Analytics thinkers describe data benefits
Big data analytics and its less-evolved structured data counterparts have become a game-changing technology in all types of industries. According to Small Business Trends, authors Thomas Davenport and Brook Manville recently discovered some of the core philosophies behind data use through market observation.
According to the source, the authors uncovered a wealth of knowledge about the way modern companies use data. They found that companies leading in their fields use data to either to support decisions or make them. Executives at such companies have also realized that group decision-making is much more powerful than a single user's insights.
Small Business Trends reported that Manville and Davenport also encountered some business leaders unprepared to base their strategies and decisions on data. These executives' companies, however, cannot compete with those that have democratized choices.
There is no one type of company that can serve as an ideal test case for big data analytics. In fact, according to ITWorld contributor Irfan Khan, unstructured data in vast quantities is now available to companies of all sizes. He noted that small to medium-sized businesses could use new reserves of data to begin to prepare for growth or even to compete with much larger enterprises.