Stay Informed and Act With Confidence
New events and technologies change how we approach our day-to-day, and we are always on the watch for ways that data analytics continues to shape the business world. From restaurants to financial services, and everything in between, the importance of data and analytics continues to expand as a market and as a strategic asset.
Actus Data keeps tabs on the latest news and provides commentary here.
A Few Comments on “17 Predictions About the Future of Big Data” from Forbes
In the article “17 Predictions About The Future Of Big Data Everyone Should Read,” Bernard Marr and Forbes provide a list of predictions that are important to businesses of all sizes as they try to make the most of their data. Below we have added some additional comments to the most significant of those issues.
Businesses using data will see $430 Billion in productivity benefits over their competition not using data by 2020, according to International Institute for Analytics.
This enormous increase will lead directly to growing profits for companies that take advantage of the opportunity. One detail missing from this statistic is that the bulk of these gains will be realized by the companies that act first. Improved productivity means lower cost, and with that the ability to win market share and fund growth. Even though the path to comprehensive data analytics can be challenging (more on that later), starting now will yield the best outcomes.
“All companies are data businesses now,” according to Forrester. More companies will attempt to drive value and revenue from their data.
Companies that do not take advantage of the productivity benefits mentioned above will be at a competitive disadvantage. Regardless of the industry or size, business leaders will be driving value from their data in the near future. It is important to note that this does not mean that the creation of an entire big data infrastructure and data science team is required in every case. Analytics-as-a-Service providers like Actus Data provide comprehensive solutions that democratize big data and make it possible for companies of all sizes to reap the benefits without facing the cost and risk associated with traditional big data projects.
“Fast data” and “actionable data” will replace big data, according to some experts. The argument is that big isn’t necessarily better when it comes to data, and that businesses don’t use a fraction of the data they have access too. Instead, the idea suggests companies should focus on asking the right questions and making use of the data they have — big or otherwise.
This is not something that will happen at some far off date – it is happening right now. Rather than wait for traditional implementation that occurs over many months at significant cost and with questionable outcomes, businesses are taking an agile approach to data analytics deployments. Concepts like failing fast and iterative development make sense as businesses forge new paths with their data. This is especially true because underlying technologies and data sources are continuing to change at a rapid pace (bullet #2 also addresses this issue). There is no need to focus on a limited set of requirements or lock into a fixed tool set when there are powerful, flexible, and affordable solutions that deliver the basics as well as the more advanced analytics and automations that deliver actionable results.
Prescriptive analytics will be built in to business analytics software. IDC predicts that half of all business analytics software will include the intelligence where it’s needed by 2020.
Prescriptive analytics are currently considered the ‘final frontier’ of data analytics because it is the most difficult to deliver and more advanced than most businesses are ready to consume. If there is general agreement that comprehensive analytics solutions will have the capability to deliver these insights, why would a business wait until 2020? The good news is that they do not have to. There are solution providers like Actus Data that offer full stack solutions today.
Data volumes will continue to grow. There’s absolutely no question that we will continue generating larger and larger volumes of data, especially considering that the number of handheld devices and Internet-connected devices is expected to grow exponentially.
By now, we have all seen the hockey stick graphs that show the volume, variety, and velocity of data expanding over time. Considering the sources that are driving this growth – things like social media, the Internet of Things, and mobile engagement – they are hard to argue. For businesses with the proper solution in place, this data presents a wide range of challenges and new opportunities. It is time to make a choice – ride the big data wave or get swamped by it.
The article concludes with this:
Only time will tell which of these predictions will come to pass and which will merely pass into obscurity. But the important takeaway, I believe, is that big data is only going to get bigger, and those companies that ignore it will be left further and further behind.
We absolutely agree – what about you?
Start Tackling Your Data Challenges With Analytics-as-a-Service
When it comes to big data, data science, and data analytics, we often hear “store everything, analyze everything.” Though we believe that this view is correct, it is much easier to say than it is to do.
There are many questions that need to be answered when considering a comprehensive analytics solution. Here are just a few:
How am I going to connect to my data sources?
What is my data warehousing strategy?
Who is going to build my data model?
SQL? OLAP? Hadoop?
How will I maintain my infrastructure?
Can I be sure my system is secure?
How am I going to create value-added metrics, KPIs, and advanced analytics?
Do I need a separate presentation layer?
Who is going to build my visualizations and dashboards?
What happens when I need to make a change?
If this sounds complicated, that’s because it is. One option for finding answers is to hire developers, data scientists, and analysts to write custom code and cobble together some of the many tools that address one or two of these questions, but that is expensive, time consuming, and risky. Another option is to settle for a product that only answers one or two questions, like visualization, data integration, or reporting tools, but these are only interim steps that are not capable of providing complete solutions.
Fortunately, there is a third option. Analytics-as-a-Service providers like Actus Data take care of all the heavy lifting so you can focus on your business. We offer connections to a long list of data sources, custom data models, a powerful and flexible analytics infrastructure, pre-built and ad-hoc analytics, and configurable dashboards, visualizations and reports. On top of that, a subscription-based approach to data and analytics lowers the upfront cost and risk, dramatically shortens the timeline to generating value from your data, and gives you greater flexibility as your needs change. You are able immediately reap the benefits of domain experts without having to worry about specific skill-sets or new hires and all of that adds up to an attractive ROI.
After all, the reason you are storing everything and analyzing everything is not to become a data analytics company, it is to drive insights that improve results. Isn’t it time for you to stop worrying about all the details and to start transforming data into action?
Why rely on hunches when you can use data to get it right?
Businesses of all sizes improve results by effectively using the growing supply of data produced by their operations. For restaurants, this data comes from POS, management, labor, and accounting systems and this FSR Magazine article highlights a few very specific use cases, but the opportunities are practically endless.
At Actus Data, we have restaurant customers using our Smart Restaurant Solution to combine sales, labor, and weather data to predict staffing requirements and optimize menus based on weather forecasts. A customer in the manufacturing business started using Actus Data to increase profitability by refining inventory usage and then extended this data to improve the sales process. A financial services customer used to take months to get visibility into client activity – with Actus Data they get insights immediately and they are using this timely information to drive action.
These are just a few examples on top of those mentioned by FSR – what would you do with data driven insights? What is stopping you? Whether you run a restaurant or some other SMB, Actus Data is ready with solutions that will make your business smarter.
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inside BIGDATA: 5 Major Reasons Companies Fail to Drive Value with Data
It should be no surprise that experts predict continued growth in the volume, variety, and velocity of data. It is a little more startling that there are still a large number of companies that have yet to harness the opportunities this data provides. According to the inside BIGDATA article, there are five reasons why this is still the case:
Speedbumps at the start of the big data journey
Delays due to decision-making around technology tools
Issues with configuring the data science team
Problems with data quality and complexity
Lack of focus on decision-making
Sure, implementing a comprehensive analytics initiative is risky. It requires technology and business resources that are not readily available to most companies. Starting out is daunting and the challenge is real, but with data science and analytics as a service, there are plenty of options. At Actus Data, we embrace this challenge. As data experts who understand business, we deliver comprehensive solutions that address both sides of the equation. Bottom line – there is no reason for businesses to let fear of failure prevent them from using data to drive value.
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Every Business Can Gain Competitive Advantage From Data Analytics
There was an interesting article written by two Accenture Managing Directors on ComputerWeekly.com recently and we felt that it was important to comment. Although the article reaches the correct conclusion – that using data analytics provides business with a competitive advantage – some of the authors’ commentary plays into the common misconception that the benefits of data analytics are out of reach for SMBs. In an environment where there are companies providing analytics and data science as a service, this couldn’t be further from the truth.
The article notes five actions that drive data analytics success:
Establishing a “center of gravity” for analytics
Initiating an analytics operating model
Creating internal marketplaces for data collaboration
Developing a data supply chain
Training talent and building a data-driven culture
Some of these items, like building a “center of gravity” for analytics and a data driven culture, are organizational in nature and apply to companies of all sizes. They require changes in focus, not the expensive consultants and technology that are too often only available to large businesses. In fact, adjusting focus and getting the team on board is often an easier shift for the management of a mid-sized company than it is for leaders of a global enterprise.
The other actions, like the analytics model and data supply chain, are more technology-heavy. This is typically where SMBs lose traction. Building the infrastructure necessary to support data analytics is difficult and expensive. Resources like skilled developers and data scientists are scarce, and even though they have a growing supply of data most SMBs don’t have the technology expertise to even get started.
This article gives the impression that SMBs are just out of luck or are years away from realizing the benefits of analytics, but that is not the case. Rather than throwing up their collective arms and doing nothing, SMBs have the option of choosing companies like Actus Data to provide data science and analytics as a service. With a wide range of solutions that are powerful, flexible, and affordable, Actus Data takes care of the heavy lifting and enables SMBs to get the same benefits as the big guys by transforming data into action.
Winning with Data Analytics
According to Gartner, a majority of large organizations will compete using advanced analytics by 2018.
“Advanced analytics has already been changing entire industries for over a decade and is a key factor for how most new entrants disrupt established markets and beat their incumbents – whether selling books, renting movies, borrowing money or even building a professional sports team,” Jim Hare, research director at Gartner.
“Today, with fewer regulated monopolies and the Internet eliminating geographical boundaries, more companies are starting to use statistical analysis, predictive modeling and decision optimization to compete, instead of using traditional approaches.”
Embracing comprehensive analytics solutions empowers companies to identify keys to success and deliver actionable insights to business users. Armed with these insights, companies put data to work reducing costs, improving efficiency, and increasing profits.
