14 June 2016
Nobody does analytics for its own sake. Well, OK, almost nobody. We spend countless hours poring over massive data sets, in order to refine our “raw materials” (data) into knowledge. Analysis per se is merely a cost to the organization, it’s the “aha” insights, the innovative new views on how customers are using our products that drive innovation and help you stay ahead of the competition. When research firm Gartner speaks of “Pattern-based strategies” they refer to gaining a competitive edge by being able to act on small ripples in the water around us that point to some changes that can be exploited commercially. It’s an information based competitive advantage.
Why is leveraging your data such an important and powerful approach? Many people suggest markets are changing at an ever increasing pace. Our products (unless patented) can easily and quickly be copied (or even improved) by the competition. Even our smartest talent can be poached in a hyper competitive job market. What makes the ability to leverage data, analytic capabilities, such a powerful competitive advantage is not only that is very hard to copy (building capabilities takes much longer than building products), but moreover, our proprietary data will never be available to the competition. Therefore, any competitive advantage we derive from leveraging these data, will be sustainable, per se.