Corporate data management has never been more critical than it is today. The amount of data available is exploding like never before, and within that data, valuable knowledge is hiding. New insights, new ideas, explanations for long-burning questions, it's all there waiting to be discovered and there's the problem. With the volume and variety of data we have today, there is a clear shift from insight to impact and it's becoming more and more important every day.
Companies that understand the value and how to analyze all this data, to make more sound decision, are more likely to establish themselves as leaders in their respective markets.
The most effective data-driven organizations have improved their ability to quickly mine and model all of this data to find the most meaningful patterns or combinations of data to predict the next best action or outcome.
However, it's important to clarify that Big Data is not the same thing as business intelligence. The question however for IT leaders are how the areas of data and predictive analyses differ from business intelligence?
In the past, Business Intelligence was seen as reporting on historical trends and current business performance for the sake of improving decisions. Today, people are trying to make decisions about moving the business forward, and they're being forced to do it faster. Historical reporting just doesn't cut it. They need something that's much closer to real time.
That's where the emergence of Predictive analytics comes in, it goes beyond the traditional insights to creating business impact. This involves combing through past information to derive models and analyses that help project future outcomes. It lets you standardize and automate this process, so decisions are fact-based instead of judgment or interpretation.
A company that is data-driven sees their data as a resource, and uses it to hedge out competition.
With the importance of data-driven decisions increasingly becoming a realization for less tech-savvy branches of company teams, the need for skilled individuals in this area also grows.
A recent report released by Forrester suggest a huge career upside for IT integration, software and data architects who are willing to learn more about business intelligence and analytics.
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