We are optimizing our planet, one business at a time. Data is being accumulated and analyzed like never before. The driving force is the collapsing cost structure of (1) data processing, (2) data bandwidth and (3) data storage. There are two results, one good and one bad. The good news is that the cost of data initiatives will come down dramatically in the years ahead. The bad news is that all of your competitors will soon be in the data business as well. ERP platforms and other software solutions are offering stock insights and standard industry benchmarking, allowing users to optimize operations. Bottom line; you need to switch to a data-driven decision framework before your competitors do.
The three primary big data opportunities are (1) security, (2) optimization and (3) prediction. Security generally equates to compliance and risk mitigation. Optimization generally equates to lower costs. And prediction generally equates to higher revenue (although predictive maintenance is a notable exception). In addition, these possible benefits apply to your own business but also to other businesses that you could potentially sell data-driven solutions to.
Trend Mastery delivers structure to the big data conversation, making it easier to categorize the different possible benefits of business opportunities. The structure provides the framework while an ever-increasing cache of use cases provides the creative inspiration. Between the two, we can focus your efforts on the areas with the most potential, saving you months or years of wasted time and potentially millions of dollars on misguided efforts.
Patrick Schwerdtfeger is a regular keynote speaker and can cover big data at your upcoming event. Contact us to check availability for your event date.