Analytics can deliver instant value

Business intelligence software, especially in the era of big data analytics, can represent a significant change for an organization. That does not mean, however, that the firm must experience an unprofitable trial period. According to Sourcing Focus, there are approaches that companies can take to extract value from information almost immediately and make sure their data programs launch on the right foot.

Quick value

Sourcing Focus reported that companies can get a head start on analytics success by making their first big data program a quick one with easy sourcing and a strong return on investment. Software executive Marco Rapetti told the source that some companies are likely wondering how to begin their journey into using analytics tools.

"Between call recordings, customer emails, chat, agents' notes and customers' social media input – the information available in the contact center is potentially invaluable. When captured and analyzed collectively, this data can tell companies exactly what their customers think and how they really behave." said Marco Rapetti, according to the news source.

Small to medium-sized businesses could benefit from the tactics Rapetti described. While they may not be able to mine data or take in enormous new stores of information, freely available information and the data streams from their everyday interactions with customers could provide enough information to create a big data strategy.

Consultancy manager Richard Eynon told the source that many companies are now taking in so much data that they could have trouble deciding what to use and how to take the most important parts of their information stores. He suggested instituting an overall plan that takes a company's unique circumstances into account and has a specific business goal.

Executive confidence

According to a recent Harris Interactive poll, IT leaders are confident that they can take meaningful value from their business intelligence ventures. The report stated that 70 percent of executives are confident that their big data analytics programs will generate positive return on investment a year or less after implementation.

The Harris data indicated that small business users are capable of making meaningful use of big data analytics. According to the report's authors, SMB leaders were more able than their large enterprise peers to deliver an assessment of big data's value for their organizations. The question was very open-ended, as many companies are still unsure of big data's exact nature and purpose.

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