21:58
aaronchua
In my previous post on how the abundance of new data will transform job functions, I focus mainly on what new sources of data are available and the opportunities in creating predictive analytic business to harvest these new data. As I explore further in data driven businesses, the opportunities become so much bigger. In this post, I am going to rave about the kind of enterprise businesses that can be built.
Risk management: The availability of data is going to reveal the hidden risks that are embedded with each function. Take IT for example. There is now geninue risks in employees leaking confidential information. How about surfacing the transfer of these information to alert IT managers that too much information is resting in too few people? What about HR and turnover rate? Can we surface the information on whether is any department suffering from too little or too much turnover, relative to industry averages? All these risks can now be surfaced and managed with the current technologies and the availability of data. This is the opportunity: building a Riskmetrics equivalent for each job functions
Forecast: Companies such as Farecast and Delaycast have shown us the value of using the abundance of data to build powerful forecasting tools. I believe forecasting tools will become important for job functions within any organisation. Logistics managers will love to have a Delaycast equivalent to tell them the probability of delays for their shipments. Recruitment managers might need to have a Farecast to tell them the best period to recruit. Sales personnel will be delighted to have a tool telling them the best time to make a sale call. The possibilities are plenty. We just need to line up the options to weigh the best startup opportunity.
Visualisation/Analytics: We definitely visualisation and analytics to help users make sense of all these data. Sisence is good example of how to take advantage of a new source of data by building its entire analytics business around it. Hpwever, the model is not perfect. I believe future successful analytics businesses will look nothing like Sisence or Google analytics as they will develop new forms of interfaces to take advantage of new types of data (myBloglog is a new form of interface for human traffic).
Posted in: data driven,enterprise 2.0,startup business ideas
