Data is the new currency of today’s modern digital landscape! It is fast becoming the deciding factor if businesses can adapt and thrive in an ever-changing environment or risk getting disrupted by their competitors.
But just how important is the case of capitalising on data and embracing a data-driven culture?
When travelling across the city, people used to say, “let’s grab a taxi.” Today it’s “let’s grab an Uber!”. The Uber story has been told many times, by many people and businesses looking to study and emulate its success. The bottom line is that the global taxi industry ignored the market and continued to believe that an alternative would never be possible. They got caught out!
The global taxi industry didn’t listen to customers; didn’t gather or use the data that was readily available to evolve its business.
What began as an idea for a timeshare limo service grew into a powerhouse with a $48 billion dollar valuation. The ease and simplicity of ordering a car with a tap of a button propelled Uber to Unicorn status and ignited a global ride-sharing phenomenon. Features like GPS locations, costs being communicated upfront, and the automatic charging to a card were the things that the taxi industry simply didn’t factor into their evolutionary plan.
“Data is helping Uber continually evolve their business model as well as optimise their operations, ensuring they provide the best possible experience to both their riders and drivers. ”
Leveraging even further on data from their customers and drivers, Uber continues to innovate their offerings backed by analytical insights. Knowing the habits of their riders and drivers together with valuable data trends, Uber has entered the food delivery space with Uber Eats and launched Uber Freight that seeks to match carriers with merchants to give round-the-clock flexible shipping.
Uber utilised the power of data to disrupt the taxi industry and is now aggressively harnessing the knowledge gleaned from their ever-growing data streams to enter lucrative markets to fight against entrenched competitors.
Data is helping Uber continually evolve their business model as well as optimise their operations, ensuring they provide the best possible experience to both their riders and drivers.
The Power of Data goes Beyond Disruption – it enables market creation
Utilising data is how companies can not only disrupt their current market, it can also help open new opportunities in a new dynamic space, giving you a first-mover advantage.
One successful example is RxMx, member of the InterSystems customer family.
By capitalising on data, they created a market that didn’t exist originally. RxMx solved a problem for doctors and clinicians by giving them direct and immediate access to data from a broad range of sources, from laboratories to wearables supporting the patient on their unique treatment journey. Through partnering with pharmaceutical companies, RxMx was able to support treatments and solve the complexities presented by specialty medicines.
This is one example of how companies can use the power of data to not just disrupt their space to gain a competitive edge but to also reinvent the information supply chain and establish new markets.
Building a Data Infrastructure can no longer be ignored
While businesses instinctively understand the importance of data capitalisation, longer-term objectives such as data-based cultures and establishing a robust data infrastructure are often get left behind or are slow to implement.
Companies of all sizes face challenges in different forms. Smaller firms might not have a clear direction or adequate data to chart a path forward while bigger companies, especially listed ones, are under tremendous pressure to deliver short-term revenue achieve compliance milestones.
However, data management and analytics is one growing issue that can no longer be ignored.
“Insight is what makes data powerful. Collecting, processing and deriving insights are imperative for any company to remain competitive today.“
CIOs today are realising that organisations must begin to capitalise on the data they have (or develop systems to mine for them) or be left vulnerable to security risks, operational malfunctions and faster-moving competitors.
From the Delta Airlines 2016 outage, that grounded 2,000 flights and cost the company $150 million, to a hardware failover malfunction in the same year that led to the temporary shut-down of the ASX equities trading system, the security case for a robust data infrastructure and processes has never been stronger.
Businesses Have to Capitalise on Technology Trends That Are Shaping the Future
While securing a company’s operations is no doubt important, the business growth potential in establishing your data infrastructure lies in the ability to ride on trends that are changing the world as we know it.
Analytics and the competitive advantage it can deliver
Insight is what makes data powerful. Collecting, processing and deriving insights are imperative for any company to remain competitive today.
Leveraging sophisticated analytical tools to identify problems, uncover opportunities and formulate solutions, intelligent businesses are fast turning what seemed to once be risky, gut-based decisions, to into measured and calculated strategies backed up by data & insights.
Businesses today must find a way to embrace a culture of data and analytics, to process vast amounts of data in real-time, derive trends and insights, and apply them to the decisions and actions being made every day.
Companies that want to remain relevant need to cash in on their data check!
The multiplier effect of machine learning
Every day, businesses are flooded with a vast sea of information, both internal and external, that has overwhelmed the human capacity to process accurately while drawing effective insights from them in real-time. This is where AI & machine learning help, giving businesses the speed, scale and convenience to stay competitive.
Why industries need to evolve by capitalising on data?
Governments: Utilising data for society’s betterment
Governments can benefit greatly from the amount of public data that they gather on a public basis to help make wide-sweeping reforms on their policies, structure and operations. However, individual governmental agencies themselves also benefit from the power of possessing a robust data infrastructure and management system.
Take the European Space Agency, for example. With a strong data infrastructure, they process over 40 million observations a day with over 1 million gigabytes of data handled. Using the InterSystems Data Platform, the agency collects data on a billion stars to chart a 3-D map of the Milky Way, helping scientists to learn about the origin, structure and evolution of our galaxy.
Financial Institutions: Capitalising on data for the competitive edge
From ensuring customer satisfaction to the processing of billions of daily financial transactions, effective data use is a competitive edge that financial institutions are beginning to capitalise on.
We helped one of the world’s leading sell-side investment bank handle billions of daily orders while concurrently servicing analytic queries throughout the organisation – helping deliver 75% reduction in operation cost, zero performance or reliability issues since deployment in 2008 and up to 5x increase in throughput.
Energy & Utility Companies: A greener and more energy-efficient future powered by data
As the world moves towards renewable energy, conservation and sustainability, energy and utility companies are beginning to utilise data to increase the efficiency of their processes – from fighting climate change to maximising the effective usage of electricity grids.
One example is WS Trends, which builds smart energy management system on InterSystems’ technology. This allows their solution to process data from over one million smart meters and integrate with other IT systems to deliver real-time dashboards and alerts helping energy consumers to avoid monetary penalties.
Healthcare: Saving lives through the power of data
It’s no secret that higher accuracy and faster decision making can save more lives in healthcare. From accurate medicine dispensing to better insights into patient data, healthcare professionals and organisations will have to capitalise on the power of data for the betterment of patient care.
Embracing the power of data, Rhode Island Quality Institute delivers real-time clinical alerts for family and friends to improve the transition of care and enhance patient engagement. Using InterSystems HealthShare, as soon as relevant information such as admission or discharge is entered into any electronic medical record in any hospital throughout Rhode Island, the system alerts the patient’s designees, helping to provide care, family satisfaction while saving lives.
Embracing data infrastructure and management leads to tangible benefits
There is no disputing the fact that, businesses that invest in data management technology and infrastructure will experience tangible benefits!
These include, but are not limited to, higher company revenues, lower operational costs, the ability to disrupt the competition leading to larger market share and discovering new business models, previously not identified.
Capitalising data is about delighting the customer
At its core, running a business is about delighting and engaging the customer base, making them happy and fulfilling their needs so they turn into loyal fans!
A robust data strategy will help companies identify new customers and acquire them economically, retain existing clients while identifying new ways to add value to their business.
Companies that gather and utilise data effectively, will come to the right conclusions by using data and insights to identify the opportunities that matter most to customers.
Leverage the power of data for your organisation
The world’s most successful companies rely on InterSystems technology to help solve their most difficult data management challenges.
Our intuitive, interoperable and scalable data platform solutions transform mountains of complex data into better business decisions.
It’s time to transform your organisation with the power of data.