The Future of Enterprise: How Big Data Will Make Gut Instincts Irrelevant

How big data will make gut instincts irrelevant.

As we established in previous weeks, the world of enterprise is currently undergoing a technological revolution that will transform the way business as we know it, is conducted. This is the seventh of an eight-part blog series examining the changes that will drastically alter the corporate landscape in the next five years.

What’s Changing?

Until the last year or two, the data capacity of traditional tools had more or less managed to keep pace with the growth in data sets. However, the rapid growth of social networks, real time consumer behaviour, mobility, sensor networks and other data generating sources, are starting to cause many organizations’ data warehouses to overflow.

New technologies now allow massive amounts of data to be collected, stored, and analyzed inexpensively. As a result, all kinds of new software are being created.

Moving forward, big data’s potential is likely to pivot on context: when organizations recognize that big data’s ultimate value lies in generating higher quality insights?ultimately allowing for  better decision making?interest and revenues should accelerate sharply.

A Day At The Office...

Big data isn’t just about technology and employees with the right skill sets though, to really get the most out of it, businesses will need to align workflows, processes and incentives. Best practices include generating a list of important challenges or questions that their current approach to data does not address. A disciplined, targeted approach?one focused on answering very specific questions for the business — is one step many companies can probably take on today without abandoning their current efforts.

You can use big data to optimize pricing or service models, assist inventory management, enhance client relationship management and bolster analytics for measuring company activities. This is just to name a few areas that can reap the benefits of big data in the corporate sphere.