A. Commonly referred to as business intelligence or analytics, big data is taking center stage across companies both large and small. With resources aligned to interpreting this information into insightful marketing and financial reports, many organizations have found a definite advantage to working with an outside partner on a data strategy or analytics solution.
Analysis of data now entails more than taking general ledger information and marrying it to basic sales or marketing indicators. It often requires sourcing data from multiple applications and databases to form a 360-degree view of a business environment. Finally, the multitude of data sourcing types— geographical, visual, social media, point of sale, financial, demographic and plain old digital—make data management and storage expensive and cumbersome.
Without a sound strategy and a supporting solution, most companies will continue to ineffectively mine their data or utilize predictive modeling, failing to realize the full range of insights and information available to their organization. Further, even with segments of robust, integrated data, companies rarely have the human capital needed to manage and maintain large visual stores or to pull together the data elements required to make solid business decisions. Employing analytics as part of a data strategy enables the type of insights that support agile and effective decision making. Without adequate tools to analyze and interpret data, hours are wasted while competitors are employing analytics solutions that target customers and recruit the most productive sales staff.
Zachary Madrigal is vice president of business development, HME Healthcare, for Genpact USA. He can be reached at 203.512.3501 or email@example.com