Data usage has become the requirement for success in businesses. Data-first companies, therefore, have more advantages and are able to set new rules for the game. In an article for InformationWeek, Lisa Morgan talks about the reasons why these data-first companies are ruling the game:
- They have an advantage through data analytics.
- They are up to date with agile software.
- They keep everyone working toward the same strategic goals.
- They ask questions of data to improve competency.
Knock Out Your Opponents
Data and analytics can change the game altogether. They can be applied to create a new business model or approach to operations. These breakthrough innovations don’t always succeed in changing the game, but it is something that has driven big names such as Amazon, Pandora, Netflix, and Uber. Especially important for data-first companies is agile software development practices. They allow you to adapt to technology and business model changes, thereby encouraging constantly experimenting, learning, and refining data with an anticipating change.
Data-first companies are also pioneers in realizing that everyone, from amateurs to managers, must work toward the same strategic goals. Becoming data-driven necessitates change and unifies an organizational culture. Another perk of being data-driven is incessantly asking questions. Data-first companies listen to what the data says and use machine learning, not only to improve their competency, but also to uncover business opportunities.
Morgan goes on to add this:
Data usage is changing the competitive landscape. The businesses that know how to leverage it are changing the rules of the game, whether they are true disruptors or companies that have found a way to out think their competitors.
Even gradual changes, given their accelerated rate, can be confusing, let alone game-changing shifts. A common assumption among those falling behind is that technology will make all the difference, but there’s more to the story. Companies have to change the way they think and operate.
As technological trends and business models are changing rapidly, your opponents can rule the game any time if you are not nimble enough. Knowing your opponents and knowing your limits and how to improve them can help you lead and move forward.
You can view original article here: http://www.informationweek.com/big-data/4-ways-data-first-competitors-are-killing-you/a/d-id/1327855