The discussion around deriving insight and value from Big Data & Analytics is perhaps, the single most discussed topic between business and technology leaders. Well executed data strategies use predictive and prescriptive analytics to reveal trends, identify anomalies, surface business opportunities and threats and forecast and/or prevent an event based on the historical trends.
The most advanced Analytics environments deliver actionable insight and intelligence in real time, empowering better informed decisions and delivering better business outcomes. Real Time big data applications and analytics make organizations more nimble allowing them to react more effectively and expeditiously to changes in the business landscape and create added value for companies and their customers.
So the key question is: How does my organization get there?
A Quick Assessment
Businesses looking to accelerate their success with Big Data & Analytics can start by addressing the following 5 key questions:
- How many systems need to be integrated at my company in order to extract and utilize the intelligence hidden in my data?
- How much coding and software customization is required to extract insights and take the appropriate action?
- How much time is spent designing, testing, releasing, and bug fixing the systems?
- How well do my current integrated systems adapt to change? As soon as something changes, how much time does it take to go through that whole process again to make modifications?
- How current is the data you are working with? Are your systems ever really “caught up” to today’s reality, or is there always a lag between available analytics and decision making?
These questions point to the challenges and complexity of software development life cycles, particularly between complex business systems. Adding to the challenge is the data you’re collecting external to your business ecosystem. Think about the valuable information that comes from devices? What about monitoring social channels for customer feedback and their interest? How do you capture and integrate the email threads, messaging strings and decisions made by your colleagues in a timely fashion so you are not missing any opportunities?
Integrating external data can and should provide a more complete and accurate data foundation to inform decisions. Data in all of its forms; big or small, streaming or static, structured or unstructured, numbers or tweets, is more valuable when integrated. Your business likely has data stored in many different kinds of repositories, cloud services, and IT systems. Without bi-directional linking of systems, services, and repositories to aggregate data for actionable insight, your company is losing ground to your competition.
The Data-Driven Economy
How competitive is your business today in this new data-driven landscape?
By 2020 every industrial company will be a software company. Big Data, The Internet of Things and Machine Based Learning are just three examples of disruptive businesses technologies that companies must harness to remain competitive.
Of course, that doesn’t mean companies aren’t producing products or providing the services they do today. The essence of that statement is that everything businesses do and all of the devices that are used will be connected to the Internet so that data can be instantly aggregated. Corporations that want to compete and thrive will know how to use data to their advantage. From every angle of the business—product design, maintenance, sales, marketing, and customer care—data will provide the answers on how the business is performing and how to improve.
Expectations are moving towards real-time analysis, decision making, and action. If it takes even 24- or 48-hours to respond when an incident occurs or a shift in the industry happens, your business is losing out to a competitor who can move faster. Not only do you suffer lost business opportunities for market share and growth, but you risk upsetting current customers.
That’s where Decisyon comes in.
The Difference? Our value prop: Speed
Imagine that you can do data aggregation, extraction, and utilization in the spur of the moment. Envision decision making directly aligned to the same instant when new data is uploaded or a strategic update occurs. Now imagine you can perform all the above with no coding or IT involvement.
We are talking about instantaneous reaction to your operations or market changes. Real-time data opens up the door to enormous process efficiency, preventative actions, minimizing risks and faster innovation. Speed in this economy is the key competitive factor in maintaining an innovation edge.
Decisyon provides the toolbox you need to build solutions via an intuitive drag & drop dev environment that aggregate disparate sensors’ data and explore exactly what the combined data means in real-time. We like to think of it as providing speed—speed to insight, speed to decision, speed to action and speed to business outcome.
Utilizing Decisyon, your business reacts rapidly to market changes, customer demands, and competition without any coding. With a holistic view of your integrated data and insight into the markets you serve, companies gain a deeper understanding of their processes, products and clients.
IoT, data analysis is a key strategic tool for identifying operational efficiencies both inside your business and outside (customers, competition, market forces, social data). Your systems work together through Decisyon’s App Composer so that the information you get out keeps you aligned with today’s reality.
Decisyon’s path to success includes five simple steps.
Step One: Share
Simply grant access to your data so Decisyon can gather performance and usage data from your systems. Everything else is automated for you. That’s right: the data you’re already collecting is all you need to provide in order to see results.
Step Two: Aggregate and Orchestrate
We federate the data from your many connected devices, business systems, and other channels into our IoT solution (or toolset, if you will).
Step Three: Visualize and Analyze
Data is visualized and analyzed so that issues can be identified and insights can be discovered. A process that currently takes weeks, months, or years to accomplish will be a matter of days, hours, or even minutes.
Step Four: Spot Trends
Visualized data provides an indication of problems and opportunities alike. If a disturbance or abnormal issue comes to light, a case can immediately be created so collaboration can start and decisions can be reached without wasting a moment. When an opportunity is uncovered, you can pounce on it and experience real returns in a fraction of the time it might have taken without the real-time feedback.
Step Five: Decide and Take Action
Once you know what’s happening, you need to decide the next course of action. These decisions sometimes require collaboration around the contextual data. For example, some changes may require updates to every component of your business while some may only necessitate small tweaks to the way things are done. Whether you provide Customer Care with operator instructions, or Technical Services are dispatched to perform maintenance, the actions are insight-based and in real time.
By allowing your data to work smarter and faster, your business is streamlined and geared for success. This transformation happens by connecting humans and machines in different ways—both to each other and to themselves. In the coming months, we will look at human-to-machine, human-to-human, and machine-to-machine connectivity, as well as the value of social data, to examine their impact on the data value-chain (data acquisition to decision to business impact) in real time.
The realization of the data is never enough. The businesses that thrive are those that keep modifying their actions in real-time and reacting to the market and their competition. Speed and decision making power, makes you competitive today and into the future.