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Data and analytics are becoming key components of business success. Gartner forecasts that over the next two years 90 percent of business strategies will include both data and analytics as essential components.
Rahul Singh, managing director of IT at Pace Harmon, said that “the ability to analyze vast amounts of structured and unstructured data to gain insights, often in real time, is what underpins most digital transformation efforts, as the insight derived through big data analytics is used to drive digitization and automation of workflows.”
Singh said that “The combination of this IoT data, big data analytics capabilities, and digital transformation allows companies to not just adjust in near real time to customer needs but also predict future behavior of their consumers.”
Digital transformation is the tool that businesses can use to enable data-driven insights. Four areas where businesses, based on a Qlik assessment, are seeing payback from improved data and analytics includes:
- Deeper Customer Intelligence – Profile of customer needs and trends can help businesses customize the customer experience, products, and the supply chain for delivering them.
- Redesigned Processes – Identification and replacement of workflows to achieve greater efficiency, reduced costs, and faster cycles.
- Identify new Business Opportunities – Data can be used to identify trends and help businesses set priorities and make strategic decisions.
- Develop optimized Strategies – Data can help businesses simulate possible scenarios to identify scenarios that maximize potential benefits while minimizing risks.