Data & Analytics are terms used to describe data sets – both structured (eg databases) and unstructured (eg patient records)– that are too large or complex for traditional applications to process.
In the past decade we have produced more data than ever before in human history. This exponential spike in the volume and variety of data can no longer be processed and stored using traditional tools. Today, objects can actually generate data with the ‘Internet of Things’ and storage capacity is measured in Petabytes. A new economy is emerging driven by companies that leverage data proliferation with the help of these technologies, and bigger organisations are starting to realise that they need to catch up if they want to remain competitive.
There are two main challenges organisations face when dealing with Data & Analytics. The first has to do with the actual processing of data (from capturing and storing to analysing and visualising). Usually an organisation’s data comes in different shapes and forms and may reside in legacy systems, in proprietary formats and/or in different locations, making it difficult to access. Data & Analytics and Analytics solutions help rationalise disparate data, making it easier to access, search, extract, store, analyse and share.
The second and most critical challenge concerns the ability of to derive actionable insights from the processing of data. Understanding the potential of an organisation’s data and the value it can bring at a strategic, operational and commercial level is fundamental to any Data & Analytics endeavor. Many initiatives have stalled or failed due to lack of planning. Experienced Data & Analytics consultants can help organisations design a fail-safe strategy to get more value out of their technology investment and their data.
One thing is certain. Regardless of industry, the insights that can be gained by analysing and actioning an organisation’s Data & Analytics can have tremendous impact across the board.
If you would like to find out more about how Data & Analytics could help you make the most out of your current infrastructure while enabling you to open your digital horizons, do give us a call at +44 (0)203 475 7980 or email us at Salesforce@coforge.com
Other useful links:
Data & Analytics in the Travel Industry
Your data goldmine - how to capture it, hold it, categorise it and use it