Leveraging data analytics for competitive advantage

Two articles recently caught my interest. The first article from the Financial Times, Smarter leaders are betting big on data (registration required) focuses on how companies use data analytics for business intelligence purposes. The best quote from this article:

Data is the new plastics

The second article from the Los Angeles Times, He’s start-ups’ best friend, profiled angel investor Ron Conway and his theories about investing in start-ups. The most telling quote from this article:

His current focus is “real-time data” companies that help people share what they’re doing instantly – using text, photos and video. “This sector is going to be huge,” he said.

As real-time data begins to inundate firms more and more by virtue of their forays into the social web and mobile world, data analytics offers a way for firms to utilize this data in novel ways to deliver more engaging and relevant experiences to their customers. For example, a firm could use data analytics in a predictive manner to dynamically deliver more relevant web pages based on consumers’ behavior throughout a firm’s website. Similarly, firms can use a service like Flowtown in conjunction with a service like First American Core Logic’s lead qualification services to gain insight into a registrant by combining their social persona with their transactional persona and then deliver relevant data and content based on this combined persona. Firms that begin to leverage data analytics will have distinct advantages over their competition in the near and long-term future.

3 thoughts on “Leveraging data analytics for competitive advantage”

  1. Good points, Eric. With more and more companies/firms/individuals investing time and energy on social media, it becomes easy to become inundated with unnecessary ‘chatter’. Being able to decipher what of it (if any) is of value can be an effective way to grow and prosper. Good post.

  2. Those who take full advantage and tap into real-time data analysis (to better deliver relevant information to consumers) will certainly stand head and shoulders above the competition. How do you think we can leverage this into real estate, Eric?

  3. Alex, thanks for your comments and additional insight. The answer to your last question is the subject matter for a upcoming post. 🙂

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