When it comes to using data to drive business, organizations such as Google or Facebook are iconic… When they started in 2007, big data was not what it is today. All four Vs that define big data—volume, variety, velocity, and veracity—were at lower levels. But perhaps more importantly, there was not much previous experience of working with big data and using it to drive decision making in organizations. At that time, the question was still out as to whether having all that data is useful. Today, the feeling is that the value of data has been proven, and it’s more of a question of how to get it.1
Diligent businesses are those that ensure data privacy and security while leveraging its multiple advantages.
In the world we live today, data is king. Many economists believe that ‘data to this century is what oil was for the last century’—a driver for growth, change, and success. The findings of The Digital Realty Data Economy Report2, a study by Development Economics, suggest that there is huge potential for the data economy to grow further, boosting businesses and creating more jobs. As per the report, the size of the data economy of Germany accounts for ¤108.3 billion, creating 1.95 million jobs, and has an untapped potential of ¤87.9 billion. The data economy contributes $1 trillion to the US economy every year. The numbers look promising and encouraging enough to have strong faith in the power of data.
According to a May 2018 Forbes article, the amount of data created every single day amounts to 2.5 quintillion bytes. To put it another way, almost 90 percent of the data in the world was generated over the last two years. Now, one can imagine the speed and volume of data being generated through innumerable sources like IoT, sensors, wearable devices, tweets, YouTube videos, mobile communications, chats, pictures, emails, blogs, Skype, print media, TV, smart devices, and so on. To give some statistics, Google processes more than 40,000 searches every second (ie, 3.5 billion searches per day), 456,000 tweets are sent and 4,146,600 YouTube videos are watched per minute; and every minute, 154,200 Skype calls are made, 156 million emails are sent, 16 million text messages are written, and 15,000 GIFs are sent via Facebook messenger. On top of this, we have humongous amounts of data generated through platform-driven services like Uber, Venmo, and Spotify. Precisely, big data is getting bigger and bigger day by day in volume, velocity, variety, veracity, and ‘value’.
Bu hikaye The Smart Manager dergisinin November - December 2018 sayısından alınmıştır.
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Bu hikaye The Smart Manager dergisinin November - December 2018 sayısından alınmıştır.
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Building A Quality Culture
A strong company culture defined by its values, beliefs, and behaviors, has a profound impact on its products and services. More so in today’s VUCA world, where to stay relevant and maintain a competitive edge, it is critical for organizations to build a culture that focuses on quality. Suresh Lulla, author of Quality Fables, elucidates through significant examples how creating a culture of quality is imperative to driving success and productivity.
Customers For Life
The history of General Motors in India can be traced back to the 1920s, when it became the first automotive company to set up an assembly plant in the country. The relationship since then has not been as fruitful as GM would have hoped. GM’s flagship brand, Chevrolet, was introduced in India to build upon the success of the popular Opel marque. However, success has been fleeting at best—an issue that GM India is determined to rectify. It aims to do so by adopting a two-pronged approach: using customer feedback to influence product development, and delivering a superior sales-to-service experience.
The Digital Shift
… technology will radically disrupt HR in the near future. Indeed, it is already changing the way HR works and the role it plays and opening the door to a new type of “digital HR” function.1 The rise of digital and social media is changing the dynamics of HR and creating new ways of hiring, engaging, and retaining employees.
The Story Of Telling
“The best brands are built on great stories,”* this remark by Ian Rowden best captures the strategy of diligent brand building. Much more than attractive logos or the products themselves, what builds a brand is how successfully a story is woven around it. Brand marketers have to be good storytellers indeed.
Complexity Is Simpler Than You Think
Kay Kendall and Glenn Bodinson, authors of Leading the Malcolm Baldrige Way, shatter myths about excellence models such as Baldrige and EFQM.
Proponents of Isolation Never Become Victors
Multilateralism in the political and economic space has always led to frameworks that favor the mighty. WTO was no exception. With agriculture kept out of its purview, it could never become a truly fair and free trading system. China was the only large emerging economy that exploited relative openness in low-cost manufactured goods to take full advantage of the system. Other emerging economies could at best garner minor gains.
A History Lesson (From Year One) for Trump and the Brexit Crowd: Isolationism Has Never Worked!
Professor Stephane Garelli on growing isolationism.
A Win-Win Game
Business is not a sport where some stakeholder has to lose or fare badly for others to do well. Building an atmosphere of trust and transparency between all stakeholders will help companies retain them even during adverse times.
A Sustainable Model
With a total market value of $4.3 trillion and an employment base of at least 1.3 million direct employees and millions of others indirectly employed, platforms have become an important economic force.*Companies today are constantly looking for ways to build platforms—Infosys Ltd announced its plans of monetizing its platforms to make them a $2 billion business by March 2021. But are all platform businesses successful?
Custom Made
…three in four consumers said they receive too many emails from brands, and one-fifth said they could not handle the current volume…69 per cent have ‘unfollowed’ brands on social media, closed their accounts or cancelled subscriptions.*In these times, when the market is flooded with products and services, the most efficent way to engage customers is to offer them customized content. To achieve this, brands need to focus on observing the nuances of individual preferences.
