Researchers say big data is driving competitive advantage
The explosion of data due to mobile, social and other digital technologies has become a differentiator in the competitive marketplace: Those organizations that are able to take full advantage of mining this information have the opportunity to gain an edge over competitors, while those that struggle to extract value from it may be left behind. As a result of the interconnectedness of the Internet of Things, more firms are looking to remote dba services and database experts to aid in analyzing big data for greater transparency and visibility into business strategies.
In a report for Forbes, Rich Clayton, Oracle's vice president of business analytics, explained that this dramatic data growth has created a skills gap, as many enterprises lack data-savvy managers and programmers. Clayton noted that big data has become a major obstacle as well as innovation-driver. He asserted that how organizations approach and embrace this challenge will determine which firms succeed.
New technologies, according to Clayton, are the key for closing this gap in analytics skills. By deploying solutions that are capable of real-time analysis, firms can detect patterns and relationships among disparate sources and types of structured and unstructured information. Clayton stressed that success depends on a combination of data science and management, and that intuition is no longer adequate for developing an advantageous predictive model. This, he explained can lead to repeatable processes and enhanced data governance tactics. First, however, enterprises need to be capable of filtering out noise and finding the valuable knowledge that can fuel better, more accurate decision-making.
Applying analytics to the user experience
In a post for Forrester Research, analyst James Staten reported that at a recent conference in Austin, Texas, American Airlines revealed how it utilized big data for real-time route optimization. The company has used complex algorithms to determine if a customers can make it from one gate to another to catch an earlier connection, as well as other new features that are aimed at helping website and mobile application users.
Other industries are looking to gain power from BI analytics as well. According to Staten, the financial market, including NASDAQ and NYSE Euronext, has been leveraging cloud-based BI for historical, real-time and reference data that can allow investment firms to build better trading algorithms, analyze risk patterns and target potential clients while driving innovative products and services.
Big data will continue to become larger and more complex, but enterprises that can make this information digestible and actionable with the assistance of robust BI analytics have immense potential for growth.
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