The advanced analytics revolution: Business insights at the speed of thought
Of all the data available in the world today, 90 percent of it has been generated in the past two years. Every social interaction, every purchase, every question and every transaction adds to the vast pool of data society aggregates. The term “big data” is aptly coined — roughly 2.5 quintillion bytes of data is generated every day.
The promise of big data is boundless. By using data effectively through advanced analytics, you can enhance the way you do business, make better societal decisions, develop more intimate relationships with your customers and drive efficiency into every operational decision. Companies that use data-directed decision-making can expect a 5 percent to 6 percent boost in productivity, according to MIT’s Erik Brynjolfsson.
However, making the leap between data and analytics presents a significant challenge. According to the Economic Intelligence Unit, though over half of global executives (59 percent) rely on data to inform their decision-making processes, half of them claim they don’t have access to the data they need to drive those decisions. Finding the right combination of software, services and skills is the key to unlocking the power of analytics.
In the past, access to the skills and systems needed to manipulate vast quantities of data and derive the insights needed to improve business has been prohibitively expensive. However, the cloud removes the barriers to entry, making advanced analytics available whenever and wherever they are needed. The following are some examples:
- Mobile sales forces can improve their personalization to target the customers who are most likely to buy and accurately identify how to capture new opportunities based on aggregated buyer behavior.
- Mobile workers can have the same experiences as their colleagues in offices or remote sites, meaning the same standard of business can be conducted regardless of where employees are located.
- Manufacturing industries can improve quality control with real-time analysis of production systems and even adjust production volumes based on customer buying behaviors.
- Financial risks can be managed more quickly and effectively by aggregating insights from a wider pool of data sources, improving organizations’ abilities to manage exposure.
- IT maintenance teams can predict where systems will break down and proactively take steps to avoid the downtime and productivity losses that result from outages.
The ease of access, scalability, cost-effectiveness and advanced analytics of cloud computing are available to enterprises of any size, anywhere in the world. The potential for better, more insightful, data-driven decision-making is now just a few clicks away.