Making advanced analytics work for you
Fully exploiting data and analytics requires three mutually supportive capabilities.
Big data and analytics have rocketed to the top of the corporate agenda. Executives look with admiration at how Google, Amazon, and others have eclipsed competitors with powerful new business models that derive from an ability to exploit data. They also see that big data is attracting serious investment from technology leaders such as IBM and Hewlett-Packard. Meanwhile, the tide of private-equity and venture-capital investments in big data continues to swell.
The trend is generating plenty of hype, but we believe that senior leaders are right to pay attention. Big data could transform the way companies do business, delivering the kind of performance gains last seen in the 1990s, when organizations redesigned their core processes. As data-driven strategies take hold, they will become an increasingly important point of competitive differentiation. According to research by Andrew McAfee and Erik Brynjolfsson, of MIT, companies that inject big data and analytics into their operations show productivity rates and profitability that are 5 percent to 6 percent higher than those of their peers.
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