In the News: Big Data-driven Innovation

Companies are adopting big data technology more broadly, according to the past week’s headlines. We live in a digital age constantly pushed for and by innovation. Data analysis is currently at the core of that steady evolution. Some have even dubbed data so important it’s considered “sexy.” These stories illustrate the growing importance of data-driven insights in an innovation-centric era.

Information Technology is Changing the Supply Chain

Technology is often a driving force behind industry-wide innovation. Just look at the impact the Internet of Things and big data is having on modern supply chains, as explained by Forbes. Sourcing, manufacturing and distributing can now be monitored by smart sensors and communication technologies, which generate valuable data that can identify opportunities for improvement. Businesses are now acutely aware of how different aspects of their supply chain are performing and can use real-time insights to adjust accordingly. The abundance of data available to businesses will continue to increase overall efficiency as the data is more effectively employed in decision making throughout the supply chain.

Retailers Need to Buy Into Big Data

Retailers are typically on the edge of innovation and have been among the first to deploy technologies ranging from e-commerce platforms to mobile apps and, more recently, in-store wireless beacons. They’ve also been early adopters of data storage and many have been collecting customer information for years, even without the means to put that data to work. The active analysis of that data, according to V3, is where opportunity lies. If retailers deploy big data tools enabled by machine learning they’d be able to dispatch special offers, stock alerts and trend reports remarkably faster and at a greater scale than a traditional, human analyst could hope to do. Big data will surely have a big part in the future of shopping and retailers will benefit from being on the cutting edge of both trends and technology.

Analytics Improve the World’s
Most Popular Game

Whether you call it football or soccer, the game has benefitted from the application of cutting edge analytical tools. A data expert and avid fan shares a brief history of the game’s relationship with data on Smart Data Collective, from an accountant’s initial analysis of a team in the 1950s to more modern approaches. For example, stadiums in the United Kingdom are equipped with cameras that track players and develop more than a million data points each game, and new technologies can track location, acceleration and vital signs during training. The sport has become a serious business and team managers are gleaning insights from data to optimize their teams at a pace comparable to the most advanced enterprises.

Big Data is Sexy

“Big data has become the sexiest word in modern business,” according to The Economic Times. Most businesses, however, still have a long way to go in terms of effectively incorporating big data into their organizations. Research concludes that only 20 percent of enterprise users will use more than half of the data they have access to, and refers to common data strategies as something akin to keeping pieces of a jigsaw puzzle in different rooms. If done right, integrating analytics into a company’s strategy can determine new goals and strategies to meet them — but those analytical insights must be democratized for use by the organization at large.