Any first year MBA student can write a business plan, and it’ll probably be a good one – in theory. But a business is much more than strategy, numbers and the bottom line. Your business is a collection of people; and while some may be motivated by the basic numbers, many more want to feel part of something bigger; something meaningful. We’re talking about company culture.
Travel organisation ABTA recently joined the likes of Tesco, Gmail, LinkedIn and Adobe in announcing a major cyber security breach – this time compromising the details of 43,000 customers. In 2016 alone, cybercrime cost UK businesses an estimated billion pounds – a 22% increase on the previous year.
One of the outcomes of the Internet of Things (IoT) is the massive growth in collections of data. Big Data is perhaps one of the biggest opportunities for businesses both large and small, as it can can transform a business in several ways:
- It can give businesses a clearer picture of what is really happening and so value propositions, products or services can be improved.
- It allows a business to make more accurate and on-the-fly decisions regarding service, delivery, logistics, support etc.
- It can also create brand new revenue streams for a business – leveraging the knowledge that comes from access to the ‘big picture.
- Businesses will need to rethink their function and value creation through the IoT and Big Data.
Think about it. Everything from your toothbrush, to your car, to every printer and photocopier is collecting, stroing and probably transmitting data – 24/7. A year’s supply of data from your own personal toothbrush might not be that useful on its own, but if you had that data from over a million toothbrush users you might be able to see some signiﬁcant trends, behaviours and other insights from looking at the ‘big picture’. Combine that with other data sets (eg. lifestyle, diet, fitness activity etc.) and you then have an even ‘bigger picture’ of the lifestyles and habits of people. With that knowledge you could have at least a competitive advantage if not a brand new opportunity. This is an example of the potential of Big Data.