Predictive Analytics for Business Growth
Monetization of data is enabled by analytics, which should be predictive to generate business value.
Digital deprived of analytics is pointless –
- 39% The world currently has 2.7 billion internet users, 39% of the world’s population.
- 44% The volume of data generated or processed in 2020.
- 79% Seventy-nine percent of businesses believe that big data will boost revenue.
- 20% Companies that successfully use data outperform their peers by up to 20%.
- 59% Fifty-nine percent of business decision makers use customer-generated data for customer insight.
- 80% Eighty percent of organizations are in the early stages of big data initiatives.
- US$325 billion Better analytics tools create huge value. The mainstream adoption of big data analytics would boost the output of global retail and manufacturing industries by US$325 billion.
Analytics needs to be predictive –
- Improved intelligence to offer business insights
- Use available information to take correct decisions
- Transform data into actionable insights for business performance improvement
- Forecast with precision - enabling exploration of business opportunities
Business Concerns: Problems Faced and Challenges to Deal With
Digital is changing the business. The current approach to business may no longer serve in the digital age. New realities need to be factored –
- Prevalence of digital technologies
- Exponential growth in new market segments
- Need for accelerated decision-making
- Essential to benefit from data to spot opportunities