Every day, companies make bet-the-business decisions about their customers, competitors, new products and even their own reputation based on account balances, delivery schedules, profit margins, customer feedback and more – and most do it with crossed fingers.
That’s because they know that decision-making today is an art based on incomplete and conflicting information, and that hunches play a big role in determining which way to go.
Now imagine a company that could look at all of its information at once; Spot hidden trends before they occur; Glean insights into customer sentiment from data in a wide variety of formats; And keep up with consumer conversations and opinions moving at the speed of the Web.
Click on the images for a larger view:
The underlying technology works in three stages. First, advanced analytics algorithms using search and index technologies begin sifting through all the different pieces of information for gems of intelligence.
Second, the information is correlated and analyzed for patterns and trends at more than 200 times a second – faster than a hummingbird can flap its wings.
And third, this advanced analysis is quickly turned into a narrative that people can understand and put to use — generating better market forecasts, and putting customers at the center of an organization’s strategy for what new products and services are introduced.
Imagine what this kind of market intelligence would do for business in terms of reducing the time and risk associated with developing new products. Entertainment companies would be able to take a real-time pulse of moviegoers and record buyers to find out what they think and want. Investment companies could more easily understand investor concerns about their products and go-to-market strategies.
Pharmaceutical companies could better understand what doctors, pharmacists and patients are thinking about their latest drugs. Retailers would be able to better gauge what consumers will buy at holiday time – which could be linked to suppliers – and reduce lead time in making buying and product inventory decisions.
See also: ‘Picturing’ the new world of analytics