Many organizations can benefit from embracing the opportunities offered by new technology in providing access to business insights anywhere and at any time during the day and in real-time.
Big and small data sets, as well as survey data sets, are often processed and consolidated overnight, weekly or monthly, while surveys are often conducted monthly or yearly. The obvious downside of the batch approach is that the organization often works with historical data, which for that reason alone tends to provide limited value.
75 % of leaders say improving data visualization is a strategic imperative"*
New and often off-the-shelf technology offers help in overcoming past barriers in terms of limited data processing capability, slow and inflexible data warehouses, lack of data integration and a high degree of technical complexity.
When it comes to survey data acquisition, sophisticated online reporting solutions drive a trend from point measurement towards ongoing measurements, which substantially increase the value of the derived business insights.
From depicting the past and present to predicting the future
While most data up to now has contributed significantly to valuable business insights across all sectors, these insights have been confined to historical or—at best —present events (real-time reporting).
Most organizations would find it hard to imagine operating without these business insights; however, what most are searching for are business insights into the future. Today, predicting events in the future with high probability and precision can be achieved by use of advanced and predictive analytics of structured and unstructured data sets from any data type and source.
This technique is highly relevant for organizations in all sectors in order to boost their performance and stay relevant to their stakeholders. Advanced and predictive analytics can be built in seamlessly and automated as part of the organization’s business insights architecture.
*(Source: "Analytical enablement: How leaders harness distributed business intelligence to drive breakthrough results", Bruce Rogers, Forbes Insights, April 2016)