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An organisation protecting themselves against insurance fraud, determining the optimal placement for a multimillion dollar wind turbine, and a supermarket’s ability to schedule price reductions to sell perishable products before they spoil. How are these situations connected?
The answer lies in transforming big data into analytical insight.
In today’s globally integrated economy, big data is no longer confined to the realm of technology - instead it is a business priority, permeating each facet of the organisation. This is because big data inspires new ways to transform processes, organisations and industries through its ability to reap competitive advantage and business value.
As a result, many organisations are basing their business cases on the following benefits that can be derived from big data:
In fact next to their employees, IBM’s 2012 executive report, “Analytics: the real-world use of big data” revealed that many companies consider information to be their most valuable and differentiated asset, improving decision making and performance.
Whilst many success stories around the uses of big data exist, it is hard to distinguish hype from reality. Thus, what is really happening with big data? And given the hype, what makes this era of big data different?
IBM has identified two important trends differentiating this era of big data:
Organisations realise the value of big data and analytics by analysing the volume, velocity and variety of new and existing data, whilst implementing the right skills and tools to better understand the organisation’s operations, customers and the marketplace.
True leaders in analytics are not only using insights from big data for decision making but are also integrating the use of big data into day to day customer interactions and processes to improve customer experience and business return.
Find out more by reading IBM’s Executive Report, “Analytics: the real-world use of big data” and join the discussion through Twitter @sjcrisp and @IBMthinkersANZ.
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