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Big data fuels analytics which in turn propels digital transformation to generate business revenue and the cycle continues again. There is a new term going around in the analytics world – Analytics Economy. Just as an economy is driven by decisions taken by the government, organizations and individuals based on market, finances and resources, Analytics economy drives businesses to achieve their goals and business objectives.
Just like other economies, the analytics economy offers innovative ways for organizations to disrupt traditional business models (or be disrupted themselves), but doing so needs realization of value driven from the application of analytics to data.
There is an unprecedented pace of change and the way in which analytics is being utilized by organizations. What really defines the analytics economy is the acceptance and pervasiveness of embedded analytics. Here every insight is a new data point that can be used to speed up innovation and disruption.
In this new economy each insight sparks the next insight and then these insights compound, just like investments. The compounding value that come from sharing data, acting on analytics insights and presenting the result for others to build upon is the ultimate benefit of the analytics economy.
What technology is fueling the analytics economy?
In the not so distant future, technologies like intelligent automation, networked data and ambient analytics will affect the analytics economy.
Embedded analytics self-identifies when automation is feasible and when it isn’t. Automation driven by analytics will extend beyond eliminating and automating human tasks. Intelligent automation embeds analytics into digital processes so that the digital processing itself self-identifies when automation makes sense, when it doesn’t and what should be automated.
This alters the way data is accessed and utilized. With the potential to solve security and privacy concerns, a distributed data network similar to blockchain could alter the way we store, register and access data. A virtual, distributed data network that is trusted and solves current concerns may redefine how data is used and by whom.
Analytical decision points available for business leaders happen without our knowledge or input. Ambient analytics becomes possible when you bring analytics to the data by cleansing, transforming, filtering, and analyzing data at its source.
When data has intelligence as it’s issued, it can be directed from its source to use automatically. That’s true of ambient analytics. The data is clean, relevant and has specific merit as it’s generated. Just as data is everywhere, analytics will be everywhere that data exists.
In a nutshell, to explain these three concepts together, when we can securely network intelligent data, analytics becomes its own network and even drives intelligent automation.
How to Leverage Analytics Economy for Business Growth?
The digital economy is driving every business vertical to push towards an open-ended market where innovations, adoption of technologies and ideas is imperative for surviving the tough competition.
The way to succeed in the analytics economy is by having a consistent approach for anyone to collaborate and take the best actions in a governed, repeatable way. This can happen only when decisions are taken quickly, by the business leaders to create, deploy and refine the analytics applications and repeating the process.
If predictive data analytics is the key to success for outperforming in the market competition, machine learning has been redefining enterprises by solving complex analytics problems by virtue of AI-enabled tools.
This analytics platform should handle a large volume of actions and workload variations, infrastructure changes, and a variety of methods and approaches with precision, accuracy, and relevance.
The analytics platform brings together the existing tools and techniques of your organization to create a trusted, flexible and scalable environment. Measurable and quantifiable results must be available to understand the quality of the actions associated with analytics economy. This forms the basis for ongoing innovation and value.