From small mom-and-pop businesses to a multi-billion dollar franchises, big data and analytics appeal to everyone looking to improve their insights to better understand clientele and make more informed business decisions. Whether it’s the IT guy, the director of marketing, the company CPA or the vice president of operations – each role needs a lot:
Big data has become a hot topic. Yet, companies are all over the map in terms of understanding what big data is and how they can harness it to optimize their business processes and innovate within target markets. Big data adoption follows a classic maturity curve. After seeing specific and measurable benefits realized by early adopters, an increasing number of companies want to put big data to work, and those in the healthcare industry are no exception. The problem is they don’t know how.
The malls, restaurants and retail stores in Tampa Bay are booming! How do I know? I can't find parking anywhere. There are wait times to be seated at dining establishments on a weekday. And I had to wait in line to buy hand soap at the mall – seriously! It seems like we’re hearing more and more about retail store closures and bankruptcies. The reality is, these store closures aren’t new and there are retailers who are actually thriving thanks to digital transformation.
There’s immense pressure in the marketplace for organizations to become data driven and utilize the flows of data in and out of the business. When an organization harnesses its data properly, many advantages can be gained. These benefits include an increase in competitive advantage, finding new revenue opportunities, increasing profitability, increasing customer service and satisfaction, as well as achieving operational efficiencies. Unfortunately for some, the promise of those benefits comes at a cost and real value is never realized.
The availability of information about products and services, from choosing a restaurant for lunch to implementing enterprise-wide analytics software, empowers modern consumers and businesses to become more educated and proactive than ever before. Such detailed data means the competition is more robust than in the past because these consumers can easily compare products and prices. Also, the expectations of the products and services’ derived value has increased. To be effective in getting through the noise to end customers, salespeople need to stand out as trusted advisors and leaders who add value and solve complex customer challenges.
With Halloween now behind us, I can't help but think about the upcoming winter holidays. Like many children, I grew up helping my parents decorate the outside of our house with an abundance of holiday lights. My father, an electrical engineer by training, always meticulously organized the overall process, including how we prepared and organized the lights for the following year. As a child, I always thought the organization was a bit overkill. However, as an adult, I came to appreciate the extra time we spent organizing the boxes, wrapping and testing the lights, and sealing the bags airtight. If it weren't for the additional organization, the decorating process would have been stressful and ruined the overall holiday spirit.