CIO magazine recently summarised the top five business analytics trends as ‘go big, go fast, go deep, go cheap and go mobile with business data’. This succinctly worded response to Big Data and other technology trends highlights the major changes that are currently being experienced in the world of analytics technology, and the importance for big businesses to stay ahead of the game.
But why is it suddenly so crucial for businesses across the spectrum to react quickly to situational changes?
The ability to ‘go fast’ is highly prized in this competitive global market, and is arguably the most significant trend identified. One example would be a logistics operator delivering cars from the manufacturer to a network of dealers. The core of this company’s business will be in the terms of the various contracts across the supply chain, which ensure that a certain volume of cars are delivered on time in designated places. Real-time analytics technology is necessary to predict when these quotas will not be met or when storage space is unavailable – allowing the business time to negotiate the delivery periods, revisit the service level agreements or factor penalties into the balance sheet. Early warning of failure to meet targets is also beneficial to the relationship with the end customer, creating trust that problems will be spotted and solved early.
As businesses become increasingly global and data volumes get bigger, the need for timely analytics is becoming ever more apparent across all industries. It is no longer a waiting game to see which companies will be the early adopters of in-memory technology, real-time analytics will soon be a requirement for many in this global climate.