In the new normal of lower growth, regulated markets and
cost constraints our clients are increasingly considering data and
analytics as unexploited assets they can use to help them meet their goals.
Technology has changed the data we have access to and
how we can analyze and then visualize that data.
We are now seeing things like big data, non-traditional data,
information synthesis, sophisticated analytics and visual insights.
Let's talk about what each of these are.
The exponential growth of data and computing power is multiplying
the number of opportunities to drive insights from information.
That's what we call big data.
Nontraditional data are telematics, satellites, voice,
video-to-text, and other emerging technologies that create data
from previously non-quantifiable concepts.
Information synthesis is a catchall term for how evolving
data analysis and processing technologies are increasing our ability
to draw insights from complex, messy and unstructured data.
Sophisticated analytics are the advanced techniques such as simulation and
optimization that are making it possible
to pursue previously out-of-reach insights from data.
Finally, there are visual insights as data visualization disciplines
mature organizations and software tools are simplifying and
accelerating the path to insights and decisions.
In this video, we talked about the major implications of technology advancements.
Customers are changing the way they select products and services.
Competitors are faster and nimbler than ever before.
Supply chains are more complex and diverse.
Think about how some of this changes have impacted you personally.
How have you chosen products differently since the bought are social media?
Compare this how you bought products before social media?
Think about other technology advancements that you have seen.
Then join your fellow learners on the discussion board and
engage in a dialogue on how technology advancements have changed your behaviors.
And from that consider the big question in what ways do you
think organizations need to use data to help them think differently?
[MUSIC]
