I have heard people say – Big Data is new Big Oil. I tend to agree just with one caveat.
Yes, Big data is like Big oil except; with Big Data its possible to make a dent in universe without big money.
Imagine yourself on a mountain on a nice clear day and walking on white powdery snow. Look back and you could see footprints left behind. Interestingly enough just by looking at footprints one could make reasonable predictions about our journey ahead. Ability to look at someone’s footprints and construct what would be plausible future path is quite useful in business sense. For example:
Predicting problems allow service providers ability to solve problems before they arise.
Anticipating customers needs before they arise allows companies to delight their customers and poke competition in their eye.
What is more interesting is that; it is based on studying and learning from information that is existing or floating around you.
For a company that is plugged into the ecosystem of studying its customers’ journey;
can get an early read on developing trends; (after all collectively together people create trends).
perhaps create a self-reinforcing cycle ; (what are the possibilities there?)
A business with a decision support system that allows them to tap into early trends can become an active participant in establishing trends stands to profit immensely.
In my next post, I would propose a working model (Big data strategy) to help you tap into future based on information you already have.
gauravdhy 