I Constantly hear people say
Our database is less than a terabyte. Big data isn’t for us
You might be right?
However, before you jump to that conclusion, I have a few questions for you to consider?
- Do you collaborate with partners, suppliers?
- Do you use open source data? For example, government, NGO’s, commercial, databases.
- What about social media?
- What about data from sensors or machines?
- Do you have offices, overseas?
- Would the ability to be able to identify areas in the world susceptible to political, economic instability prior to such conditions becoming a serious issue to trade, be beneficial to you?
Obviously the answer is yes.
If you were able to Answer YES to some or all of the questions above, then BIG DATA is for YOU.
Perhaps weather patterns affect demand for your product service offering?
Being forewarned might help you with inventory planning?
An example of this is a retailer matches weather patterns to purchases. Using such data, you just might find a real gem. Data patterns may clearly illustrate, particularly weather conditions, leads to explosive demand for a specific item. You may also find moving slower selling items next to explosive demand items increases your sales for these slow shifting higher profit items.
Possibly you want to know what your customers are saying, feeling about your product service offering?
For good or bad you need to pull the data into your system and once there you need to analysis the data.
Think about this way. You start an advertisement campaign only to discover a few months into the campaign the results aren’t quite what you expected. Immediate feedback would have empowered you to make real time fortuitous decisions based on facts, not intuition.
We are rapidly moving towards the INTERNET of THINGS.
Before you dismiss this factor.
If you manufacture machines and or devices then you are probably thinking about connecting such things to the internet. For example aircraft engines generates one terabyte of information an hour. Buildings, devices, cars you name it, will generate data.
Analysing this type of data correctly, could deliver a competitive advantage. Examples of this are building managers having the ability to manage power consumption, another example motor insurance companies fitting on board devices to monitor driving behaviour. The data generated is used to determine insurance premiums.
Another example, a car service. The mechanic plugins the car into a terminal. The information is sent to the manufacture. The manufacture uses the data to determine how parts are performing and this data may result in changes in manufacturing or a software updates. Yet another example, driverless cars are a very real possibility in next few years.
So as you’ve just learnt, sensor data has already become a reality for us all, and this will only increase.
What I’m trying to state is, increasingly, your internal databases, CRM, Accounting, blogs, social media, analytics, data warehousing aren’t your only concern. Competitive advantage necessitates interaction with external data sources.
So the final question has to be:
ARE competitors stealing an advantage by finding these hidden data gems?