Analytics is becoming a competitive differentiator
Analytics and business intelligence have become "competitive differentiators" because today companies operate in an economy "where growth is harder to get."
For example, pharmaceutical companies with billion-dollar drugs are losing their patents as they expire. So they have to cut their sales and marketing expenses significantly while continuing to support growth. "Essentially they need to figure out how to market much more cleverly"
At the same time, consumer behavior in the U.S. is changing. For example, the savings rate reached a high of 6.9 percent according to the Commerce Department's Bureau of Economic Analysis. "The consumer has realized times are volatile and it's better to save. Today companies have to understand the new dynamics, predict consumer behavior of the future and get ready to use those to drive growth"
Facts & Figures
IBM's recent study revealed that "83% of Business Leaders listed Business Analytics as the top priority in their business priority list."
Deloitte has mentioned in its study that – Decision makers who can leverage everyday data & information into actionable insights for the growth of their organization by taking reliable decisions, will find themselves in a much better position to achieve strategic growth in their Career
"There is an information overload in today's world and data analytics helps to cut out the clutter to help businesses make safe and smart choices," said the Deloitte global MD
A recent report by Nucleus Research found that companies realize a return of USD10.66 for every dollar they invest in analytics. www.ibm.com In the developed economies of Europe, government administrators could save more than €100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues. McKinsey Global Institute
A retailer using big data to the full has the potential to increase its operating margin by more than 60 percent. McKinsey Global Institute