Replace or support human decision making with automated algorithms

Massive data can create value in many ways, and we have found five widely available ways of harnessing vast amounts of data. These approaches provide transformative value creation potential and have a significant impact on how organizations should design, organize and manage. For example, how can business marketing functions and activities evolve in a world where large-scale trials are possible? How business processes will change, and how will businesses evaluate and leverage their assets (especially data assets)? Is it possible for businesses to gain more data access and analytics capabilities than their brands? What existing business model may be interrupted? (For example, in a world where data is extremely transparent, what are the conditions for industries based on asymmetric information - such as various types of brokers?) • Close ties with legacy business models and infrastructure How do existing organizations compete with the nascent, emerging attackers who can quickly process and utilize detailed consumer data that is readily available quickly (for example, consumers who are talking about social media or embedded sensor reports) ? As customers become more fortunate in having mastered the data (such as price and quality comparisons between different competitors), what happens when the surplus begins to shift from supplier to customer?

Create transparency

Simply enabling relevant stakeholders to access information more easily and easily can create enormous value. For example, in the public sector, making it easier to access relevant data between previously separate departments can significantly reduce search and processing time. In manufacturing, consolidating data from R & D, engineering and manufacturing to enable parallel engineering can significantly reduce time-to-market and improve quality.

Let people discover through experimentation, exposing variables and improving performance.

As organizations create and store more digital forms of transactional data, they can gather more accurate and detailed performance data in more or less real-time or near real-time, from product inventory to days of sick leave. IT enables organizations to document processes and then arrange comparative experiments. Using data to analyze changes in performance - either naturally or through comparative experimentation - and then understand its root causes can lead the leader in improving performance.

Break down the crowd to customize the course of action

Massive data allows organizations to make very specific subdivisions in order to precisely tailor products and services to meet these needs. This approach is well-known in the marketing and risk management arena, but can be revolutionary in other areas as well - for example, how to treat all citizens fairly and in the same manner in the public sector in the same manner. Even in the area of ​​consumer products and services, organizations that have been using segmentation for years are beginning to deploy increasingly sophisticated mass data technologies such as micro-segmenting customers in real time to lock in promotions and advertising.

Replace or support human decision making with automated algorithms

Cutting-edge analytic tools can dramatically improve the decision-making process, minimize risk, and reveal hidden insights. This analysis tool is useful to tax authorities (who can use automated risk engines to mark candidates for further investigation) to retailers (algorithms can be used to optimize the decision-making process, for example, to automatically fine-tune inventory and pricing based on real-time in-store and online sales) Various organizations within the have use. In some cases, decisions are not necessarily automated, but rather magnified by the analysis of an enormous database - using vast amounts of data techniques and techniques rather than smaller samples that individuals can handle and understand using spreadsheets. The decision-making process may no longer be what it was; some organizations are already making better decisions by analyzing the entire data set of sensors from customers, employees, and even embedded products.

Innovate with new business models, new products and services

Massive data enables businesses to create new products and services, improve existing products and services, and invent new business models. Manufacturing companies use data obtained from the use of real products to improve the development of next-generation products and to create innovative after-sales services. The advent of real-time location data has created a whole new set of location-based services - from navigating to pricing property and personal injury insurance based on where people are and how they drive.

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