What is Making Money from Information?
Wal-Mart fine-tunes its stocks by identifying customer purchase patterns through data mining and predictive technology. A telecom company captured US$ 60 million in revenue leakage by investing in data analysis across disparate systems. Barclay's increased revenue per active account by 25% through an analysis-intensive customer management strategy.
In a world of too much information, it is no longer access to information that determines winners and losers, but rather the application of information to business problems and goals.
Despite substantial investments over the last few years, businesses are still not fully leveraging information they are already collecting. The "people, process, technology" way of looking at business has caused many companies to overlook information. And the high cost of analytics performed by a highly skilled workforce acts as an additional deterrent.
What if information was free? What if analytics was free? How would you use information? For what decisions?
Winning in a Flat World requires harvesting information for creating profit - using information to work effectively across the globe, continuously improving efficiency and proactively identifying new revenue opportunities (pricing, new markets, cross-selling/up-selling).
In essence, companies should shift their operational priority:
Companies mentioned here are not necessarily Infosys clients
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