Data is everywhere, so one could wonder where does this end or is a data tsunami maybe imminent?
Do not worry, a data tsunami is not imminent, we are in the midst of it! Data is flooding all over the place and keeps coming in every second of the day. Some numbers to give you an idea at what pace data is been generated:
- 7 Megabytes of data is created by every person, every second
- 31 millions messages are sent every minute
- 1 trillion photos are taken each year, 80% via smartphones
- 90% of the world’s data has been created in the last two years
- ..
These are huge numbers… Now the question comes to mind, what can we do with all this data. In this blog, we will focus on the company’s data. So the question will be more specific, how can I turn this data in an advantage, to create a competitive advantage? Or an unfair advantage as we will see later.
How to make data the USP of your company?
Let’s have a closer look at the company’s data, for example at the CRM data. As most company’s have some kind of CRM system in place and are invoicing the delivered services and goods there is already a good part of data which is available in every company today.
This CRM data is probably also enriched with client specific data, data that your sales department acquired during their client meetings, lost/won quotes, demographics, … and so on.
That means that this combination of data is unique, nobody else has the exact same combination that is impossible. Not two companies can for example win and lose the same deals. That means every company has a unique set of data to their disposal, that is quite interesting…
Because that means that every company can create an unfair advantage based on their unique data landscape. Making data the USP of their company!
Are you ready for it?
Getting started.
In the many client conversations, we have at Epic Data, we learn that quite some companies struggle to get started with data. There are a few common causes for that:
- Some believe that the start of a data strategy is choosing the right tool, technology or fancy features.
- Some are having a hard time to describe the data use case that they would like implement.
- Some have still some operational issues (keeping the lights on) to solve before starting a data track.
And then there are these companies who are data first companies and companies who have chosen to evolve to a data driven organization, who have discovered this unfair advantage.
That means that the gap between those companies still searching how to apply data in their advantage and these data first companies keeps growing rapidly …
But the good thing is there is this unfair advantage that every company has and nobody can copy BUT only if you apply it of course..
At Epic Data, it is our mission to help every company getting started and to make data the USP of your company. Do not hesitate to contact us for more info at geert.delaet@cronos.be.
