He who has data is King
Why is it that having data makes you King? Just as is the case with a King, having a wealth of riches enables you to do things which would not be possible otherwise.
Usable data is like gold; the more you have the better. In fact, the amount of data which can now be processed has caused the industry to coin the term “Big Data” to reflect the enormous amount of data which is now being created.
Data can drive business
In this digitized information age, every device, system, product and service potentially provides a unique information-based business opportunity. Those able to effectively leverage this information will be better prepared to capitalize on these opportunities by creating differentiated value.
Those able to correlate and analyze the ever-increasing amount of digitized data will be able to improve their strategic decision making.
Those able to manage the extremely rich dataset now available will reduce business volatility by improving their forecasting abilities and identifying predictive trends, and then acting quickly upon them.
Today, information can be both incredibly useful and overwhelming. This raises some key questions. How do companies deal with the sheer volume of data they will receive? How do they weed out the noise? How do they pull out the most pertinent information? How do they make sure information increases overall productivity instead of detracting from it?
The term data mining is used to describe the refined process of seeking patterns in mounds of information. It is certainly appropriate because searching for useful information in a sea of raw data can seem as challenging as finding gold ore deep in a mine shaft.
Individuals and organizations that can effectively mine information and harness it to develop useful insights into opportunities and challenges will be better positioned to take advantage of all that Big Data has to offer. Today, much of this data is held captive in devices and sensors.
Our hyper-connected world has brought a new level of transparency to almost every conceivable transaction because of the enormity of available digital data. For example, in retail, the ease with which customers can comparison shop means that organizations need to either compete on price or articulate and defend the unique value of their products and services.
There's an opportunity to use information to do things differently—for example, mining all of the information that can be collected from all the networked devices can be used to better identify trends on a machine floor. It can also be used to identify new business models and revenue opportunities, increase efficiencies, reduce risk and more.
Note: This is the first in a multi-part blog series outlining why those who have data are King. Future posts will describe important characteristics that make data usable and useful – including: data normalization, effective data extraction, dealing with messy data, datafication and more.
Dave Wagstaff is VP & Chief Architect at Bsquare. and has a passion for the Internet of Things and the potential benefits IoT-related technologies can provide. Dave has deep industry experience, including six years with Latronix and nine years with OpenText. Connect with him on LinkedIn