We are all connected: to each other, to our devices, and to a vast number of systems within the government and private sectors. This is quite obviously due to the arrival of the Internet of Things (IoT), those wearable and portable devices that connect us to the internet. Such gadgets yield copious amounts data, and present both huge challenges and fabulous ways to build value. Known as big data, it has totally revolutionised the way many businesses and organisations operate.
Analysing and leveraging big data must be done in any business that intends to grow, compete and develop in today’s business world. It doesn’t matter if the business is small or large, private or government-owned, data is increasingly relied on for critical decisions and agility in market competitiveness.
Netflix is a company that successfully leverages the data on its customers. As a Netflix lover, I am well aware of some of the ways it leverages my own data. The rows that come up on my profile homepage are one such area. They show me suggestions made by Netflix based on other shows or movies that I’ve watched. The Trending Now row shows options that many of its other subscribers are watching, but still tweaked to suit my own preferences1. I know this because I can access The Husband’s profile homepage and see that although there are some matches in the Trending Now row, there are vast differences. More Clint Eastwood options in his; more Brad Pitt in mine! When I really spend time thinking about it, instead of just mindlessly pressing the arrow buttons to continue searching, I am mind-blown over the algorithms.
Big data is a big deal.
And that’s because data is an asset. Netflix know this, and here at Asset Management Council, we know it too. We understand the complexities in accessing, storing and leveraging the data that infiltrate businesses. We are here to help you understand big data and how it can be leveraged in your business. Make contact with us today, become a member and gain access to many great benefits. Join our Data in Asset Management Special Interest Group, where you’ll be presented with great networking opportunities.