I recently read a book by Thomas Davenport and Jeanne Harris entitled Competing on Analytics. My data-inclined colleagues recommended it to understand how analytics could be used to drive competitive advantage for enterprises. It’s a great read with real-world examples of companies that are doing it right and practical advice for companies that aspire to be world-class analytical competitors.
Reading the book (and drinking a few glasses of wine) got me thinking about how the concepts and frameworks of analytics in the enterprise might be applied for personal “competitive advantage”. In a given day, I generate a LOT of siloed data that sits with Google, Facebook, Apple, RunKeeper, Fitbit and many other companies that analyze and monetize my past and future behavior. Wouldn’t it be great if I could easily apply analytics against all the data I generate to help me be a better runner, a better father and husband, a better leader? After a little research, I came across the terms “Quantified Self” and “Life-logging” used to describe the collection and aggregation of data about you. There is an interesting blog created by Mark Krynsky that highlights the products, applications, sensors, and web services that exist in this space. It’s a fascinating trend in our increasingly digital world.
Whether enterprise or personal data, it’s clear that the amount of data being generated will continue to grow exponentially, especially when the IoT trend gains momentum. As the ecosystem of IoT devices and sensors broadens, a key challenge will be to make sense of the data being generated by a diverse set of devices. How can all the data be used to make better decisions for ourselves or our businesses? Of course, as more devices and sensors generate data, security risks and privacy concerns need to be mitigated. Companies will need to find expertise to harness their data for competitive advantage, while minimizing security risks and privacy concerns. ImagineX Consulting has the experience to help your company navigate the confluence of these emerging digital technologies that are transforming your business. To further the dialogue, please contact us at [email protected].
About the Author: Neel Sata is a Co-Founder and Managing Director at ImagineX Consulting. He is based in ImagineX’s New York City office.