Do more with Data than just create BI Reports – Innovate with Predictive Information and Automation
The question to ask is. How well you can link information to a positive or negative business outcome, considering that the information no longer lies just within your IT infrastructure?
1. To deliver real-time offers you need to influence the next best action, through precision selling
2. To prevent fraud, you need to detect threats before incurring a loss
3. To avoid unplanned downtime, you need to predict the probability of machine failure
“By 2019, 75% of analytics solutions will incorporate 10 or more exogenous data sources from second-party partners or third-party providers – Gartner”
In this new scenario, you need to apply both logic and mathematics to data across silos to provide insights and influence decisions through alerts and the next best action recommendation – this is ANALYTICS.To understand why Analytics and BI platform has not met your expectations you need to first understand. What has changed in the BI world?
DATA is EVERYWHERE, in every business interaction, you cannot store it in a data warehouse anymore. Considering that there has been a sea change across many dimensions, from data sources, reporting tools, and consumption practices – Business have realised that the BI team is unable to respond immediately and needs a huge turnaround time to deliver. Hence the business users themselves create their own logic, data silos and apply models to fulfil their analytical requirements. Hence, now ANALYTICS is EVERYWHERE.
Figure 1: What has changed in the world of BI
As the pervasive mobile phenomenon matures, and greater numbers of consumers, businesses and devices, connect to the Internet. It is estimated that more than half of large organisations, globally are forecasted to compete using advanced analytics and proprietary algorithms. Yet, only a 1% of data available to organisations is used.
Every organisation has invested into enterprise analytics, however, these investments have yet to deliver. The primary reason impacting this is agility and the response time required to deliver an analytical request. There are different approaches to business analytics with multiple technologies for various areas.
There are different approaches to business analytics with multiple technologies for various areas, such as data warehousing, business intelligence, enterprise information management systems, enterprise performance management systems, analytic applications, governance, risk, and compliance.
All these are essential, for the analysis of mission critical information derived from structured and unstructured data. The integration of mobile and internet enabled platforms, into legacy commercial enterprise IT systems, is paramount to ensure the future success of enterprises and mid-market organisations.
“50% of data and analytics leaders will have successfully created a narrative that links financial objectives to data and analytics. – Gartner”
At Invenio our objective is to deliver the business outcome that the customer has defined with a solution architecture that is both agile and flexible in addressing the use case scenario. To reach the desired Business Outcome we focus on combining data with predictive analytics and Automation to deliver this through a digital boardroom for the customer.