Big Data Analytics is here to stay. While it may have been a buzzword to begin with, the process of examining this raw mass of data in order to discover vital information is already helping organisations gain an edge over competitors, and it will soon become the cornerstone of all successful marketing departments. It appears that the majority of organisations are waking up to the benefits, as 87% of enterprises recently said that Big Data Analytics will “redefine the competitive landscape” in their respective industries by 2018.
However, Big Data Analytics is also changing how we view business right now. Companies in every industry across the globe are using Big Data Analytics solutions to maximise marketing revenue by “closing the loop” – a concept that requires all individuals in the firm to work together to reclaim valuable insights from large and complex data sets and to use them to make better decisions. Additionally, 73% of companies in industries such as Biotech, Geotech and Cyber Security are already investing more than 20% of their technology spend into Big Data Analytics, and they expect this to increase further by the end of 2015. These companies are gaining a competitive edge over laggards that risk losing momentum and market share if they do not adopt similar strategies in the near future.
Business Intelligence may have been forgotten to a certain extent this year due to its bigger brother, Big Data Analytics going mainstream, but BI will remain integral to strategic decision-making processes going forward. In fact, industrialising decision-making processes could increase agility and value even further if the correct information and data are placed at the fingertips of individuals as they work. This will allow companies to react faster, make smarter choices and achieve consistent results in a shorter timeframe.
According to BI expert Chris Twogood, there are several characteristics that will industrialise decision-making processes. Systems must be able to pinpoint important events and context so information can be provided in an instant, as forcing the user to find the data they want inhibits the whole process. There must also be a new way of communicating important ideas via real-time technology, the creation of a feedback loop to improve the process further and increased automation, as the system begins to understand the user's workflow and what they require. All of this will make it easier for large organisations to make better decisions with less effort.
This article has been written by Colin McGill - Consultant - BI,Data & Analytics, Montash. If you would like to have a detailed discussion or have requirements in BI,Data & Analytics recruitment, please contact Colin on: +44 (0)20 7014 0230 or send an email to email@example.com.
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