Another strong point of profitable and long-lasting companies is their ability to innovate. Until some time ago, the process of creating new solutions was quite costly, no matter how much expertise an enterprise had as said by the best data training institute in Bangalore. This is because there is always a significant risk of misunderstanding the demand for a particular product or service and spending too much time creating a minimum viable product, and losing space to a competitor.
Nowadays, no innovation company works without knowing the terrain very well. They fully understand customers’ needs, what they thought of previous products, what pains they face and how they could be better served. Innovating is no longer a long shot, even for startups that have just started on the market.
Large organizations, however, know how to use technology to innovate like no other company. Recently, Amazon entered the food market by applying the data it has on customers and its cutting-edge logistics to, in partnership with Whole Foods, efficiently serve an increasing number of people, who wish to live a healthier life, but prefer shopping in the digital environment.
The Data Market In Some Developed Countries
The data market in some countries surpassed 1 billion dollars in 2017 and continues to grow at a rate of 20% per year. The significant challenges here are cleaning data and creating a culture around it.
Most organizations have an amount of information ready to be used to their advantage. However, most of them do not know how to put this data into practice because they cannot organize, store and analyze it. Primarily, unstructured data represent a challenge for companies that do not have trained professionals to deal with them on the spot.
It is then up to the consultancies to provide this service. Outsourcing in the data market is an internal and external trend, as the cost-benefit of hiring specialists to work within the business is not advantageous for medium-sized companies. The fierce dispute by data scientists makes them expensive for business, and hiring other companies specialized in the subject is less expensive and brings more results.
This does not make it easier to deal with the second problem. Most professionals in the country are not yet in the habit of having their work guided by data. Therefore, the generation of insights is compromised by a culture that does not encourage their use. Many changes will have to be made for the country to enter industry 4.0 and see the benefits that data integration can bring.
One of the technologies that have been thriving in some countries is BI. According to Oracle, Latin America is one of the markets that have invested the most in BI implementation. For this reason, the company is dedicating itself more to building specialized centers in the region.