Gain ground on competitors by harnessing big data
It wasn't until recently that businesses had the opportunity to gain actionable insights from the vast amounts of information they harbor. While the world of big data analytics is still evolving to help companies make better use of their unstructured records, these technologies have come a long way in enabling organizations in all industries to perform at higher levels, meeting customers' need more ably, refining their products and more. Firms can experience incredible competitive advantage through big data analytics projects especially if they leverage remote database services for expert assistance.
The analytics edge
Jeby Cherian, VP and MD of global business services at IBM India & South Asia, recently explained to CIOL that in his experience, big data initiatives hold the power to bring organizations to new levels of success. Cherian said that in one study by The IBM Institute for Business Value, researchers discovered that 71 percent of responding banking and marketing firms believe that making use of their information and analytics tools has been able to furnish a competitive advantage. However, Cherian cautioned that leaders can't simply expect to take a hands-off approach to big data initiatives and see results. Big data alone isn't something that can produce value; instead, the way organizations use these resources to address critical challenges is what makes big data analytics a worthwhile investment.
Similarly, the Harvard Business Review pointed out that success relies on enterprise decision-makers becoming more data-oriented. If analytics become part of the company's mindset, it will be more likely that big data projects will be highly effective. The source explained that leaders should start by attempting to break more obstructive habits, such as trusting intuition over actual information. While instincts can be important in many contexts, it's crucial that organizations don't ignore the results of their analytics efforts in favor of going with their guts.
Additionally, the news provider advised managers to try to become more comfortable with uncertainty. Businesses are sometimes overly concerned with making the perfect decision, and this causes them to experience delays that may allow competitors to leapfrog them. Big data can provide organizations with the insight they need to make wiser decisions, but that means leaders will have to make bold choices at times.
With remote database support at their side, companies can be more confident that they are getting the most reliable results from their big data analytics projects. This way, they can go on to make more decisions that position them at the head of their industry.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.