Businesses which embrace the latest big data technologies will be better positioned to highlight opportunities for advancement, a new Gartner report has revealed.
According to Jorge Lopez, vice president and distinguished analyst at Gartner, there is a growing migration of companies from traditional physical setups to an increasing awareness of the benefits of handling more consumer data.
As a result, this has brought about the phenomenon of the ‘business moment’ – which Mr Lopez describes as a transient opportunity that is exploited dynamically across a firm’s many divisions, brought about through a better understanding of data management.
The digital business will be able to demonstrate an unprecedented convergence of staff, technology and analytical practices to tackle challenges which currently upset existing business models.
“Digital business will break down traditional barriers between industry segments, creating completely new value chains and new business opportunities that may not be filled by incumbent players,” he stated.
“It will also challenge existing industry boundaries and challenge the dominance of leading players in an industry and cause them to rethink the businesses they are in.”
Understanding the importance of effective data management will therefore be a growing priority for businesses looking to leverage the greatest advantage over their rivals from the use of big data.
It is therefore imperative firms are able to effectively analyse the vast swathes of information they collect from customers and suppliers, as this could help keep them one step ahead of the competition.
Mr Lopez concluded that with the revolution of big data now in full swing, this represents a significant opportunity for those who embrace this trend. However, for businesses that are slow on the uptake, it may be difficult for them to catch up unless significant levels of investment are deployed in this area.
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