Article

Rajesh Jhamb
Rajesh Jhamb 30 January 2017

The Untapped Potential Of Data Analytics

With over 2.5 quintillion bytes of data generated every day the question for businesses arises on how to position themselves uniquely in the world leveraging analytics.

The potential of big data just keeps growing. For taking full advantage, companies need to incorporate analytics into their strategic objectives.

A research report from McKinsey Global Institute (MGI), suggests that the opportunity and applications continue to expand in the data-driven world.

With rapid technological transformation, the question for businesses arises on how to position themselves uniquely in the world leveraging analytics. Over 2.5 quintillion bytes of data is generated every day. As information pours in via various digital platforms, VR application, and mobile phones the need for data storage capacity has increased.

The Transformational Potential

The recent progress shows the potential of big data and analytics in more than five distinct domains. However, transforming to a data-driven decision making organization is not always simple.

The first challenge is to incorporate data and analytics along with business objectives into a core strategic vision. Secondly, the lack of talent in the adoption of analytics. New reports denote that despite training programs, the talent is not enough to match the demand. The next step is to develop the right business process and framework which includes data infrastructure.

Simply combining technology systems along with the existing business operations isn't enough. For ensuring a successful transformation, all aspects of business activity need to be evaluated and combined to realize the full potential of data analytics.

Incorporating Data Analytics

The next generation of analytic tools will unleash even bigger opportunities. With new machine-learning, deep-learning and artificial-intelligence capabilities, an enormous variety of applications can be enabled which provide customer service, manage logistics and analyze data.

Technology and productivity gains seem an advantage, but also carry the risk of people losing jobs. A case of automation is the AI software developed by Bridgewater Associates, the world's largest hedge fund to improve efficiency.

With Data and analytics shaking up every industry, the effects will only become more noticeable as adoption reaches the masses.

As machines gain unprecedented capabilities to solve complex problems, organizations can harness these capabilities to create their unique value proposition and solve problems.

 

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
7 reasons why social media marketing is important for your business

7 reasons why social media marketing is important for your business

Social media is quickly becoming one of the most important aspects of digital marketing, which provides incredible benefits that help reach millions of customers worldwide. And if you are not applying this profitable...

Sharron Nelson
Sharron Nelson 6 February 2018
Read more
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 22 September 2020
Read more
How to Encourage Customers to Post Photos about Your Brand

How to Encourage Customers to Post Photos about Your Brand

Visuals impact buyer behavior – there’s no doubt about it. But not just any visuals will have the impact you planned on your eCommerce marketing strategy. If the only images your customers see in relation to...

Luisana Cartay
Luisana Cartay 8 June 2016
Read more
How to Review a Website — A Guide for Beginners

How to Review a Website — A Guide for Beginners

Whether you're a startup or an established business, the company website is an essential element of your digital marketing strategy. The most effective sites are continually nurtured and developed in line with...

Digital Doughnut Contributor
Digital Doughnut Contributor 7 January 2020
Read more
Digital Marketing Trends for 2023: What’s New?

Digital Marketing Trends for 2023: What’s New?

Marketing has evolved at a rapid pace over the past 12 months. More attention has been paid to giving customers a great experience across many channels. Meanwhile, we’ve also recently noticed a clear shift toward...

Georges Fallah
Georges Fallah 19 January 2023
Read more