McKinsey Global Institute (MGI) released a report in 2011, that would act as a marker for future releases – “Big data: The next frontier for innovation, competition, and productivity.”
This report has forecast common issues & outcomes seen within every organisation along with supplying possible solutions. In the McKinsey Podcast, MGI partner Michael Chui and McKinsey senior partner Nicolaus Henke speak with McKinsey Publishing’s Simon London about the changing landscape of analytics.
Big Data & Analytics are terms that are used often, but what exactly do they mean? According to IBM Analytics “Big data is a term applied to data sets whose size or type is beyond the ability of traditional relational databases to capture, manage, and process the data with low-latency.”
This term does not just transcend beyond the ability of traditional data collection methods, however, encompasses all forms of data generated during daily interactions. Big data is now used in reference to a collection of data from traditional and digital sources inside and outside your company that represent a source of ongoing discovery and analysis. It has been described in a variety of different ways since the term was coined so it is no wonder that many are confused & intimidated.
However, exactly how to use all of this information in a way to benefit your business has become major issues.
Every organisation we have encountered is collecting vast amounts of data that tells them where they are, and sometimes where they need to be. But rarely they can move from what is to what can be. By collecting & using this data in the right way, your organisation could gain a competitive advantage. In using Predictive Analytics, you are creating an opportunity for your organisation to transform.
Predictive analytics can help determine what the next business decision needs to be, and uses proven mathematics to get there. Organizations use predictive analytics in a variety of different ways, “from predictive marketing and data mining to applying machine learning (ML) and artificial intelligence (AI) algorithms” to optimize business processes and uncover new statistical patterns.
Research shows the predictive analytics market will reach $5.2 to $6.5 billion by 2018/2019; they are calling it the game changer as it has helped reinvent 6 industries (Healthcare, Manufacturing, Marketing & Financial Services, Government, Credit Risk Insurance and Workforce Management). This is why so many organisations are turning to predictive analytics to increase their bottom line and competitive advantage.
In its simplest form, Predictive Analytics refers to computers learning from past behaviour about how to do certain business processes better and deliver new insights into how your organization really functions. But, before we get into all of the fascinating ways businesses and technology companies are employing predictive analytics to save time, save money, and gain an edge over the rest of the market, it’s important to talk about exactly what predictive analytics is and what it’s not.
Corporate Parity presents the Global Predictive Analytics Forum 2018. We endeavour to provide attendees with the opportunity for learning through case study presentations, interactive panel discussions and multiple networking opportunities. During this 2-day, event analytics pioneers will share their ideas on how to shape the future of your organisation through effective data analysis.
Also check our upcoming events page.