Industry 4.0 has being a trending topic nowdays, many companies are facing a difficulties in engaging the new digital technology especially for small, medium enterprise. A demand for cheaper, faster and better product or service has been the main concern for the company who has implemented a disruptive business model such as start-up technology company. There will be no way out for the existing business to compete against this kind of new business model, therefor we need to upgrade our business in order to keep up with the new market.
Data is the new currency
Information and communication have improved at a tremendous pace that even people can’t keep up the changes that are happening recently. It has affected business especially in transfer and exchanges the information, therefor a good decision could be stated even faster than before by this new technology. We know that from the knowledge that we have, comes the wisdom that we act. That means information is very valuable for business leaders to decide every strategy and moves to achieve their goals.
Unfortunately, there are only a few business leaders who have emphasized the power of information technology to drive their business. Many start-up companies have grown even faster compare to the traditional company because they have better technology in capturing a lot of data. Thus, data has become the new currency within the Industry 4.0.
Since we already know that data has become a very powerful thing for a business to grow, know the next question is “How do we get those data?” and “How we could get that data faster than the others?”. The hardest part of the job is not about how to collect the data, but rather about how we could select the right data that match with our business needs and collect those data faster than anybody else.
Now that we know what we have to do, business organization needs to evolve and improve their performance to adopt the new way of work in this digital era. We have made it simple as we could in order to make the business decisions and strategy are in very well condition in this era. First, Business needs to know their position as fast as possible and as accurate as possible. We can do this by upgrading our business process to more seamlessly integrate data throughout the company and if possible, we can upgrade our business information system to be faster and seamless than before. Second, we could do some research on the market in order to know how good is our company’s performance within the same industry.
Seamless Information System
Data is a real thing, despite their form and characteristic that sometimes confusing to analysis it. From a tremendous amount of action that happened on a global scale, a lot of data has been collected and ready to be extracted to give people valuable information. Through transactions, visiting sites or places, clocking in, clocking out even just swiping your phone could be a start as the data to be extracted and become valuable information. However, even abundant data spread everywhere, we could get those data just by asking the people one-by-one. That’s why today we found someone working in a company as data analysis, data scientist and etc.
Their main job is to collect data, analysis the data and find the story behind those data which they often call insight. From those insights, readers and listeners will gain information that help them in taking an effective decision. Since the process isn’t easy, the art of collecting the data has evolved and called the data mining process. Just like do mining process, we use advanced tools and method to find prospective gold mine site and start the mining process. In order to collect the gold faster and efficient, the miner us a lot of advanced technology for digging, transport, sorting, and a lot of stuff until we get the pure gold as we want it from the start.
This method works the same as data mining. Instead of we collect a lot of data from everywhere, we need to determine what is the right data that we need then we have to find the right source, which means we have to find the prospective mine that held a lot of data under that mine. With advanced technology, data miner will anchor their machine on the source of the data and start to suck those data to be collected, the machine that we mention about has many forms such as API, cloud-based system, etc. This means the data will be collected seamlessly and ready to be extracted.
Where we have to Start?
Now that we know the recipe of how to get the information, where do we have started this project? That question will be answered by know what information the company needs in order to improve and maintain their future performance. A lot of top consulting firm has studied this thing by doing analysis and find the pattern and correlation between a lot of data. Find the right sources and invested in the right data sucking machine also need to be considered, many people who have experienced in the data mining process have a better understanding of doing this. Finally, extracting the data and produce valuable information should be done by people who have excellence qualitative and quantitative analysis with good business knowledge in order to find the story behind those data. There are not many consulting firms that giving those services since technology and data are developing and changing in just a minute.
In Trier Consulting, we have people that are really passionate and excited about this matter. While we keep learning and develop our skills and knowledge, we have created our methodology to find it fit for the company to advance in this data-driven era.