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
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
The 8 Most Effective Words to Use in Your Next Email

The 8 Most Effective Words to Use in Your Next Email

There are 8 simple, yet effective words you can use to increase engagement in your next email. You can use these words strategically to inspire your subscribers to take action or develop good feelings about you and your brand. Read on to learn about these 8 words and how to use them in your emails.

Shelby McGuigan
Shelby McGuigan 8 August 2017
Read more
What is a CMS?

What is a CMS?

You’ve heard the term CMS, but what is it, what does it actually do? A CMS empowers you to get your companies' message out there, internally, externally or both.

Sean Hargrave
Sean Hargrave 14 August 2017
Read more
The Importance of Customer Relationship Management Within a Business

The Importance of Customer Relationship Management Within a Business

In a world where competition is becoming ever fiercer, businesses need to implement customer relationship management, or CRM, strategies in order to stay ahead of their rivals.

Emma Newbury
Emma Newbury 18 April 2016
Read more