Matt Sanderson, SVP & Chief Executive UK, Ireland & EMEA Professional Services.
Data is now being generated by just about everything and everybody around us. And companies are seizing the opportunities offered by big data to transform insight into action. It’s helping managers optimize efficiency, cut costs, and increase profits.
Just about everything we do on a daily basis leaves a trail of data in its wake. Datafication is proliferating faster than ever before. And the businesses who can recognize and harness its potential to profitable effect, will lead the way in the years to come.
Every transaction we create – be it online or offline – each web search, social media encounter, form filled, or preference-box ticked represents an opportunity for businesses seeking to turn info into profit.
Successfully managing and analysing this huge influx of information can mean the difference between failure and success. That’s why there’s been so much investment in the kinds of tools that give companies the edge they seek. And here at Ingram Micro, we’re all about maximizing this business advantage.
In essence, datafication is a collective term that encompasses the digital tech, tools, and processes organisations can use to track, optimise and monitor business performance.
The pace of change has been rapid
You only need to think back to the year 2000 to see how little we once relied on digital data. In fact, in that year, only a quarter of the world’s information was in digital formats. The vast bulk that made up the rest was stored as film, analogue and, yes, good old-fashioned paper.
But all that has changed. With the swift advances in internet technology, digital data has doubled every three years. And so, by 2013, only 2% of stored data was non-digital.
Big data had most definitely landed. And now, with search engines and social media central to most people’s lives, it’s being collected, stored and analysed in massive volumes. Almost every aspect of our lives is being transformed by data. From information that guides what content we see online, to the online ads we watch and read, to which TV shows are fed into our streaming profiles, to streamlining online shopping to our unique preferences, improving customer experience.
Big data and IoT
IoT brings ambient Intelligence and pervasive computing to every corner of your business, creating new data points for making informed decisions and automating workflows. This has the ability to substantially shake up the value chains we work within.
Big Data in high volumes, at rapid speeds and in multiple formats has been shaped by IoT. But it also has the potential to drive its progress. Powered by embedded microelectronics, smart sensors, and high-speed connectivity, IoT relies heavily on standards for technologies which guarantee the interoperability of everything.
IoT needs complex and far-reaching modelling tools to keep pace with new challenges. Smart IT platforms are needed in order to handle and analyse the flow of data in ever-increasing volumes, in real time.
The message is simple. If you get the right tech in place to manage and analyse the data IoT helps to generate, the rewards can be massive.
Environmental savings
Maryville University in the US predicts that the data analytics industry will be worth more than $95 billion this year. They also state that “annual data created worldwide will skyrocket to 180 trillion gigabytes by 2025.” Retail and financial industries will likely see some of the biggest changes.
But there is also a great deal of potential to use it to help the environment.
Many businesses worldwide are already using data to help track energy consumption and some are even giving their customers information on how their personal energy consumption affects CO2 emissions where they live.
Similarly, giving consumers real-time data on water usage can help foster more sustainable use of limited resources.
It’s also possible to put data to work in reducing supply chain environmental footprints. Using data that measures CO2 output, businesses can pinpoint opportunities in their supply chain where they might cut transportation costs and have less of an environmental impact.
Real time data. Real opportunities
Data captured in real time offers distinct business advantages. Financial service companies use real-time analysis of transactions to identify fraud and step in before transactions are completed, saving millions as a result. It’s also used in point-of-sale systems, particularly in e-commerce, as a way to cross-and-up-sell products and services to customers.
Real-time data and analytics are clearly allowing businesses to connect with customer needs at the precise time they need them, thereby enhancing customer experience and giving sales a welcome boost.
Here at Ingram Micro, we have teams of specialists who are ready, willing and more than able to help you harness the potential of data to enhance your own business. So, if you’d like to find out how, simply get in touch with our IoT and AI team at og-aiot@ingrammicro.com