The explosive growth of business data has created a need for companies to adopt data analytics platforms that can make sense of so much information. By the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet, according to a citation in Forbes. By then, our accumulated digital universe will grow tenfold from 4.4 zettabytes of data today to 44 zettabytes, or 44 trillion gigabytes.
Carey Moretti, Vice President of Data Intelligence Consulting for Trace3, offers 10 reasons why companies should incorporate data analytics into their core business strategies. “You can’t fix what you can’t measure, and you can’t measure what you don’t understand,” Moretti said. “Data analytics can help by providing valuable capabilities for companies to address their current strategic needs while preparing for new innovations that are coming on the horizon.”
Businesses in every industry should aspire to be top performers. To be one of the best, a company needs to make decisions based on all available data, rather than relying on “gut instincts.” Data analytics software can ensure that the right information gets analyzed to generate predictions that will put the decision-making process on the right track. The ability to create a true competitive advantage for a business. Deep analysis of both private and public data can enable innovations that improve customer intimacy, leading to greater customer satisfaction and loyalty. The ability to leverage advanced analytics and act on this intelligence can produce disruptive new products and services that differentiate a business and drive its market value over competitors. Data is growing exponentially, but most companies lack the technology to harness that data for informed strategic business decisions. The technical learning curve is steep to implement advanced analytics systems and dashboards. The longer companies wait to get started, the further behind most will fall, potentially jeopardizing their market share position. Rededicate staff time and resources to higher value efforts.