The future is here! With businesses being innovated through recent technological updates, degrees like Business Technical Management (BTM) or Management of Information Systems have become invaluable. But how important are they?
Companies value Big Data, data about something that can not be stored by traditional methods, at a high price. Having information about your consumer has become a serious competitive advantage, and it has proven itself through revenue and inventory turnover ratios. Using data in conjunction with rudimentary tools like the SWOT analysis and balance sheets, companies can visualize their opportunities to grow and cut costs. The most redeeming possibility with Big Data is the ability to ‘nowcast’, a term which data mangers use to estimate metrics like consumer confidence.
For in-depth analysis: MGI_big_data_exec_summary
Data has become a tool that is leveraged by companies in 5 major ways:
- By unlocking significant values: By digitizing not yet captured data information can become accessible instantaneously and effectively, leading to an efficient workforce.
- Using accurate transactional data: Big Data can help collect more accurate and detailed information on company performance. This in hand allows managers to address and solve internal problems.
- Carefully Narrowed segmentation: With data products can be more tailored to consumers and increase sales and overall consumer happiness.
- Spotlighting Valued Insight: Big Data can be used to analyze products and create decisions that minimize risk and reveal valuable insight to a company.
- Starting Next Generation Improvements: Data can be from consumers that can push companies to innovate and recreate their products to ensure long term profits.
Throughout the year we have been told how important information is and how every sector is interdependent to one another. No matter what you choose to learn in the faculty of commerce the reliance on data has become crucial in the twenty-first century.
Article reference: http://iveybusinessjournal.com/topics/strategy/why-big-data-is-the-new-competitive-advantage#.UokJP8SshiR
