Data is big!
By Kavitha KK, August 8, 2017
‘Where should I place the next ATM?’ – 100+ KPIs to justify and select the best suited location for a new ATM.
‘What colour should the ‘buy’ button be?’ – UX Analytics says conversion rate increases by merely changing the colour of a button.
‘Which car in my fleet is most likely to fail and when?’ – Car and driver analytics provides data on wear and tear of parts of your car.
‘Should I increase stocks of product A or product B?’ – Inventory tracking analytics tells us which products are flying off the shelves.
There’s data everywhere. Every piece of everything is producing data every second of the day. Your car, your kitchen, your online transaction, your factory equipment, your laptop, your fleet of buses, all of them. Every time we use an ATM, we are releasing hundreds of bits of data. Every time, we open an email and click a button, we are releasing data. Every time, we click to view a product on an ecommerce site, we are producing data. Every time, your machinery is working round the clock, creaking and heating, it is sending out loads of data.
Businesses are investing millions to capture and make sense of the volumes and varieties of data they are receiving from different corners of their businesses and ecosystems.
So what is the big deal with data? Why is it suddenly so important to base all your decisions on data?
Data is constantly talking to us. It is telling us important things about the workings of our business. It is giving us patterns, trends and flows. It is raising alarm bells and putting up stop signs. Data helps validate your thinking.
This data, when carefully identified, captured, tracked, organized, stored, understood and analysed, can give you a great story. A story that is going to tell you how to get ready for a million more customers. A story that tells you your machinery is about to fail and is screaming for your attention. When your business needs to make the next major investment. Or that it is time to shut down that sick unit. Combine these stories with your intuition, and you have one of the most powerful tools that you can lay your hands on, for making those critical business decisions.
Listening, they say, is the secret to discovering great stories. And now is the time to listen to the great stories from your data.