The importance of data has changed. As the volume, variety and velocity of the data grew over the past few years, the data has been transformed to provide organizations a broader, more granular and more real-time range of customer, product, operational and market interactions. Today, business leaders see data as a monetization opportunity, and their organizations are embracing data and analytics as the intellectual capital of the modern organization.
The Internet of Things is accelerating this drive towards “data monetization.” However organizations are quickly learning that you don’t necessary monetize the data as much as you monetize the customer, product, and operational insights derived from the data to create new revenue opportunities: new products, new services, new channels, new markets and new partnerships (see Figure 1).
The power of data in healthcare is nothing new. In 1846, a Hungarian doctor named Ignaz Semmelweis collected data to uncover why so many women in maternity wards were dying from childbed fever. After several outlandish theories, he discovered that medical students were transferring cadaverous particles from autopsies and thus one of the first infection-control hand-washing protocols was born. As a result, the rate of childbed fever fell dramatically. By using data to reach his conclusion, Dr. Semmelweis was a data scientist before his time. (more…)
Today’s customers interact with businesses like never before. Whether they’re on online or using a mobile app, customers have come to expect services that are always available, with real-time updates based on changing dynamics and intelligent interactions. If you deliver anything less, you run the risk of losing customers to competitors, who are more than willing to cater to these expectations. Applications are the new face of how businesses interact, engage, win and maintain their customers.
So, how can businesses better understand what their customers really want? (more…)
According to Gartner’s Doug Laney, some 80% of executives believe the value of their company’s data is reflected on their balance sheet, yet this increasingly valuable asset is rarely managed with the same discipline, principles and practices as financial or human capital or physical assets. How can a business bridge this gap? (more…)
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