Organisations around the world are currently attempting to transform their business strategies by capitalising on the recent explosion of big data. There are over 2.5 quintillion bytes of data created through social media, pictures and other activities on a daily basis. This offers huge potential to firms that can gain valuable knowledge from it. Analytics, business intelligence and finding meaningful patterns in that mass of data is now an essential business strategy in 2014, with predictions and insights already leading to a greater acuity and focus among leading organisations.
The sharp rise in interest in analytics is being felt across all industries. A new report from Bain & Company shows that software and internet-related companies are set to spend almost $3 billion on big data through 2015, with financial services more than doubling that amount. That figure is set to rise by an estimated thirty per cent year on year, with those companies likely to witness annual growth of up to fifty per cent by 2020.
Companies in the geotech and biotech industries are also spending big, as predicting and improving business performance provides them with a substantial edge over their competitors. Companies that use cloud, mobile and social business intelligence are more likely to post better financial reports, make the right decisions “much faster” and to execute them perfectly.
Making sense of big data is especially important in biotechnology, where being pro-active, anticipating future developments and making strategic decisions is as vital to success as successful patents and breakthroughs in the laboratory. CEOs in this industry and those in sectors such as information security and IT recruitment are also adding to the value of BI and analytic operations by collaborating across the business and focusing on team building, rather than on technology alone. Creating a culture rooted in differentiated analytics enables a company to drive profitability, fuel innovation and increase their operational effectiveness.
Analytics will continue to provide companies with exciting new potential and challenges during the next decade, and it is likely that organisations that embrace new practices will thrive and achieve significant results while laggards will falter. This lends itself to the migration of IT to cloud-based solutions as businesses look to every avenue to reduce their time to market, cut overheads, to improve customer relations and increase final product quality. Business intelligence, such as ERP and CRM, will no longer be consigned to silos and must be used interchangeably to unlock competitive advantage.
This article was written by Colin McGill - Consultant - BI, Data and Analytics, for more information please contact Colin on: +44 (0)20 7014 0230 or send an email to firstname.lastname@example.org
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