By Shanker Ramamurthy
In an era that is highly digitized, there’s no shortage of data for organizations to consume and leverage. But, while speed-to-action should be a given, it’s only recently that the value driver for Big Data has shifted from volume and variety to velocity and veracity.
Capabilities that enable an organization to consume data faster – to move from raw data to insight-driven actions – are now the key differentiator for organizations investing in data and analytics.
According to “Analytics: The Speed Advantage,” a new study completed by the IBM Institute for Business Value (IBV), 74 percent of global businesses and IT professionals anticipate the speed at which business executives expect new, data-driven insights will continue to accelerate.
Leading organizations are embracing an approach to data that minimizes the lag time between converting raw data into actions and 63 percent of organizations report a positive return on analytic investment within a year. . These organizations do things differently from their peers. They use technology and business models in order to acquire, analyze and act on data with speed and agility.
For example, a pharmaceutical wholesale distributor in Tokyo aimed to minimize the time spent managing its historical sales data in order to improve forecasting and adjust inventories, ultimately increasing sales. Improving their analytics solution allowed them to obtain near-real-time insight, reducing the time spent processing one year’s worth of sales data from more than 400 minutes to 4.6 seconds. They anticipate this will increase sales by nine percent and operating profits by 140 percent.
By transforming processes and using digital capabilities – like social and mobile technologies – organizations are creating the agility and flexibility needed to enable growth while changing the way people connect and engage with companies. Organizations need to examine the end-to-end process or experience and both integrate analytics into the business process and streamline its operations simultaneously.
Creating a speed advantage does not happen overnight, but the payoff is worth it. Over two-thirds of organizations that adopted speed-driven analytics practices created a significant, positive impact on business outcomes. Its clear organizations need to examine each stage within the analytics lifecycle in order to generate insights ahead of the competition.
Tune in tomorrow, Nov. 5 at 11 a.m. EDT, to the Analytics: The Speed Advantage Webcast featuring IBM’s Technology & Data Global Leader, Glenn Finch.