Shifting away from the traditional analysis of data, big data is a new, data-driven approach which focuses on coming up with solutions based on a large set of data. Seizing the potential of big data is essential in today’s environment. Analytics can unlock the promise of big data, bringing to light new analytic insights at all stages of the industry value . Mass quantities of gathered data can help in activities from planning better activities and financial budget to executing better marketing campaigns. In 2018, advancements are expected to humanize big data, to project it in a more visualized and accessible way. And while analytics powers performance for better business outcomes in the energy industry, challenges such as poor data quality and integration, fragmented use of analytics and patchy ownership of data across processes have created a “missing middle” for the organizations.
If connected machines, the primary components of the Internet of Things (IoT), are to be the backbone of industry in the near future, organizations will have to figure out how to manage the data coming from an avalanche of sensors, integrated equipment and platforms, and faster information processing systems. Upgrading technical capabilities, bundling a variety of services enables by connectivity and data, including condition-based maintenance can enhance customer retention and lead to deeper and more lucrative commercial engagements.
The development of big data analytics helps leading organizations in all sectors to better connect customer preferences, address regional diversity and tailor their business model. When done properly, this leads to increased revenues. Tapping into to all sorts of customer data, preferences and needs also raises questions. Certain risks and new challenges are emerging with digital technologies. Professional companies recognize these risks and are increasingly focusing on data integrity and cybersecurity.
We see that, next to Big Data, also Machine learning, Cloud computing, Block Chain and 3D-printing are eminently important. Organizations should specifically investigate the impact of these digital technologies on their business models and value chains. Using the internet of things, organizations are starting to connect networks, individual machines, sensors and beacons. Further, intelligent apps, virtual and augmented reality are getting a lot of attention. But at this moment use cases seem to be pilots rather than industrial roll outs. Digitalization has manifested itself in many industries and the ongoing development changes the environment for all firms large and small.
How should your organization go with the digital transformation? How can you make use of the opportunities of digitalization for you organization? Contact us to know more.