The focus in the area of enterprise information has shifted from big data to analytics. How can companies achieve actionable business insights from the vast volumes of structured and unstructured data they have been amassing? Oracle Insight’s experts share their views on trends in data and business analytics in the year ahead, and what enterprises can do to prepare.
“As more and more companies are maturing their use of digital technologies in customer experience, marketing, and big data analytics, they will connect all the scattered digital dots in enterprise technology into a big digital picture. The underlying drive for this trend is the need to build a virtuous digital cycle, where every interaction and transaction uses existing information to enhance the offering in the next iteration, increasing the value of the data rather than simply storing more data at rapidly growing costs.” —Stian Lofstad
“In 2016, enterprises that own data capital will have a competitive advantage in bringing technological advancements into their business. Large enterprises that have a lot of data from their processes and day-to-day business activities can use it to create insights about customer needs. With these insights, they can develop value-creating strategies for their customers. As data capital is not a commodity, not owning it will be a lost opportunity that will put enterprises far behind the market.” —Priyadarshini Mohan
“Companies are becoming more and more aware of the importance of data in delivering insights into their prospects and clients. They already have a large data capital, and are starting to think of new business models to leverage it. Whether they launch their own products and services or become data providers, this new value stream will increasingly be on executives’ agenda.” —Alexandra Turculet
“To service customers on multiple channels and provide them with personalized products and promotions, banks need real-time analytical capabilities so they can respond to input from various sources—such as online transactions, social media, and call centers. The key to succeeding in this area is a unified customer data management platform that can integrate customer data from different sources and analyze it in real time.” —Travis Wu
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