Analytics has the potential to inform so many parts of your business. Whether it’s sales, marketing or competitive insights, data can deliver huge results for your business.
But with such a wide range of benefits available, why should the responsibility of gathering insights rest solely with data scientists?
In order to gain a competitive edge, data scientists are already converging with other teams, but the future is likely to see analytics incorporated into every facet of the business. Software is already becoming increasingly user friendly to enable employees across disparate teams and industries to make the most from Big Data.
Take marketing, for example. Businesses are increasingly looking for accountability from their marketing teams and analytics is an effective way of achieving this. Analytics enables you to better understand consumer behaviour and predict future trends. The banking sector has also adopted predictive analytics to evaluate the risk levels of certain customers. Enterprise expenditure on marketing analytics is expected to increase 83 per cent over the next three years, while retailers, IT security firms and city planners are also using modelling software to their advantage – clearly Big Data is having a big influence on all areas of business.
Of course, data scientists and specialist analytics teams will continue to be necessary, particularly when the amount of data available is increasing all the time.
The growth of the Internet of Things and wearable devices is set to cause a data explosion and making sense of which information to focus on is vital for clearing a way through the data deluge.
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