Advanced Analytics – The data we generate and copy annually doubles in size every two years, and IDC says it will reach 44 trillion gigabytes by 2020. That creates significant new opportunity for business. Indeed, as The Economist has noted, data has become more valuable than oil.
In the case of data, there’s a lot of it to wrangle from many sources. Ensuring you have the right data, that it’s fresh and that you’re using it to yield accurate results is challenging. And it’s quite complex.
Traditionally organizations have used people and manual processes to collect, review and report on data. That’s no longer a viable strategy. Manual systems simply can’t keep up with the growing volume of transactions and data processing required to make timely, informed decisions. Overwhelmed with higher demands and expectations for quality assurance, personnel and processes across industries have reached capacity.
Legacy rules-based analytical models don’t scale to meet today’s requirements for evaluating risk associated with this flood of data. Fortunately, technology innovation is fueling significant improvements in analytics. That’s enabling organizations to address the data onslaught and use it to their advantage.
This article originally appeared on datanami.com. To read the full article, click here.
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