As the saying goes, “Information is Power” and we are in the middle of a major power shift as the accessibility and volume of data is increasing at breathtaking rates. According to the EMC Digital Universe Study we are doubling the amount of digital data that we create every two years. The explosion in the amount of data being created is paralleled with innovations in business intelligence tools coming on the market. These tools are being offered in a more cost-effective cloud-based subscription model.
This shift has been coined with the term “Big Data” and refers to the massive amount of data being collected by businesses. The data is flowing in from business applications, websites, social media, mobile applications, telephony systems, machine sensors, GPS tracking devices just to name a few.
How does this affect my business?
So, what does this mean to the businesses that have either not been able to take advantage of business analytics due to cost or knowledge, or the businesses that have created a patchwork solution using spreadsheets, databases or other ad-hoc solutions that are often manually intensive to maintain, incomplete, and out-of-date?
You no longer need to purchase and install expensive, complicated software to access actionable intelligence about your business. You also don’t need a staff of experienced data scientists or analysts to create and interpret the results. There are new cost-effective options available to meet your particular requirements and budget. You can also take advantage of a turnkey solution that combines the tools, resources, expertise and best practices required to meet your business objectives in an affordable monthly package.