Many organizations have adopted solutions with descriptive and diagnostic analytics capabilities that provide static reports and dashboards. However, these reports only provide a snapshot of the existing environment, answering the “What” and “Why” behind historical data. Advanced analytics, the next phase of the analytics adoption lifecycle, deals with uncovering insights from trends and patterns to determine the impact of operational adjustments and market forces on organizations. Statistical analysis, forecasting, and predictive modeling expand on the findings gained through business intelligence solutions to answer “What will happen?” given certain business situations. For example, retail stores can use advanced analytics solutions to determine the best product mix for a particular customer, banks can optimize loan origination processes and upsell additional financial products, and healthcare organizations can lower the total cost of care and reduce patient readmissions.
The Future of Big Data
With some guidance, you can craft a data platform that is right for your organization’s needs and gets the most return from your data capital.
While the benefits of advanced analytics solutions are numerous, one critical (and often overlooked) first step behind any implementation is transforming the way your organization manages data, to best serve analytics applications. Creation, storage, movement, usage and archiving are all facets of data management that must be aligned to your overall analytics strategy.
On Thursday, Perficient is hosting a webinar on Aligning Business Data & Analytics for Digital Transformation to help organizations get started with or fine tune their data management and governance strategy. Our subject matter experts will cover:
- Five information management pillars necessary for digital transformation
- Stages of digital information maturity, reflecting the typical path of an organization implementing this new data ecosystem
- Issues, challenges, and approaches to governing this new architecture
If analytics, big data, information governance or data-driven digital transformation are focus areas for your organization, I encourage you to attend:
