One of the key challenges business leaders face today is how to turn the volumes of data gathered from a variety of sources into actionable insights.
In fact, 96 percent of the 144 CFOs and CIOs surveyed by KPMG admit that untapped benefits from using data remain on the table. As a result, line-of-business (LOB) leaders are missing out on opportunities to spot key business trends, identify operational inefficiencies, and recognize ways to increase revenues and reduce costs.
The Pulse of the Business at Your Finger Tips
The use of predictive analytics can help LOB leaders keep a finger on the pulse of current business and operating conditions, enabling them to respond more quickly to market and operating changes as they occur. Using predictive analytics with data visualization and data discovery tools enables LOB chiefs to spot trends that are emerging ahead of the market through the use of heat maps, scatter charts, histograms, bubble charts, etc.
Rich data visualization tools help make information and insights pop for LOB execs much more than static bar charts or pie charts. Using visually enriched data representations also assists LOB leaders in making more informed and rapid decisions.
Make the Most of Your Data Streams
Real-time data can be streamed into predictive analytics dashboards to help LOB execs identify, explore, and act quickly on business and operational trends as they’re occurring.
Compare this to traditional BI reports that are created by IT or data analysts. By the time IT gathers the data and compiles a report, the information isn’t an accurate reflection of the business and operational trends that are occurring at that moment. Plus, most BI reports don’t allow LOB leaders to probe data and charts used to represent key trends, leaving additional insights untapped.
By comparison, real-time data analysis enables LOB heads to quickly spot customer and market trends so they can take action on industry shifts ahead of their competitors and the market.
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