Big Data can literally annihilate your company – and this is not an opinion. Recall how fast emerging technologies made unprogressive companies extinct. Remember the demise of companies that stayed stymied in their old ways as the world changed around them.
Let us first understand how the emergence of big data can throw you off the field – and then learn how to avoid that fate. Consider the following:
The insights obtained from big data enabled never-seen-before information can give a boundless evolutionary advantage to your competitors – leaving you way behind in your quest to grow your business.
Your competitors would know more about potential customers, will understand their mental models, will approach them with much more precision, and will target them with fierce voracity. You customer loss will intensify as customers will subconsciously follow the lead of your competitors.
With the information advantage, your competitors will attract your best employees with surgical precision. Your employees will walk out in hordes, taking years of innovation, talent, and experience with them.
With a big data driven supply chain that is aware, responsive, and fast – your competitors will understand and efficiently respond to even slightest changes. Before you know it, they will dominate your suppliers. With higher margins and volumes for suppliers, supplier innovation and loyalty will shift in your competitors’ favor.
With incredible marketing and new media reach acquired by your competitors, you will be easily force positioned in a corner. You will be who they want you to be and that will mean someone else will be controlling your marketing message and defining your brand identity. How scary?
A big data media platform can also be used to destroy your investor confidence – not necessarily by direct targeting but instead by making other investment opportunities look million times more attractive. Soon capital will be drawn away from your firm and into more lucrative opportunities. With a rapid decline in business, your fundamentals will start looking terrifying and the stock will take a nosedive.
And that is how your firm will be brought down and annihilated.
Now that I have shown you the future that you can avoid, let us see what can be done about it. Play the strategies pointed out above in reverse and build a comprehensive platform to confront all of the threats and also to start your own assault. Read more about it in the second part of this article coming soon.