While data is an inhuman science, it can be applied to help leaders be more nimble with their business strategy.
Big data is growing rapidly, and not just among big corporations.
Data allows companies, both big and small, to improve their offerings and make more informed decisions -- and data-driven companies are more valuable in both perception and reality.
Sharran Srivatsaa recently told me how his company, Teles Properties, uses data intelligence for its brokerage model. By mining, spotting and visualizing patterns in hyperlocal micro-market data, Teles accurately predicts likely sales prices for clients and properties. The firm has given its real-estate agents a distinct market advantage and sold homes for the highest negotiated prices in the shortest times among its competitive group.
And then there ride-sharing sensation Uber, which has used big data to disrupt an entire industry. The app relies on regression analysis to determine which neighborhoods will be the busiest and activate “ surge pricing” to get more drivers on the road. Uber uses data as both a competitive advantage and a product.Earlier this year, Uber agreed to sell its data on customer travel patterns, joining the growing ranks of companies using data as a source of revenue.
Even an established firm such as GE is flexing some entrepreneurial muscle when it comes to big data. GE’s Predix software, which aims to integrate GE sensors to create a true Internet of Things, is capable of sensing maintenance needs, predicting breakdowns and sending performance data to R&D to rapid-cycle product enhancements.
The company is staking its claim in the age of data industrialization, and its price/earnings ratio continues to climb. That’s the perceived value entrepreneurs can also gain through big data.
Here are a few tips to start building a data-driven company:
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