84% Of Enterprises See Big Data Analytics Changing Their Industries’ Competitive Landscapes In The Next Year

87% of enterprises believe Big Data analytics will redefine the competitive landscape of their industries within the next three years. 89% believe that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.

These and other key findings are from a Accenture and General Electric study published this month on how the combination of Big Data analytics and the Internet of Things (IoT) are redefining the competitive landscape of entire industries. Accenture and GE define the Industrial Internet as the use of sensor, software, machine-to-machine learning and other technologies to gather and analyze data from physical objects or other large data streams, and then use those analyses to manage operations and in some cases to offer new, valued-added services.

Big Data Analytics Now Seen As Essential For Competitive Growth

The Industrial Internet is projected to be worth $500B in worldwide spending by 2020, taking into account hardware, software and services sales according to Wikibon and previously published research from General Electric. This finding and others can be found on the home page of the Accenture and GE study here: How the Industrial Internet is Changing the Competitive Landscape of Industries.

The study also shows that many enterprises are investing the majority of their time in analysis (36%) and just 13% are using Big Data analytics to predict outcomes, and only 16% using their analytics applications to optimize processes and strategies. Moving beyond analysis to predictive analytics and optimization is the upside potential the majority of the C-level respondents see as essential to staying competitive in their industries in the future.

A summary of results and the methodology used are downloadable in PDF form (free, no opt in) from this link: Industrial Internet Insights Report For 2015.

Key take-aways from the study include the following:

• 73% of companies are already investing more than 20% of their overall technology budget on Big Data analytics, and just over two in ten are investing more than 30%. 76% of executives expect spending levels to increase. The following graphic illustrates these results:

• Big Data analytics has quickly become the highest priority for aviation (61%), wind (45%) and manufacturing (42%) companies.  The following graphic provides insights into the relative level of importance of Big Data analytics relative to other priorities in the enterprises interviewed in the study:

• 74% of enterprises say that their main competitors are already using Big Data analytics to successfully differentiate their competitive strengths with clients, the media, and investors. 93% of enterprises are seeing new competitors in their market using Big Data analytics as a key differentiation strategy.  The single greatest risk enterprises see from not implementing a Big Data strategy is that competitors will gain market share at their expense.  Please see the following graphic for a comparison of the risks of not implementing Big Data strategy.

• 65% of enterprises are focused on monitoring assets to identify operating issues for more proactive maintenance. 58% report having capabilities such as connecting equipment to collect operating data and analyzing the data to produce insights. The following graphic provides an overview of Big Data monitoring survey results:

• Increasing profitability (60%), gaining a competitive advantage (57%) and improving environmental safety and emissions compliance (55%) are the three highest industry priorities according to the survey. The following table provides an analysis of the top business priorities by industry for the next three years with the shaded areas indicating the highest-ranked priorities by industry:

• The top three challenges enterprises face in implementing Big Data initiatives include the following: system barriers between departments prevent collection and correlation of data for maximum impact (36%); security concerns are impacting enterprises’ ability to implement a wide-scale Big Data initiative (35%); and  consolidation of disparate data and being able to use the resulting data store (29%), third. The following graphic provides an overview of the top three challenges organizations face in implementing Big Data initiatives:

Courtesy – Louis Columbus

Infographic – Why???

Recently I was researching about the growing importance of info-graphics for marketers…while it was encouraging to see many articulations to prove its importance, but I have to acknowledge that I was a bit underwhelmed by the actual use or embrace this strategic tool of communications…

While I may list its importance due to the mere fact that Studies have found that 90 percent of the information that we remember is based on visual impact. Include that tidbit with the fact that we live in an age where 1.5 billion pieces of content, 140 million tweets, and 2 million videos are created on a daily basis, and you can easily understand why a simple visual aid can make your brand stand out.

Therefore, even with the basis of the fact its still a tool for many reasons avoided by marketers….the primary reasons that seems to be popping up is expensive and lack of expert knowledge. Yes, a work of art cannot be cheap…..and not sure who told you that story telling can be done by someone who don’t understand it.

You need visualizer to draw and you need marketers to explain the story…..and the mashup is what you get in a good info graphic…..While its not necessary that you may want to go with what I am writing but you may want to read and see what people are claiming…One such is below and for the rest….simply Google it…

Embrace this communication tool…as its a perfect blend of what you want to tell and what your consumers want to see.

Basics to using your website as a marketing tool

It’s no more a secret that a website has emerged as the single most effective marketing tool in the hands of a businessperson today. Through a website, one can effectively tell customers about themselves along with their products and services. The wise thing is to focus one’s efforts on a website to ensure increased internet traffic, which will ultimately lead to increased sales. Here are some of the basic things that will help you use your website as an effective marketing tool.

Old news is no news. This is true for a website also. It is important to update the content on a website on a regular basis. By adding a few new things at least once a week, you can be sure to attract people, who will keep coming back on a regular basis to see what's new. Attracting people is one thing but what is more important is to retain them. To keep visitor’s interest alive, provide them with interesting reading material instead of boring business details.

Care should be taken to make the website search engine optimised (SEO). The content, the images used and even the name of the website (read company) should be search engine optimised! SEO has become an indispensable tool, which ensures thousands or even millions of hits a day. It can be safely concluded that no other kind of Internet marketing can be as effective or is capable of driving as much traffic as search engine optimization is.

When using website as a marketing tool, it is important to go beyond branding. It is important to create a unique logo or image for a website that is memorable and is also able to say much more than words can.

In today’s border-less economy where customer interactions are not hindered by geography and time zones, websites should be made more personal and interactive. Using blogs and being active on various online communities will help you get in touch with customers from anywhere in the world and at any time of day. Your posts will keep you in people’s memory and will help sell your products and services even while you are not around.

For more personal touch, mentioning yourself by name and using pictures is a great way to go about it. It only makes things easy as people like to know there are human beings on the other side of the screen. It’s also a good idea to run your own ads on your site. One can use different ads that link to services and products available on your business website.

One should consciously work towards making their website an authority site on a niche topic. This will help the site getting noticed much easily than when one tries to appeal to a broad audience. By catering to a limited audience, it is easy to attract that niche market. Though its sounds small but remember on a global scene, a niche also translate into millions of people all over the world!

Interactive {Marketing} Bandwagon

The evolutionary cycle of marketing has lead marketers wondering on how to leap into the interactive bandwagon. This no more seems to be pertaining to any specific industry, company(s), or sector. It’s now a global phenomenon or rather a cross industry phenomenon. The definition of interactive marketing comes from John Deighton at Harvard, who says interactive marketing is the ability to address the customer, remember what the customer says and address the customer again in a way that illustrates that we remember what the customer has told us (Deighton 1996)

Well, this could explain by President Barack Obama, Shashi Tharoor, Anand Mahindra, Gul Panag and so on is all on Twitter. Of course the another example that I love talking about is Amazon.com that mainly started to use interactive marketing so effectively, as customers record their preferences and are shown book selections that match not only their preferences but recent purchases.

I have to admit that though interactive marketing has been dominant in the digital domain, however the same has started to make inroads into other means of non-digital marketing. Though whatever terms we may use however the simplest way to understand interactive marketing is to understand the behavior of your customer and predict…well what ever predictions you can make about your customer, but not merely based on your intuitions, feeling and so on; rather based on substantial data.

While we, marketers, are attempting towards interactive marketing and trying to make a mark through getting into a conversing mode with its customer. Yes, I am talking about conversation mode in business to consumer environment. But with an event of such interactive marketing, marketers need to focus on two fundamentally important ingredients of Interactive Marketing - Analysis and Profiling.

Analysis and Profiling are fundamentals to Interactive Marketing. While I used the definition by John in starting of this articulation, I equally like to emphasis to the fact that it’s important to know your customer. Knowledge of your customer is the only way or element that could enable you to move towards interactive marketing to your customer.

For developing an effective interactive or conversational marketing, we need to understand and acknowledge about what our customer or prospective customer want to converse about. What are they like and what are their dislikes, and of course, what medium they prefer to converse with or at.

With an explosion of tools and technology we can start targeting consumer or prospective consumers about what they want. But….Hey….those are just tools. We cannot let a tool decide about our strategy(s) to converse with our customers. With the plethora of tools available it has become even more important to evaluate what tool to deploy and how the same would enable us to meet our strategic goals. It becomes little concerning and/or alarming when I enter into meeting or calls where we all are discussing about social media, Google keywords, etc without any clear strategic goal that is based on what profile of customer that we plan to target. It sounds something weird to me that we are going the interactive way without any substantial effort or homework towards understanding the customer. We just love to quickly get onto the bandwagons……… without even realizing that it may not be going where you would like it to go.

Now again how to gain that profile of your customer. Of course I can give a simple answer…Analytics or analysis of your current customer base. The analysis would yield “some” insight to your customer base, that could enable you to draw conclusion or at least draw a behavioral trend(s) of your customer. The same could be act as an important ingredient or the right spice for your strategic development activity for interactive marketing.

If I can come back on the example of Amazon, they did a wonderful study of their customer base to develop new understanding of their customer, based on which they developer programs for marketing and product offerings. Equally, if I may use an example of Facebook, a glorified discussion board that led to utilized a niche requirements of the customers. Again, this idea could have not been ideated before doing a great work at analysis of what a customer would or could have wanted.

Though this post alone will not justify the subject hence lookout for more discussion on this topic. Would appreciate your thoughts or comments at shiraz@shirazdatta.com