A common mantra for many analysts is that they don’t get to spend enough time analyzing data to extract vital insights because they simply spend too much time preparing data for analysis.
Don’t Stall Business
The problem includes the time and effort it takes analysts to download, cleanse, and manipulate data and then create charts, tables, and reports for management. As a result, business performance suffers because business leaders don’t receive all the insights that could help them steer their company to achieve competitive advantage.
Fortunately, there are solutions to this problem. A predictive analytics platform that’s able to mashup a variety of data sources enables analysts to devote more time to analyzing data and making discoveries that will help strengthen overall business performance.
As an Ovum report on the topic points out, data mashups provide virtual views of combined data that can be used for further analysis. Not only does this offer analysts a more complete view of data, it generates the types of insights they’re seeking. Additionally, it frees them from having to gather and combine the data themselves since the mashups are occurring behind the scenes through the predictive analytics platform.
Maximize Analyst Potential
When analysts have more time to actually probe and analyze data, they’re able to offer tremendous value to their organizations.
For instance, let’s say an automotive company has identified a way to use carbon-based materials to manufacture body parts that are lighter than traditional metal-based parts. Analysts can evaluate this information to help determine how using these materials could help lower fuel consumption and increase the miles-per-gallon vehicles can achieve.
They’re also able to devote more energy to assessing the potential risks of replacing metal-based body parts with carbon materials, including crash-impact analyses and driver/passenger safety.
There are proven business and operational benefits to gaining these types of insights. A McKinsey & Company study finds that organizations that use big data and analytics effectively generate productivity rates and profitability that are 5 percent to 6 percent higher than their peers.