— Dion Hinchcliffe (@dhinchcliffe) November 23, 2016
No longer the exclusive domain of tech companies or IT departments, data has become a business driver in a just about every industry and line of business. Data drives business value in two ways: It grows top-line revenue as companies create innovative new products and services — even entirely new business models. And it increases bottom-line profitability — not just by streamlining processes, but also by automating the management of assets and end-to-end supply chain through the Internet of Things (IoT). As Gartner’s Andrew White stated in a recent blog post:
“Data and analytics is not about a dashboard or delivery of an analytic to the point of a decision! That is so yesterday. Data and analytics is more about reimaging the decision in the context of an outcome.”
To look at it another way, data has become currency, and businesses are finding innovative ways to monetize it. In fact, BCG estimates that big data and advanced analytics could unlock more than $1 trillion in value annually by 2020.
Using Data to Drive Top-Line Revenue
Perhaps the most visible way that data can drive revenue is in the data-driven disruptors that have risen since the dawn of the internet, from Amazon to Uber and beyond. These companies use data to create new business models that have reshaped their industries.
But data doesn’t have to mean disruption. It can be leveraged by any company to target customers more accurately, gain a clearer understanding of the customer journey, and enhance the customer experience. None of these approaches are likely to upend an industry, but the better a company can process customer data the greater an edge it can gain over competitors; whether tracking online activities or using location-tracking to better anticipate and meet customer needs.
In addition, many companies are offering data as a service, or layering additional services on top of their data as a value-add
Read all at https://blogs.oracle.com/infrastructure/new-ways-to-leverage-data-to-drive-business-value?elq_mid=81065&sh=232605182319261813291011200136&cmid=NAMK160705P00135C0002
There are many ways to put data to work, and companies, and especially their leaders, are advised to explore as many of them as they can. Each presents distinct opportunities for profit and competitive advantage, from product improvements to new revenue streams to possible industry game changers. At the same time, each presents challenges that must be experienced to be appreciated.
Read all at https://hbr.org/2017/06/does-your-company-know-what-to-do-with-all-its-data?platform=hootsuite
This report offers a vision for a circular economy in Europe, and argues that it is an inherently attractive alternative to our current “linear” development path, finding positive employment effects—0.6 percent additional annual growth, and 48 percent reduction of CO2 emissions by 2030.