The challenge facing managers is not trivial. When faced with the need to do more with less money/resources, how do you effectively derive insights from the deluge of big data?
Every business recognizes that a better understanding of data (particularly as a predictor of the future or as an identifier of existing issues) can create new opportunities and make a significant difference to managing performance. The core business drivers are well understood…. how can we acquire, grow, retain customers, How can we detect fraud and manage risk better.
How do we get there? Analytics is the natural evolution of BI processes, tools and technologies to answer these questions. While BI focuses on historical analysis, analytics builds upon this set of technologies and techniques to re-focus on the future; helping predict future trends, opportunities and threats.
The new cycle is “Ingest, Model, Deliver insights”. Ingest continuously large volumes of data, model quickly using pre-built models, and deliver real-time recommendations or predictions.