“You can’t manage what you don’t measure.”
Peter Drucker coined the perfect phrase for this revolution in digital data and management. It is a revolution, because it is completely changing how we do things, and what we can accomplish. The industrial revolution enabled us to produce many goods, with very little time. The management revolution enables us to make far better and more advanced decisions, in very little time.
At this point in time, nearly all are familiar with the Amazon story. Amazon revolutionized the way we shop. Companies built in the digital age have accomplished far more than any executive 30 years ago could have even dreamed of. But it’s not just digital, modern businesses that Big Data can help; it can transform traditional businesses as well.
And now, the revolutionizing way of shopping is transitioning into all other facets of life, and of business. But the one thing that digital businesses were ahead in, is attempting to understand their data. When competing with traditional businesses, and norms, they had to find their competitive advantage. They had to always understand their data in order to be competitive and successful.
On the other hand, many traditional businesses think that they were up to speed on this. They would argue that they have long been using analytics to foster decision-making. This is true, but analytics themselves have completely revolutionized in the age of Big Data. Here’s why:
Big Data can be defined by the 3 V’s: volume, velocity and variety. The amount of data we have created is immense. It was previously unimaginable that we would ever reach this point. But not only is there a lot of it, but we are creating data practically at the speed of light! So much is constantly being created that we can even measure it in real time. And today, the data doesn’t just come from POS systems; it’s coming from GPS, social media, sensors and more.
So, while it is great that we have all this data, it is simply worthless to many as of now. The reason this is the case is because many companies simply do not have the resources and analytics skills to transform this raw data into insight. But the smartest leaders, across all industries are beginning to understand the importance of keeping up with this revolution.
These leaders understand that change is necessary, but challenging. These challenges will be enormous and will require hands-on leadership and encouragement to make the necessary changes. Businesses often find that this is the most challenging part of facing the revolution; and this is why there are companies like Cliintel to help make this process easier, through incremental change.