The potential of big data just keeps growing. For taking full advantage, companies need to incorporate analytics into their strategic objectives.
A research report from McKinsey Global Institute (MGI), suggests that the opportunity and applications continue to expand in the data-driven world.
With rapid technological transformation, the question for businesses arises on how to position themselves uniquely in the world leveraging analytics. Over 2.5 quintillion bytes of data is generated every day. As information pours in via various digital platforms, VR application, and mobile phones the need for data storage capacity has increased.
The transformational potential
The recent progress shows the potential of big data and analytics in more than five distinct domains. However, transforming to a data-driven decision-making organisation is not always simple.
The first challenge is to incorporate data and analytics along with business objectives into a core strategic vision. Secondly, the lack of talent in the adoption of analytics. New reports denote that despite training programs, the talent is not enough to match the demand. The next step is to develop the right business process and framework which includes data infrastructure.
Simply combining technology systems along with the existing business operations isn't enough. For ensuring a successful transformation, all aspects of business activity need to be evaluated and combined to realize the full potential of data analytics.
Incorporating data analytics
The next generation of analytic tools will unleash even bigger opportunities. With new machine-learning, deep-learning and artificial-intelligence capabilities, an enormous variety of applications can be enabled which provide customer service, manage logistics and analyze data.
Technology and productivity gains seem an advantage, but also carry the risk of people losing jobs. A case of automation is the AI software developed by Bridgewater Associates, the world's largest hedge fund to improve efficiency.
With Data and analytics shaking up every industry, the effects will only become more noticeable as adoption reaches the masses.
As machines gain unprecedented capabilities to solve complex problems, organizations can harness these capabilities to create their unique value proposition and solve problems.