Overview
We are surrounded by many terms coined to express the same transformational concept: "Nexus of forces," "the third platform," "the industrial internet." These all describe the convergence of social, mobile, analytics, and cloud technologies that are reshaping business.
Big data guru Bernard Marr has highlighted how big data will change every business. This transformation centers on the concept that insight has become the new currency of business competition.
The Four Forces of Digital Transformation
According to presentations by industry leaders like Manjula Talreja (VP of Cisco consulting services), successful organizations master four critical dimensions:
People
Facilitate access to expertise at the point of business decision, not at headquarters. Organizations that can democratize access to data insights across all levels will move faster and make better decisions.
Process
Analysis must happen with agility. For example, out-of-stock items need to be identified in real-time, not in batch reports the next day. Rapid analytics cycles enable rapid response.
Data
Focus on predictive capabilities: what will happen vs. what is happening. Organizations must shift from historical analysis to forward-looking predictive insights.
Things
Connect dark assets through machine-to-machine interaction. IoT and sensor data remove friction and create unprecedented value by connecting physical and digital worlds.
Real-Life Examples of Insight-Driven Innovation
Acorns
Takes spare change from credit and debit card expenses, rounds it off, and invests in ETFs once reaching $5. This innovative approach to personal finance was only possible through advanced analytics on transaction data.
Tiply
An application enabling tipping anyone using any currency through facial recognition technology, creating new engagement opportunities.
Bloomingdales
A luxury retailer personalizes customer experience by remembering what customers have viewed before, enabling sophisticated personalization.
Branch Recognition
Many banks now identify customers as soon as they walk into a branch using facial recognition and historical customer data, enabling personalized service.
The Convergence Point
We are at the convergence of social, mobile, analytics, and cloud that is opening up unforeseen business opportunities. Organizations that can harness these forces to generate actionable insights will gain significant competitive advantage.
Conclusion
Insight has truly become the new currency of business. Organizations ready to invest in capabilities to generate, analyze, and act on data insights will thrive in the digital economy.