Described as its most important analytics announcement in a decade, IBM has launched a set of cloud-based data analysis tools using its Watson artificial intelligence technology. The company's goal is to make data analytics - and business intelligence based on big data - more accessible to anyone in the enterprise who needs it.
Big data is a big buzzword in retail and while the term can be ambiguous, 92 percent of executives say they're satisfied with the results of big data applications within their organizations.
Big data is the all the rage and getting tons of press as it has allowed manufacturers and supply chain executives to create new and compelling data-driven strategies that help them compete, innovate and capture wallet-share. Perhaps fueled in part by the likes of leading database vendors or system integrators (SIs) looking to cash in on high-dollar predictive analytic and scoring engagements, big data represents many things to many people, but one of the most pragmatic applications is mastering all the data elements used in a business infrastructure. The term commonly used for this process is master data management, or MDM.
Over the past 30 years, most companies have added new C-level roles in response to changing business environments. The chief financial officer role, which didn't exist at a majority of companies in the mid-1980s, rose to prominence as pressures for value management and more transparent investor relations gained traction. Adding a chief marketing officer became crucial as new channels and media raised the complexity of brand building and customer engagement. Chief strategy officers joined top teams to help companies address increasingly complex and fast-changing global markets. Today, the power of data and analytics is profoundly altering the business landscape, and once again companies may need more top-management muscle.
Time-critical decisions in transportation, risk management, security, disaster response, manufacturing, and other operational domains require continuous real-time situational awareness and intelligence. Most enterprise systems do not provide this today.
The payoff from joining the big-data and advanced-analytics management revolution is no longer in doubt. The tally of successful case studies continues to build, reinforcing broader research suggesting that when companies inject data and analytics deep into their operations, they can deliver productivity and profit gains that are 5 percent to 6 percent higher than those of the competition.
Organizations of all sizes across an assortment of industries are using a growing set of cloud analytics solutions to address their Big Data, business intelligence and data integration challenges.
O'Reilly Automotive has been on a strong growth path for the past couple of years. Adding to the retailer's success has been its rate of growth and technology evolvement. O'Reilly has been keeping up with the pace of change by replacing its POS transaction engine, integrating promotions and incentives into the new system for a seamless customer experience and enhancing its electronic parts catalog.
The buzz surrounding big data shows no signs of slowing. But as federal government and industry take steps to harness big data one group is lagging behind - state and local government. According to a new report, "The State and Local Big Data Gap," state and local agencies need to double their storage and computational power, and triple their personnel to successfully leverage big data.
Analyst Insight: As new software and technologies gain market entry and alternative sources of information come into play for improving the process of demand planning and forecasting, it is vital that companies embrace this rampant invasion of methodologies and information with a focused, retrospective view of the basics"”to achieve a successful demand planning and forecasting strategy. A strategy that goes back to the basics can help companies ensure they apply universal and effective principles for success.
- Jorge GarcÃa, TEC Senior BI and Data Management Analyst, Technology Evaluation Centers