Today real time business economy requires organization to make smarter and faster decisions. Good news is technology exist to accelerate decisions making.
Real time economy requires companies to leverage data faster than ever before, technology is way ahead of culture said Brian Hopkins, VP and principal analyst at Forrester Research. Today lot of vendor brings analytic tools and insight platform to remove a lot of the complexity.
Now days every company compete with real-time data need to stop for a second and understand what they’re trying to achieve. According to William King, founder and executive chair of healthcare insights-as-a-service provider Zephyr Health, “The power of big data is being able to serve up relevant insights at a relevant point in time. I don’t necessarily need to have massive analysis of massive datasets at all points in time.”
Adopt A Data-Driven Mindset
Truly data-driven organizations operate differently than those that are still relying heavily on experience and intuition. Data-driven organizations have a clear idea of what they want to accomplish with data — and they are willing to adapt the business as necessary to stay relevant.
“Organizations need a framework to think about data. It’s still expensive to collect, analyze, and interpret data, because someone has to translate the data into insight and then another person has to turn that insight into a decision,” said Bart Frischknecht, VP of research and customer success at growth strategy software company Vennli, in an interview. “The cycle of knowing what data to ask for, collecting it, and then interpreting what to do with it is an expensive cycle. Companies need to organize themselves in a way that makes that cycle more efficient.”