Wagyu is a breed of Japanese cattle that are known for their ideal fat marbling that makes for a high-end, tender beef and one that is healthier too. Wagyu beef is one of the most expensive types of beef on the market. A high-grade cut can fetch up to $200/lb. Wagyu are also the last type of business you’d expect to learn about from a company that provides modern business analytics on AWS.
For years, Japan has owned the Wagyu beef market. They have raised these cattle using traditions that have been passed down for generations, typically on small farms with less than 300 cattle each. The key to Wagyu success stems from providing the cattle a special feed to create a perfect balance between acidity and alkalinity. This feed accounts for almost 70% of the cost of production.
Sensing an opportunity, a farm in Australia thought it could raise Wagyu better – using technology and data. They began tracking a number of key metrics in a large database to find areas that they could optimize, including the amount of water and food each cow required. They even mapped the Wagyu genome looking to promote the best DNA for future generations. As a result, they began producing Wagyu on a much larger scale with lower costs and have enjoyed 20% year-over-year growth since 2015.
Wagyu beef is just one of many examples where data is one of the most valuable assets a business has, even for traditionally non-technical businesses like farming. Yet many companies still don’t have a data strategy, making it very difficult to know where to invest their time and money for growth, efficiency and profitability.
Using data to learn about your business will help a company focus its efforts to maximize growth potential. It can provide insights into the most effective strategies such as creating more efficient processes, reducing costs, and for businesses like retail, help choose which items they should add to their inventory and which are the least-profitable items that should be replaced.
Having a data and analytics strategy isn’t just for large businesses anymore. Thanks to the cloud, the digital transformation is now accessible to small and medium-sized businesses as well. Everyone can now use modern analytics to improve every part of their operations.
What does a successful data and analytics strategy look like? First and foremost, it begins by collecting all your company’s available data. This includes a lot more than just connecting to traditional databases. Modern cloud analytics can unlock dark data sources like emails, call transcripts and social media posts. It can also collect new data by polling employees, customers and suppliers for sentiment and other satisfaction metrics. It can include machine data from the hundreds of IoT devices in your offices and it can move beyond just your company’s data to include your customers, employees, suppliers and third-party vendors.
A successful analytics strategy also includes a lot more than just analytics. Many companies are still stuck in a traditional mindset, viewing analytics as merely reports and dashboards. But modern analytics in the cloud can now include your entire data pipeline, from the data collection and transformation I mentioned earlier, to analysis, automation, actions and machine learning. Using automation and machine learning, users no longer need to seek out analytics. Insights can come directly to them and actions can be taken automatically as the data warrants. With modern analytics, every company can deliver on the promise of data-driven decision making.
Fortunately, getting all of these features are a lot easier than it was in years past. Cloud-native analytics platforms like Qrvey are easy to use and affordable for almost every business to add as part of their digital transformation. The data and analytics playing fields have been leveled. Business owners of traditionally non-data companies, like Wagyu farming, now have access to the same tools and techniques that larger enterprise companies have enjoyed for many years. Given that 69% of very large corporations report that even they are not yet data-driven organizations, the time to build your data and analytics capabilities is now.
If your company is looking for data visualization solutions on AWS, we’d love to show you more. Qrvey simplifies analytics on AWS and moves your analytics beyond just visualizations.