While Big Data has impacted enterprises from multiple perspectives, there are certain characteristics that stand out more than the others within a given industry. Enterprises looking to leverage Big Data to be competitive in the future can do so more effectively if they factor in the business drivers and nuances specific to their industry. Let’s see how:
1. Staying connected in transformation. The travel and transportation industry has been hit hard by this customer need to stay connected between ourselves, as well as to the information that matters to us. The airline industry has shifted from product-related services to information-related services.
Question is: Are enterprises in this industry leveraging Big Data to ensure there is no disruption in the availability of information to its constituents?
2. Profiling customers in communications. Today, customers generate more data about themselves than ever before. Having access to this data is good. Analyzing this data in a timely fashion, to glean actionable insight is priceless. Global telecommunications providers collect 40 terabytes of data per day, but apply the principles of Infonomics only to a paltry three percent of this data. Even though there are integrated tools and solutions that can expedite the superior profiling of telecom customers.
Question is: Are enterprises taking a smarter approach to customer profiling?
3. Tapping the consumer for information in retail. Retailers need to combat forces of customer demand, driven by the New Style of IT. They must use the Big Data at their disposal by gravitating towards an Information Management and Analytics (IM&A) hub. The same consumers that enterprises look to serve are also the primary data source.
Question is: Are enterprises applying the right analytical techniques on the resident data to maximize business benefits?
4. Retaining the competitive edge in insurance. Data is key to what insurances providers do. They work with large volumes of data about customers, policies and payments. Such enterprises must proactively apply complex analytical techniques on data that matters to retain their competitive edge and protect themselves against unforeseen market downturns.
Question is: Are enterprises leveraging Big Data to get this insurance (of sorts) against the possibility of losing their competitive edge?
5. Changing the game in energy. Utility companies need a robust infrastructure to distribute energy to their customer base while maintaining service levels with fluctuating demand. When you flip the switch, the lights must come on. However utility companies also need to constantly take the pulse of the current and potential sentiments of its wide customer base.
Question is: Do utility companies have the game-changing infrastructure and tools to be the leaders in the energy industry?
There are many other industries where Big Data manifests itself in various shapes and forms. I am sure Ford Motor Company's Data Science Leader, Michael Cavaretta’s assertion “Big Data is nothing without the support of Analytics” applies to all industries. Competitive enterprises will factor in the nuances specific to each industry and take the right actions based upon the insight thus gathered.
Question is: How is your enterprise impacted by Big Data's presence in your industry? Please let me know.