The power of data is realized in what it is used to reveal, and this is accomplished with analytics. For the most part, we still have little understanding of the role played by the emerging industry of data analytics in the interpretation and use of big data.
It is argued that to understand the spread of data analytics and the adoption of certain analytic strategies, we first need to look at the projection of promises upon that data. The way that data and analytics are imagined shapes their incorporation into practices and organizational structures. We might be at the data frontier, even in this world of advanced technologies.
While as a word “Analytics” has been around for the past three centuries, its origins lie in mathematics and statistics. However, it has been reinvented with the onset of the big data revolution which has manifested itself over the course of last decade.
It is estimated that every two days now, we create as much information across the world as we did from the dawn of civilization up until 2003. The massive growth of data, coupled with more economical storage and computing, leads to a powerful and valuable engine in the industry. This means that today it is possible to not only derive insights from consumer/buyer behavior but also to pump intelligence into machines and various business operations to gain extreme productivity gains. All this is driving the need for better tools to process the data and more innovative analytics business applications.
Data is a raw material of business just like physical material, money, and people, which are essential for building business. This approach can solve traditional problems better with the power of analytics.
The first challenge is incorporating data and analytics into a core strategic vision. Developing the right business processes and building capabilities, including both data infrastructure and talent, is not enough. All these aspects of transformation need to come together to realize the full potential of data and analytics.
Data and analytics are already shaking up many industries. The effects will only become more pronounced as adoption increases and machines gain unprecedented capabilities to solve problems and understand language. Organizations that can harness these capabilities effectively will be able to create significant value and differentiate themselves, while others will find themselves increasingly at a disadvantage.
Melody K. Smith
Sponsored by Access Innovations, the world leader in taxonomies, metadata, and semantic enrichment to make your content findable.