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CHAPTER 2 - Coggle Diagram

- - - - for whether it can offer a sustainable competitive advantage over your archrivals
  - - - help to understand how IT is altering the rules of competition for every firm in industry inc. archrivals
- - - - Data- raw facts
        
        become information when:
        
        condensed
        
        sorted
        
        contextualized
      - Collecting & managing data = IT unit's job
      - not all data is worth managing
      - non IT-manager help IT colleagues
        
        figure out what types of information are competitively valuable
    - - software apps transform data->information->business insight
        
        insight does not emerge spontaneously from data without efforts to transform it
      - non IT manager help identify what business outcomes are competitively important to predict
- - - - ephemeral: data last for a very short time because its volume far exceeds our capacity to store it
      - streams: data is continuously flowing as a series of data points
  - - - Challenge: how to use such foresight to deliver more business value
      - Example: micro-segmentation, dynamic pricing and instantaneous price discrimation
    - - Causation is the Holy Grail of prediction
      - Correlation in statistics- Walmart's beer and diapers sales on Friday night
      - Can tweak things that caues sales, returns or customer loyalty