Analytics: The speed advantage
Why data-driven organizations are winning the race in today’s marketplace
Capabilities that enable an organization to consume data faster — to move from raw data to insight-driven actions — are now the key differentiator to creating value through analytics. In addition to this focus on speed, our latest analytics research reveals several significant evolu- tions in the era of big data.
Based on survey responses of more than 1,000 business and IT executives from more than 60 countries, our 2014 analytics research revealed four transformative shifts affecting the fast-paced digital marketplace:
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A solid majority of organizations are now realizing a return on their big data investments within a year.
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Customer centricity still dominates analytics activities, but organizations are increasingly solving operational challenges using big data.
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Integrating digital capabilities into business processes is transforming organizations.
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The value driver for big data has shifted from volume to velocity.
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Analytics provide the fuel for an organization to make better decisions faster. In the realm of big data, the “winners” are those that manage the data deluge and turn it into value-gener- ating insights ahead of the competition. These organizations are dedicated to the speed advantage, a competitive strategy that enables the rapid acquisition and analysis of data to create agile, precise moves in the marketplace.
Creating a speed advantage does not necessarily require a real-time solution, but it does require streamlining decisions made within business processes. It also requires enabling the organization to extract the most from its data assets to deliver outcomes that matter.
Organizations that successfully achieve the speed advantage can transform data from something to be managed into a strategic tool that fuels digital interactions and re-invents business processes for the modern world. These organizations will differentiate themselves based on their ability to adapt, survive and thrive as the pace of society continues to accelerate.
Read the full report from Institute for Business Value here (coming soon)
