Companies Must be Information-Centric, not Data-Driven
Information is quickly becoming the next big game changer. In the past, the innovative use of technology would often be a key differentiator between successful organizations and struggling companies. Today, a firm's use of data will determine its ability to optimize performance and gain a competitive advantage over rival businesses. This trend has made the development of Big Data initiatives that much more important for decision-makers.
A Smart Data Collective report highlighted how even small and medium-sized businesses are collecting massive volumes of data, though this practice doesn't necessarily introduce new opportunities for growth and success. If organizations want to succeed, they need to convert the raw resources they collect into actionable insight that can be incorporated into day-to-day operations.
Organizations that want to be competitive and efficient must be information-centric, not necessarily data-driven, Smart Data Collective noted. Companies need to adopt a culture focused on storing, analyzing and using information to their advantage, providing new room for improving decision-making and customer relationships.
As businesses pursue these opportunities, they will find it increasingly difficult to manage such large volumes of information and turn those assets into insight in real time.
The timeliness issue
In the past, executives often relied on their gut feelings and instincts to make critical decisions, although this is no longer an acceptable method of decision-making. Instead, organizations of all sizes and industries need to collect information on prospective and existing clients and operations, analyze those assets in real time, and incorporate the findings into practices as quickly as possible.
A CompTIA study found that roughly 80 percent of business executives now realize the need for real-time analytics and the ability to turn raw data into actionable intelligence.
"Data has always been important in the business world, but the Big Data trend has elevated its importance, pushing companies to be smarter in how they manage and use data," said Tim Herbert, vice president of research and market intelligence at CompTIA.
A large number of organizations are quickly realizing that failing to use information in real time creates silos and bottlenecks -- two performance issues that can break Big Data initiatives in half. Decision-makers need to plan ahead and implement a scalable cloud computing environment that can be accessed from anywhere at any time as well as real-time analytic technologies that provide fast return on investment. By taking this approach, companies of all sizes can improve their ability to compete in today's data-centric landscape.
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