By Tim Peterson, President, AdvantEdge Analytics
The
convenience economy continues to rapidly empower consumers with technological
wonders to manage their hectic lives. And, businesses are struggling to keep
up. Historically, companies have studied data to make business decisions based
on what happened in the past. Today, however, they’re realizing that the data
at their fingertips can help them make decisions based on what may happen in
the future.
Part
of the reason for this increasing adoption is simple—it works. The Harvard Business Review reports that nearly 50 percent of Fortune 1000 companies say
their firms are achieving measurable results from big data investment. Over 80 percent characterize those results as
“successful.” And, International Data Corporation notes that banks investment
in data analytics was nearly $17 billion in 2016, and they are projected to
increase spending to over
$22 billion by 2019.
From
card swipes to web site clicks to everything in between, your systems are
filled with member data. Add to that the information available from your various providers as well as publicly
available data, you begin to realize the question you should be asking isn’t
“do we have enough data?” The real question is “what are we going to do with all
the data we have?” Remember - when you know your data, you know your member.
Learn
more about what you can do with data as well the next big innovation coming for
analytics. Read the full article here.
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