As the workplace becomes more technology driven and fast-paced, everything that business does results in data. Firms need a robust analytical approach to get strategic decisions and business value out of this amassed volume of data. Data analytics aids the business to manage and data and utilize it to find new opportunities. Only a few firms have reached a level of maturity with their data analytics, and specific barriers are stopping them from getting real value from their existing investments in data analytics. They are
• Fragmentation: Data originates from a growing number of sources, such as customer transactions, marketing automation systems and the Internet of Things which has resulted into data islands with inefficient data duplication, disconnected repositories of data with inconsistent structures.
• Performance: Legacy infrastructure has resulted in inefficiencies and latency in performance as they were not created to handle the high demands of today’s computer and data-intensive workloads. If the infrastructure is not being fit for purpose, decision making becomes a problematic and lengthy exercise.
• Simplification: To tackle the enormous data volumes data professionals have often been forced to simplify the data to speed up results.
Many organizations have BI and analytics solutions that are labour intensive, based on incomplete information, and backwards-looking as a result of these barriers. But it is possible to tailor a data strategy on existing investments. An in-memory database is one enabling technology that helps organizations modernize and enhance the performance and scale of the data infrastructure. It also facilitates business to bring together the required data and analyze it by removing the latency that prohibits the transition from BI to data analytics. Companies can use new insights to respond to transformation and to become a data-centric business.
When business masters data in its true essence they become insights driven business, and every firm should be aspiring to attain this quick automated view of data.