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2 items tagged " Value of Data"

  • 10 Big Data Trends for 2017

    big-dataInfogix, a leader in helping companies provide end-to-end data analysis across the enterprise, today highlighted the top 10 data trends they foresee will be strategic for most organizations in 2017.
     
    “This year’s trends examine the evolving ways enterprises can realize better business value with big data and how improving business intelligence can help transform organization processes and the customer experience (CX),” said Sumit Nijhawan, CEO and President of Infogix. “Business executives are demanding better data management for compliance and increased confidence to steer the business, more rapid adoption of big data and innovative and transformative data analytic technologies.”
     
    The top 10 data trends for 2017 are assembled by a panel of Infogix senior executives. The key trends include:
     
    1.    The Proliferation of Big Data
        Proliferation of big data has made it crucial to analyze data quickly to gain valuable insight.
        Organizations must turn the terabytes of big data that is not being used, classified as dark data, into useable data.   
        Big data has not yet yielded the substantial results that organizations require to develop new insights for new, innovative offerings to derive a competitive advantage
     
    2.    The Use of Big Data to Improve CX
        Using big data to improve CX by moving from legacy to vendor systems, during M&A, and with core system upgrades.
        Analyzing data with self-service flexibility to quickly harness insights about leading trends, along with competitive insight into new customer acquisition growth opportunities.
        Using big data to better understand customers in order to improve top line revenue through cross-sell/upsell or remove risk of lost revenue by reducing churn.
     
    3.    Wider Adoption of Hadoop
        More and more organizations will be adopting Hadoop and other big data stores, in turn, vendors will rapidly introduce new, innovative Hadoop solutions.
        With Hadoop in place, organizations will be able to crunch large amounts of data using advanced analytics to find nuggets of valuable information for making profitable decisions.
     
    4.    Hello to Predictive Analytics
        Precisely predict future behaviors and events to improve profitability.
        Make a leap in improving fraud detection rapidly to minimize revenue risk exposure and improve operational excellence.
     
    5.    More Focus on Cloud-Based Data Analytics
        Moving data analytics to the cloud accelerates adoption of the latest capabilities to turn data into action.
        Cut costs in ongoing maintenance and operations by moving data analytics to the cloud.
     
    6.    The Move toward Informatics and the Ability to Identify the Value of Data
        Use informatics to help integrate the collection, analysis and visualization of complex data to derive revenue and efficiency value from that data
        Tap an underused resource – data – to increase business performance
     
    7.    Achieving Maximum Business Intelligence with Data Virtualization
        Data virtualization unlocks what is hidden within large data sets.
        Graphic data virtualization allows organizations to retrieve and manipulate data on the fly regardless of how the data is formatted or where it is located.
     
    8.    Convergence of IoT, the Cloud, Big Data, and Cybersecurity
        The convergence of data management technologies such as data quality, data preparation, data analytics, data integration and more.
        As we continue to become more reliant on smart devices, inter-connectivity and machine learning will become even more important to protect these assets from cyber security threats.
     
    9.    Improving Digital Channel Optimization and the Omnichannel Experience
        Delivering the balance of traditional channels with digital channels to connect with the customer in their preferred channel.
        Continuously looking for innovative ways to enhance CX across channels to achieve a competitive advantage.
     
    10.    Self-Service Data Preparation and Analytics to Improve Efficiency
        Self-service data preparation tools boost time to value enabling organizations to prepare data regardless of the type of data, whether structured, semi-structured or unstructured.
        Decreased reliance on development teams to massage the data by introducing more self-service capabilities to give power to the user and, in turn, improve operational efficiency.
     
    “Every year we see more data being generated than ever before and organizations across all industries struggle with its trustworthiness and quality. We believe the technology trends of cloud, predictive analysis and big data will not only help organizations deal with the vast amount of data, but help enterprises address today’s business challenges,” said Nijhawan. “However, before these trends lead to the next wave of business, it’s critical that organizations understand that the success is predicated upon data integrity.”
     
    Source: dzone.com, November 20, 2016

  • Are you aware of the value of your data?

    Are you aware of the value of your data?

    While most executives understand that their data is an asset, many haven’t harnessed the valuable insights accessible with a data analytics solution. The immense amount of data you generate may seem impossible to understand, but data analytics will transform it into clear, actionable information. Another way at looking at data, if you closed your doors tomorrow, what would the new owner be most interested in? The products on your shelves or the insights into your customers?

    Better understand your customers

    Leveraging your data can help you better understand your customers. For instance, you can create robust customer profiles that include information such as sector, job title, geographical locations, channels they use, and preferences. Identify their purchasing behaviors such as what they are buying, what they aren’t, when, how often, in what quantity, and their lifetime value.

    Understanding your customers enables your sales team to recognize new cross- and up-selling opportunities and recognize your top performing accounts. Knowing your best customers means you can reinforce those relationships by periodically rewarding them with a special promotion for products they like. Another benefit of analytics is the ability to identify when a customer is declining. By analyzing customer buying habits and visit frequency, your team can quickly detect a reduction in order frequency or volume, and make a sales call to find out if there is a problem.

    Transactional data keeps an eye on product sales

    Transactional data such as time, place, price, discount, and payment methods is generated at the point of sale. This data can help you measure the success of your various product lines. By analyzing your transactional data, you can tell you whether a product is gaining traction with your target customer base or it can reveal an unexpected dip in sales.

    While it’s important to determine which products aren’t selling as expected, it’s equally important to identify the products with high conversion rates. It may be that the price point is too low, for example. Finally, your transactional data can help you identify trends such as seasonal buying patterns. Knowing when sales increase due to the season can help you better manage the trend. If you know that sales for a particular product line typically increase in October, you can prepare for this by adjusting your stock level to meet the upcoming rise in demand.

    Be more strategic

    Even though many companies have adopted data analytics to guide their decision making, many other companies still rely on traditional approaches. Without realizing it, this means they are a step behind their competition. On the other hand, companies that use a data analytics solution to extract the value from their data have greater success. A study from the MIT Center for Digital Business found that companies that adopt a data-driven culture have 4% higher productivity rates and 6% higher profits. Data-driven companies rely on hard, verifiable data to back up their decision-making rather than making decisions based on intuition and gut-alone. An analytics solution can show you where to strategically deploy your business resources so you can gain a competitive advantage.

    Manage costs

    A major business resource is your capital. Managing your costs enables you to make the most profitable investments. Data analytics can help you lower costs companywide. For instance, analytics can help you track shipments and optimize deliveries to lower your shipping costs. Your marketing team can use analytics to trim marketing costs by creating targeted marketing campaigns and assessing their effectiveness. Finally, data analytics can help you improve employee performance and operational efficiencies across your various departments.

    To remain competitive in our data-driven economy, your business decisions must be based on credible evidence rather than on subjective experience. Data analytics helps companies achieve their goals by identifying fact-based, actionable insights so executives can develop effective strategies for each area of the business. 

    Source: Phocas Software

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