Where your company's competition really is

The modern use of data has irrevocably changed the nature of business competition, IBM Analytics executive Inhi Cho Suh says, leaving companies in the same sector no longer pitched directly against each other.

"Your competition isn't who you think it is."
Inhi Cho Suh, VP Strategy and Business Development at IBM Analytics

Where your company's competition really is

Instead the VP Strategy and Business Development at IBM Analytics says companies face trying to top the last satisfactory transaction a customer has experienced.

“Your competition isn't who you think it is,” Suh told the latest ANZ speaker series in Melbourne. “It's actually gonna be the last, best experience that [customers] have as an individual.”

The use of analytics is critical for modern business. Suh said companies who let their head rule their head with business decisions were taking a risk.

“You have to make sure you are actually analysing the data and not just trusting human instinct, which could actually be faulty,” she said.

Suh said it was imperative that companies go digital in a world where laggers would be left behind.

“If you're an insurance company, now you're a digital insurance company,” she said. “If you're a baking company, you do digital banking. If you're retail, you do digital retail.”

Watch the video above for more.

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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