The next generation of business analytics is being driven by some significant technical advances. Organizations want to see trends and patterns; being caught by surprise could be a disaster. Analytics is now an affordable and convenient alternative for even small companies. Here are four ways that recent advances have changed analytics forever.
1. In-Memory Processing
Analytic solutions were once a cumbersome tool that relied on pre-built data cubes, data modeling, and laborious query writing that churned out slow-running, static reports from central servers. Advances in computing power have led to a shift in software architecture. Now huge datasets can be generated remotely and loaded directly into local RAM. Even complex and specialized queries can be processed faster to give answers in seconds.
2. SaaS
SaaS, or software as a service, has appeared to meet growing demand and expectations. It leverages faster networks with greater bandwidth to provide analytics over the internet. The ability to remotely utilize a provider’s software provides many advantages. Companies save on the time and expense of software acquisition and deployment, upgrades and maintenance, and all the headaches of in-house solutions. The benefits include reduced costs for hardware and more time for IT staff to focus on important projects rather than user support. For a simple monthly fee, any company can utilize analytics to cut costs or refine marketing.
3. Real-time Monitoring
Electronic solutions for data collection are automatically generating immediate data that was never possible before. Point-of-sale systems, sensors, cameras, lasers, scanners, proximity switches, and a host of other devices capture in-process data to provide management with real-time information. Monitoring this data flow lets business leaders track everything from sales in Hawaii to factory output in Florida as it happens. This allows managers to make responsive, more informed business decisions.
4. Social Media Analytics
The rise of social media has created a marketing platform unparalleled in history. Modern analytic tools let companies capture every user share, click, or mention along with the demographics of the registered user. This data gives companies extraordinary feedback into what consumers want, how they shop, how they interact, and who they are. Today’s business programs, like this online mba program with no gmat, are producing future business leaders who understand how to explore and leverage these digital communications.
Technical advances have made analytics more valuable and more important than ever. They help companies learn from their own customers and processes. With artificial intelligence and mobile devices advancing steadily, tomorrow’s analytics will be even more robust and productive.
In the past, business analytics was a privilege for big corporations. With the help of technologies like SAAS, SMEs can easily leverage business analytics to drive business.