— Businesses skilled with Big Data and advanced analytics will be best equipped to thrive in their markets
MOUNTAIN VIEW, Calif., Sept. 12, 2014 /PRNewswire/ — A new report from Frost & Sullivan has a stern warning for organizations in all industries: Companies that aren’t using advanced analytics to assess their business, competition and markets may struggle to survive in the 21st century. To stay competitive, companies require tools and processes that enable them to create new ideas and put them into practice quickly.
New Opportunities Require New Tools
Frost & Sullivan’s recently published white paper entitled, "Business Analytics: Key to Business Survival in the 21st Century, " reveals that although the availability of big data sets offer unprecedented opportunities, most businesses are ill-equipped to utilize the information available and attempt to perform complex analysis using spreadsheets and other rudimentary tools.
"With the quickening pace of business today, companies that don’t use Big Data and advanced analytics to assess their markets and competition and to better understand their own businesses are doomed," says Jeff Cotrupe, Global Program Director, Information & Communication Technologies with Stratecast | Frost & Sullivan, in a video segment included in the report. Companies that are the most skilled at making use of analytics will be the best equipped to succeed.
Best Practices and Case Studies
The interactive white paper presents best practices for organizations to adapt to the evolving demands of business and discusses the advantages companies can gain by analyzing the data they have available. One key step to achieve those benefits is to adopt an ideal tool that is easy to use and capable of handling very large data sets, such as IBM’s SPSS portfolio. The report features two case studies from companies that have used IBM’s software to optimize spending, improve service delivery and reduce customer churn. To learn more, access a complimentary copy of the interactive white paper.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?