Organizations of all shapes and sizes are undergoing a significant digital transformation. At the heart of this transformation sits data and the power to generate actionable insights. Data has become one of the most powerful assets today. It is being leveraged across industries to better inform businesses in a variety of ways. From engineering and design to consumer products and retail, the data revolution is impacting almost every type of business imaginable.
Modern businesses require data to be quickly integrated and analyzed to create actionable business insights. As a result, data needs to be ingested into a platform relevant for it to be useful and analyzed quickly. With organizations generating massive amounts of data, analytics is the only way to understand and uncover value from it. Leading companies that differentiate and adapt to customer needs faster than competitors rely on analytics. The use of analytics enables them to identify new growth opportunities, become more agile, understand customer behaviour and outperform the competition.
With new forms and sources of data coming from web to mobile and machines, getting insight requires a move away from traditional analytics and reporting methods. Businesses are now capitalizing on new and innovative technologies such as open source, multi-platform capabilities, and visual tools on cloud to adapt to the changing times.
Moreover, predictive analytics, a branch of analytics is gaining considerable momentum in virtually every industry. Using predictive analytics, organizations are now able to approach opportunities and risks differently. From drug discovery to price optimization, companies are using predictive analytics to increase revenues, reduce costs, and modernize the way they do business.
As companies transform from being data-generating to data-powered organizations, analytics has become the center of gravity. According to a survey, big data adoption by companies reached 53% in 2017 with telecom and financial services being the early adopters. Not surprisingly, the worldwide revenue for big data and analytics solutions is predicted at $260 billion in 2022, growing at a CAGR of 11.9 percent.
The future belongs to the Intelligent Enterprise—an organization with the ability to anticipate evolving challenges and turn them into opportunity and profit. Enterprises that have a clear vision of how using analytics can transform their business and speed up the pace of innovation will make the most of the ever-growing opportunities in this disruptive world.