Leveraging data analytics for competitive advantage
Two articles recently caught my interest. The first article from the Financial Times, Smarter leaders are betting big on data (registration required) focuses on how companies use data analytics for business intelligence purposes. The best quote from this article:
Data is the new plastics
His current focus is “real-time data” companies that help people share what they’re doing instantly – using text, photos and video. “This sector is going to be huge,” he said.
As real-time data begins to inundate firms more and more by virtue of their forays into the social web and mobile world, data analytics offers a way for firms to utilize this data in novel ways to deliver more engaging and relevant experiences to their customers. For example, a firm could use data analytics in a predictive manner to dynamically deliver more relevant web pages based on consumers’ behavior throughout a firm’s website. Similarly, firms can use a service like Flowtown in conjunction with a service like First American Core Logic’s lead qualification services to gain insight into a registrant by combining their social persona with their transactional persona and then deliver relevant data and content based on this combined persona. Firms that begin to leverage data analytics will have distinct advantages over their competition in the near and long-term future.