Whether they're records kept in spreadsheets and log files, information embedded in photos, videos, tweets and emails, or streams of data from connected devices, sensors and machines, we've been surrounded by vast quantities of data for a long time. Now it has a name — big data.
Competitive and market pressures have transformed that information into a new competitive opportunity. The insights and trends hidden in these many sources of structured and unstructured data offer the chance to draw new distinctions between you and your competitors.
In an increasingly quantitative, digital world, everything is, or will be, recorded or counted. You need to find value in that data, spotting the seemingly unrelated patterns in data, mining and refining it, to create insights with commercial value. Business Analytics is the solution that turns the promise of big data into a source of practical, continuing insights to improve organizational performance.
Tapping the power of big data goes beyond the usual IT improvement exercise. The benefits of big data are realized when you understand how to derive new ideas from so much information and how to execute business decisions based on these insights. It involves change in your company and business processes that can drive deep into the organization. New structures and processes are needed to ensure the quality of data, so you can trust what it reveals. Your IT department must evolve from serving as an enforcer of systems to being a trusted information provider. You need to know how to use analytics that create genuine insights, not false leads. And, you need the right kind of organizational structure to make the most of what you learn.
The expected growth in data is nothing short of astounding, from 800,000 petabytes of digital information in 2009 to an estimated 35 zetta bytes in 2020, a 44-fold increase. Still, a recent Economist Intelligence Unit report revealed that many companies have yet to tap that potential. Half of the business leaders who responded have yet to gain access to this growing asset. 80% of CIOs cited business intelligence and analytics as part of their plans to enhance competitiveness.
Some organizations are already reaping the benefits of an investment in business analytics.
One of the world's leading mining companies is extracting value from the masses of data from sensors and equipment to improve operational plans that affect people, equipment and maintenance. Combining insights from this data with organizational and procedural change, the company is lowering operating costs while improving safety.
Avis Budget, a leading car rental agency, is using analytics to learn who their best customers are, and what they really value — an approach that is creating substantial top-line and bottom-line benefits. The company's move to establish an analytics-driven marketing organization demonstrates that business change has to go hand-in-hand with the technology to lead to real results.
How would your business benefit if you could connect the dots between the pools of data that have surrounded you for years? What trends remain hidden which, if brought to light, could propel your company into a new category of growth?
TImplementing business analytics to capitalize on big data requires the engagement of every part of your organization. Changes in IT must be matched by organizational change because you won't get value from what you learn about your business if you aren't structured to take advantage of it. That approach should include:.
Business Analytics Implementation service will guide you through the business change you need to successfully implement analytics for big data and if you would like further help, we can manage and deliver your organizations ongoing business analytics requirements through our Business Analytics-as-a-Service.
Wherever you are in your use of business analytics and big data, we can help your business and IT department lead your company to a higher level of sophistication in the use of data-based insights. Contact us today to learn more.