DATA & ANALYTICS

Using a collaborative approach to data can benefit organisations in several ways , driving success in a digital world

WRITTEN BY : MARCUS LAW

But , six months later , the business had nosedived . Rather than sink the $ 8.4m into the now struggling company , he decided to put it toward a new business . Blockbuster was born .

With a vast network of retail locations across the United States and an extensive catalogue of movies , Blockbuster quickly became a symbol of the home entertainment industry . Despite its success , though , the company failed to anticipate the transformative power of data and the rapidly changing consumer preferences .

Netflix , on the other hand , embraced the digital revolution and recognised the potential of data to revolutionise the consumption of entertainment . What started as a subscription-based DVD-by-mail service in 1997 evolved into a streaming behemoth that disrupted the traditional rental model . By leveraging data to understand consumer behaviour , preferences , and viewing patterns , Netflix could deliver personalised recommendations and a seamless streaming experience .

This transformation has been seen globally . In today ’ s digital landscape , data has become the lifeblood of businesses across industries , fueling innovation , driving strategic decision-making , and enhancing customer experiences . As Fawad Qureshi , Industry Field CTO at data company Snowflake , explains , the company helps its clients make better use of data as well as aiding collaboration both in and outside of their organisation . technologymagazine . com 115