3 Ways to Change Your Business—for the Better.
Hesitant to dive into Big Data analysis?
Let’s take a look at three big reasons why you may want to take the plunge sooner than later. Whether you’re swimming in it or sinking, the volume of Big Data is growing. Enterprises are estimated to spend on average $8M on Big Data-related initiatives in 2014, with adoption expected to go mainstream in the next year. What are you missing out on if you wait to engage with Big Data?
#1: Earn More Money through Transformed Decision Making
Businesses that leverage Big Data are 5x more likely to make decisions faster; and 3x as likely to execute on decisions as intended. That decision-making evolution is helping forward-thinking businesses outperform industry peers by more than 200 percent. Businesses that actively pursue Big Data Business Intelligence are using the insights to create 2x the profit growth and more than double the stock appreciation.
Why you should take the plunge now:
Timeliness is key. Real time access to business insight is imperative for changing the decision-making culture of your company. Industries that place instant access at or near the top of their wish list include aerospace and defense, automotive, banking, chemicals, defense and security, and engineering and construction. According to Gartner,“Collecting and analyzing the data is not enough — it must be presented in a timely fashion so that decisions are made as a direct consequence that have a material impact on the productivity, profitability or efficiency of the organization.”
#2: Conquer New Markets through Big Data Insight
“The sooner businesses start to use trends found by unstructured data, the larger head start they’ll have on the competition,” says GoGrid, the world’s #1 pure-play IaaS provider specializing in cloud infrastructure solutions. “(BI) strategies can turn underdog companies into market leaders and keep these top businesses at the forefront of their industry.”
What you can do to drive growth with Big Data BI:
- Identify your most profitable customers
- Pinpoint a new supply of profitable customers
- Assess the reasons for customer dissatisfaction before they begin to cost you sales
According to a recent online poll conducted by Harris Interactive, top competitive advantages gained from Big Data BI insights include boosting sales (54 percent) and attracting and retaining customers (46 percent). In large part because of these advantages, 70 percent of those surveyed said they would expect a return on their Big Data investments within one year.
#3: Achieve Quicker Time-to-Market through Faster Innovation
Within Big Data lays opportunity—but you have to have the right network infrastructure in place with high-speed access and data connectivity to manage Big Data’s demands and reap its BI benefits. By leveraging Big Data Business Intelligence, companies like yours are able to measure, manage and increase the value and speed of innovation.
How to prepare your infrastructure for Big Data BI:
- Store large quantities of unstructured data
- Get faster data access, storage and analysis
- Analyze high volumes of data in real time, and
- Gain actionable insights from analytics to respond to issues instantly
You too can innovate faster by implementing a network infrastructure equipped to handle the big requirements for Big Data—enabling you to:
The increasing convergence between Big Data and the cloud is accelerating innovation. When the traditional structured and historical approach to analytics is merged with the new exploratory and iterative approach to working with unstructured sources, an integrated approach is created that can drive next-generation innovations. According to global analytics company CRISIL, winning organizations are those that are “recognizing the value of Big Data Analytics in devising data management strategies that integrate Big Data into the front-end of the innovation pipeline.”