87% of enterprises believe Big Data analytics will redefine the competitive landscape of their industries within the next three years. 89% believe that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum.
These and other key findings are from an Accenture and General Electric study published on how the combination of Big Data analytics and the Internet of Things are redefining the competitive landscape of entire industries.
The study also shows that many enterprises are investing the majority of their time in analysis (36%) and just 13% are using Big Data analytics to predict outcomes, and only 16% using their analytics applications to optimize processes and strategies. Moving beyond analysis to predictive analytics and optimization is the upside potential the majority of the C-level respondents see as essential to staying competitive in their industries in the future.
Painting by the Numbers: Data Visualization
Persuasive and engaging, digital visualizations are opening up new frontiers of understanding and sharing information, as well as creating new risks.
The rising popularity of CS 171 and the high quality of its final projects speaks to a growing interest in digital visualization at Harvard and in the world. Part artform, part analytical tool, digital visualizations occupy a unique niche in communication. They are adding a visual component to conversations in fields ranging from hip hop to scientific collaboration. Powerfully persuasive and engaging, researchers and practitioners say that digital visualizations are opening up new frontiers of understanding and sharing information, but balancing aesthetics with contents can create risks.
“The big difference was that suddenly we had interactive visualization. Until 2007 what we saw was usually static…. Ever since then, with libraries such as D3 or Canvas or WebGL, you can do pretty cool stuff that works reliably on many platforms,” says Alexander Lex, a postdoctoral visualization researcher at SEAS.
Big data in marketing: how to gain the advantage
It’s no surprise more and more data is being generated as internet-connected devices increase, big data infiltrates our daily lives and consumers gain more comfort about sharing their details with brands.
Consumer attitudes are evolving – recent research commissioned by Webtrends found that, contrary to perceptions of ‘Big Brother’, more than half of Britons say they’re not bothered about the amount of data they share with brands.
Using data to capitalise on value of real-time insight As these attitudes evolve further, the door is open for your business to be more creative and innovative in how you use data to give customers the personalised, exciting and engaging experiences they seek. Big data is a key part of the equation to understanding exactly who your customers are and how you can engage with them.
Insights in action For example, using real-time insight, you can see which products are being viewed by a customer on your website. You can then serve up links to other relevant products indicated by their preferences and behaviour online, or deliver personalised discounts and offers that increase the likelihood of converting the sale.
These actionable insights can also be used to inform future plans for campaigns to target consumers and encourage them to visit your website or engage with your brand, maximising the effectiveness of your marketing spend.
