Shawn Rogers, Senior Director of Analytic Strategy at TIBCO and internationally recognized thought leader on analytics, visited top technology institutes, Bandung Institute of Technology (ITB) in Indonesia and Asia Pacific University (APU) in Malaysia, to share his expertise on how to drive innovation with Big Data. To students and scholars alike, he spoke about the evolution of Big Data and how businesses can best take advantage of the new developments.
Often times as with anything innovative, people get a little distracted by the “bright shiny toys” of new technology. Big Data was distracting for a long time, but now the conversation has shifted. 15 years ago, we had to be economical and judicial in our approach to data and make decisions about what kind of data we wanted to keep or what we could afford to maintain. But now, it’s just cheaper and easier for us to maintain bigger pools of information and data within our environments.
Because Big Data is so much more prevalent, everyone now has this ability to change the way they do business. But, they have to couple it with analytics, artificial intelligence (AI), people and culture to really make a difference. What we’ve found, backed up the 2018 CXO Innovation Survey, is that companies that are able to get over the “bright shiny toy” syndrome of new technology and take a pragmatic approach to their Big Data strategy as it’s coupled with an analytic strategy, culture, and people, are the companies that are going to be winners in the innovation race.
Examples of companies that are using data, culture, and people to transform their business
A great example of a company using all of its data in conjunction with a cultural shift is Bigmate. A leader in global vehicle telematics, Bigmate uses TIBCO Jaspersoft® to consume IoT and IoA data and blend it to deliver answers to its most pressing business problems. An example of Bigmate’s platform at work is how it addressed lost shopping carts, a $10 million/year problem when adding the cost of the carts, lack of carts for customer use, and local government fines imposed for carts left outside of designated areas. To help solve the problem, Bigmate added sensors to carts to track their whereabouts and uses TIBCO to analyze the data coming from the sensors. Now retailers know when carts are moved outside of their perimeter and can reclaim them to avoid a fine and ensure customers have the carts they need.
Another example of a company using Big Data to transform its business is Mercedes-AMG Petronas Motorsport. They use TIBCO® Connected Intelligence to optimize their Formula 1™ car development, set-up, configuration, and even race strategy. Connected Intelligence helps the F1 leader make sense of the billions of data points coming off of the cars both during the race and in practice runs (using the IoA), resulting in repeated world championship titles.
What makes these companies special? The combination of culture, people, and technology
Most companies when they’re innovating will automatically reach for technology. But, culture and people are key to success. Without an effective strategy of all three, you’re liable to fail. Innovation strategy is comprised of three parts: identifying and employing innovative technology, creating and supporting a culture of innovation, and empowering innovative people and teams. In both of the examples cited above, these companies implemented innovative technology and placed importance on creating a culture willing to take risks and empowering their people. And, they didn’t allow themselves to get distracted by the “bright shiny toys” of new technology.
It all comes down to the fact that it’s no longer cool to just have data. If you manage your data and analytics correctly, you have a competitive advantage to do business differently.