Companies that embrace the full range of opportunities available won’t just gain competitive advantage. They’ll also transform their business models and industries by driving growth in new sectors and new ways.
Big data is transforming the competitive environment. With advanced analytics and new data sources, companies in one sector can play a role in the products and services of others, even those far removed from their traditional line of business. This blurs the boundaries between industries and changes competitive dynamics. Companies that transform their business models in parallel with these shifts will find new opportunities for revenue streams, customers, products, and services.
Transformation requires a great deal of change. For both new and existing players, success requires:
Businesses have long understood that there's value to be extracted from the massive amounts of data generated every day. Yet for all their enthusiasm, most companies are only scratching the surface of the opportunities that await them. They’re analyzing data for insight, but they have yet to understand the transformative role that data can play in how and where they do business.
There are five ways to unlock value from big data: