Capitalizing on Big Data is Critical to Success
Although reports echo the importance of capitalizing on Big Data initiatives, the truth is that the information collected during these projects is useless until it's acted upon. In other words, organizations can collect as much data as they please, but won't see any performance or operational improvements until decision-makers analyze those resources and implement changes.
There are numerous ways to act on aggregated data, and Business 2 Community highlighted several of the processes often considered most important, including the fact that information must first be centralized before it can be analyzed. If organizations keep data siloed from other digital resources, an evaluation of those assets won't necessarily provide any substantial and positive return.
In general, companies should have a single system in place that can house information, analyze it, and distribute it throughout the workplace. After all, enterprises can't expect to deliver a unified experience to customers if they don't have a comprehensive set of information composed of all of the pros and cons of the initial process.Businesses also need to understand how they want to use the information they collect because some business intelligence suites perform different operations than others.
Getting control of analytics
Business 2 Community noted that data analyses come in numerous forms, largely because organizations often evaluate various types of information. Despite this variety, predictive analytics is often considered to be among the most important processes for companies today because it allows decision-makers and employees to stay at least one step ahead of their clients.
MarketsandMarkets recently released a report stating that predictive analytics is poised to generate more than $5.2 billion in revenue in 2018, up from $1.7 billion this year. This rapid expansion, which is approximated at a compound annual growth rate of slightly more than 25 percent, suggests that companies around the world are planning on investing in this sophisticated evaluation strategy, which enables them to estimate future sales, operations, and feedback. This information provides them with a competitive advantage over rival firms that haven't necessarily planned for the future.
With the proper data management and analytic strategies in place, organizations of all sizes and sectors can be as efficient as possible, optimize revenue streams, and keep customers engaged and satisfied.
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