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Data has become the most valuable currency and the common thread that binds every function in today’s enterprise. The more an organization puts data to work, the better the outcomes.
How can we harness data in a way that makes lives easier, more efficient and more productive? Where can we find the insight from data that will give a business the edge it needs?
Data intelligence is the result of applying analytics to data. Data intelligence creates more insight, context and understanding, which enable better decisions. Digital intelligence with cloud empowers organizations to pursue game-changing opportunities.
In a Harvard Business Review Analytic Services’ study of business executives, respondents who said they effectively innovate new business models were almost twice as likely to use cloud.
Connecting more roles with more data
Cloud analytics facilitates the connection of all data and insights to all users. This helps lay the foundation for a cognitive business. Trusted access to data is essential for organizations. Including data in motion or at rest, internal or external, structured or unstructured.
Besides their own data, companies have many more data sources that can provide insights into their business. Some popular examples include:
- social media data
- weather data
- Thompson Reuters
- public sources such as the Center for Disease Control and Prevention and Internet of Things (IoT) sensor data
Cloud democratizes analytics by enabling companies to deliver more tools and data to more roles. Compared to on-premises solutions, cloud analytics deploys faster and offers a wider variety of analytics tools, including simple, natural language-based options. With cloud’s scalability and flexibility, data volume and diversity have become almost limitless.
More accessible data and tools have created data-hungry professionals.
Application developers must turn creative ideas into powerful mobile, web and enterprise applications. Data scientists must discover hidden insights in data. Business professionals must create and act on insights faster. Data engineers must wrangle, mine and integrate relevant data to harness its power. The collaboration between these roles helps to extract more value from complex data.
Discovering more opportunities
Cloud-based analytics enables organizations to discover new opportunities, with data intelligence at the core. Organizations can uncover more insights by leveraging new technologies and approaches. A cloud platform provides faster and simplified access to the latest technologies. The ability to mix and match them, try things out, use what you want and put them back when you’re done.
Data science, machine learning and open source let organizations extract insights from large volumes of data in new, iterative ways:
- Data science tools enable quick prototyping and design of predictive models.
- Machine learning has advanced fraud detection, increased sales forecast accuracy and improved customer segmentation.
- Open source tools, such as Apache Spark and Hadoop, help teams conduct complex analytics at high speeds.
- More and more, new products and services are built on the cloud. It provides the ideal platform for users to fail fast and innovate quickly.
Accelerating insights with cloud
Organizations with cloud-based analytics speed up outcomes. They iterate, improve business models and release new offerings into the marketplace rapidly.
Cloud underpins this in three ways:
- Providing easier access to new technologies sooner
- Deploying new data models faster
- Enabling quick embedding of insights into process, applications and services
Putting insights into production in real time has become easy and expected. For example, when a retailer wants to trigger the right offer for a customer shopping online, it should be immediate. Speed is essential in offering this personalized experience.
The cloud has helped companies use analytics to respond to volatile market dynamics, establish competitive differentiation and create new business paradigms.
Learn how innovative organizations have harnessed analytics on the cloud in the Harvard Business Review Analytics Services’ whitepaper, “Powering Digital Intelligence with Cloud Analytics.”