– Generated every time a piece of software runs
– Click trails no longer a worthless byproduct
– Can be mined for insights to shape stuff, optimize operations, and new business models
Two oppurtunities
Generating foresightcheap computing horsepower speeding transformation
– Challenge: How to use such foresight to deliver more business value
Exampe :
… 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
Example
finance, operations, supply chain, marketing