The Key to Survival in the Business Jungle
In my last post
, I told you about how as humans, we can't out-remember or out-calculate a computer, but we can out-adapt one. As users, business owners, and decision makers, we must adapt to current challenges, improvise, and learn. Then take what we've learned and apply that to our computing.
You can’t run a business through a series of processes that never change. There must be heart, thought and constant adaptation. Yes, processes make successful actions repeatable and analyzable. But businesses can’t be completely automated without the ability to adapt. Think of it this way: A human can lose one deal and learn from it, or rely too heavily on computer processes and lose 1,000 deals before the machine has enough statistical volume to learn autonomously why.
Technology is constantly changing. We see examples of this every day. Devices are shrinking. Mobility is critical. And big data is … well … big.
For as quickly as the business world is changing around us, new analytics tools are emerging that make staying on top of the wave a possibility. But they must be used in alliance with our strategic brains. The world is shrinking at an unprecedented pace. Now, even small companies must figure out a way to compete with 24-hours-a-day, seven-days-a-week competitors from all over the world.
With mobile BI tools such as those found in TARGIT Decision Suite 2013, you can live your life while the system does the 24-hours-a-day work for you. Adaptation isn’t as hard as you originally thought.
TARGIT extracts data from the web everyday, multiple times a day. This keeps a steady finger on the pulse of your company health by observing not only the large peaks and valleys, but any minute changes in business.
With real-time observation, it’s possible to drill down to find exactly what worked and what didn’t. Did a particular Tweet spike visits to your website? Is there a particular day of the week or time of the day that sees a bump in sales? Knowing these answers gives you the key to improving business by zeroing in on what works best and what doesn’t.
And it will send notifications to your desktop, tablet, or mobile phone if a KPI reaches a certain threshold. With BI on your mobile phone or tablet, you can be anywhere at any time and still have full access to your reports, analyses, and dashboards. This ensures action can be taken immediately. Suddenly, you’re back in the game.
And while the future of technology expands, the devices that deliver it are shrinking. This is where it gets really exciting. If you’re accessing your reports from your iPhone while on a train to your next business meeting, the traditional drag-and-drop method of extracting data doesn’t exactly work. If you’ve spent enough time on your mobile phone, you understand why. We’ve developed technology at TARGIT that enables you to simply speak to your BI solution through the phone and the system’s Intelligent Wizard does all the work for you. Now that’s synergetic adaptation at its finest.
Let’s scratch the surface of big data. A few years ago, what we now call “big data” wasn’t even in the vocabulary lists of most company decision makers. Think of this: There are over 232 million monthly active users sending out an average of 58 million tweets per day. There are also over 1.26 billion Facebook users with 17 billion location-based posts per day. That’s not even taking blogs, LinkedIn, Google+, and other new forms of knowledge sharing into account.
People are talking about your company. No matter your industry or service, when customers interact with your brand, they’re going to have an opinion. And thanks to today’s prolific social media opportunities, it’s likely they’re going to share it. Wouldn’t it be nice to know what they’re saying? And perhaps even understand that they may be looking for something that your company doesn’t offer?
The fact of the matter is that big data is getting bigger every day. So big that it’s impossible to reasonably collect and analyze it with traditional BI tools. It won’t be long before your company’s external data used for decision making surpasses your internal data. When traditional BI tools don’t cut it, adapt or be left in the dust.
TARGIT is developing the tools to tackle these challenges businesses face with new, evolving, and patented technologies that are changing the landscape of BI. And there are some very exciting things in the pipeline. Adapt the way you look at Business Intelligence and Analytics and let the computer do the work for you. We have an amazing learning machine on our hands (or should I say on our shoulders?). Let’s be sure to use it.
Have a look at Dr. Morton's lab to get more information.
Dr. Morten Middelfart
Founder and Chairman of Social Quant
I've been working professionally in the software industry since I was 14 years old, and my passion for computers has never stopped growing. Today, I'm deeply involved in educational activities that advocate my research within business intelligence and analytics. By the time I was 25, I had established Morton Systems, my first business intelligence and analytics c..