The benefits of data-driven analytical decision making are becoming increasingly apparent. Consequently, CEOs are accelerating plans to use data and analytics (D&A) to drive organizational growth. They realize that effective use of analytics increases revenue and improves profitability.
The business world is in a state of flux as new technologies continually change the way companies operate. The pace of innovation is fast. Those in the lead respond to changing market demands quickly and efficiently, leaving behind those who rely on inflexible and dated supply chains.
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Although the potential benefits of understanding and utilizing the information contained within increasing volumes of corporate data have been widely broadcast, the truth is relatively few companies have really tapped this potential. Corporations have made strides by using this data, clearly showing that there is a huge potential for growth in this area. Examples include, a pharmaceutical company who used the power of the AWS cloud to analyze clinical trial data to reduce the time needed for trial simulations, and an office equipment manufacturer was able to tackle excessive call center attrition.
As better understanding of big data evolved, many organizations realized there was tremendous potential to extract actionable information from their data. However, the ability to turn unstructured data into useful information was often hampered by resource limitations and high costs.