This is the decade of business analytics, says Jane Griffin principal at Deloitte Consulting.
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Quoting Tom Davenport, who holds the President's Chair in IT and Management at Babson College, Griffin says the industry has moved from heavy investments into infrastructure in the 1990s to enterprise resource planning systems in the last decade and is entering the decade of business analytics.
“The business analytics and data management sector, from a software perspective, is a hundred billion dollar business, growing twice as fast as any other software sector."
There are five major trends driving this, she says.
The first is data explosion and advanced computing. "We now have capabilities we never had before to analyse all the signals coming from all locations and house and compute that data."
One client, says Griffin, captures one million customer transactions per hour. The client deals with over a billion dollars a day in revenue and has 2.5 petabytes storage in their data warehouse, she adds.
“Another reason is regulation. We're living in a world of regulatory changes in every part of the globe. Many new regulations are requiring us to harness the information assets that we have more effectively and use them as productively as we use other assets."
Continued opportunities for profitable growth is the third driver of adoption, says Griffin. As an example, she mentions Amex.
“Amex analysed its customer base and found a formula that said people running up large bills and moving to Florida are likely to file for bankruptcy, as Florida has high flexibility under bankruptcy laws. So that gives them an idea of who to attract.”
The fourth and fifth reasons for the growth of analytics adoption are a diversity of signals, such as social media or statistics, and the ability of companies to discover hidden insight.
“Business analytics is an untapped frontier,” she notes.
Deloitte Consulting senior manager Werner Swanepoel will elaborate on the challenging new landscape for data warehousing at the ITWeb Data Warehousing 2010 conference later this month. Click here for more information and to reserve your seat.
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