If data is the new oil, the speed and ease with which we access it will determine who wins the race. That being said, if the data being accessed is not real-time AND accurate, the rate at which it is accessed has little impact on the overall outcome.
So, bearing that in mind, it is imperative when making data-driven decisions that the data we rely upon is fresh, relevant data. Historic data can be used to drive decisions, especially when the data displays trends and allows us to predict future behaviours. However, it is important to note that when accessing historic data, you are probably not the only or first person to do so, meaning it has little impact on keeping you ahead of the competition.
Even with access to real-time, accurate data, there is a requirement that the data can be analysed and interpreted correctly, as often companies can encounter ‘analysis paralysis’ where they are unable to make quick data-driven decisions due to an inability to analyse the data.
The requirement it seems then is to access real-time, accurate data, which is analysed and presented in a simple concise manner to allow for quick business decisions, ‘enterprise agility’ is key. There’s a requirement to move fast, to stay ahead of your competition.
Top bosses now fully realise the potential for the digital imperative and its ability to change the fate of businesses.
To find out more about real-time, accurate data insights, visit IQBlade.
by Emily Hill.