Data is the new oil. The volume of data continues to grow exponentially every year, as information pours in from various digital streams. This humongous flow of data can be attributed to the infinite fag among social media platforms, billions of mobile phone users, also from external sources like wireless sensors and “IOT” devices.
Thus, in today’s “data-driven” world, Analytics becomes inevitable. Basically, analytics refers to the ability to harness and analyze the data, leveraging actionable insights from it. Effective analytics will provide capabilities for a comprehensive management and decision-making system throughout the enterprise.
It is no surprise that the tech giants- Google, Facebook, Amazon, Linked In and others has prospered not just by giving their customers with information, but majorly by providing them with insights and guidance to make decisions. Pioneering firms in every industry around the globe happened to realize this “power of data”, and followed this suit by beginning to invest more in the field of analytics to support customer-focused products, services, and features.
To ensure the best chance of economic growth, it has become essential for every business organization to fully leverage their most prolific asset- Data! Increasing velocity of changes puts pressure on these organization to make better data-driven decisions. Enterprises will need to be able to drive insights into data faster and with greater accuracy. Indeed, an organization that is not leveraging analytics in all fundamental areas (like business processing, Finance & Risk management, Sales & Marketing, Research & Development), it will not be able to tap out its fullest potential.
Ultimately, demand for vendors who supply data rose to a whole new level! New companies sprouted just to provide insights on existing information through analytics and guides corporations what to do with it.
With the advent of state-of-the-art machine learning technologies and data visualization tools, the quality of analytics is improving beyond humans capability.
Soon, new challenges and opportunities will open-up realizing the potential of analytics. Thus, in the long run, everyone will begin to compete fiercely with the “power of analytics”.