"Overall the survey points to the fact that data management is a tough problem and requires the right tools, processes, and skilled people to access, integrate and analyze data," said Drew Rockwell, CEO of Lavastorm Analytics. "While we see many people still using basic tools like Excel, there is a clear need for more powerful, yet easy to use, tools."
In a recent blog post for SmartData Collective, Mark van Rijmenam, founder of BigData-Startups, discussed the ways advanced analytics can benefit companies and employees across every department. For example, he listed different types of analysis organizations can do, such as:
– Marketing analysis, which will help businesses determine what advertising strategies are most likely to work. With social media and mobile going mainstream, this can help companies figure out the best ways to market to their audiences.
– Sentiment analysis, particularly through social BI tools, provides leaders with real-time insight into how their customer bases feels about certain products and services.
– Pattern analysis enables companies to identify consumer trends.
Real-time insight needs improvement
What makes pattern analysis so effective is its ability to take structured data, unstructured information or a combination of the two and transform them into useful reports.
According to the Lavastorm Analytics survey of 600 professionals, spread across a variety of industries, predictive analysis will be a massive area of investment in 2013, with more than half of respondents citing interest in the technology. The only way these tools are effective, though, is if they're easy enough to understand and the information is available in real time.
The study revealed that companies are struggling to integrate data effectively, along with providing real-time access. More than anything, this may be preventing them from "gleaning insights from the data," the top-cited big data barrier right now.
In a recent column for CIO, Rob Enderle, president and principal analyst of the Enderle Group, said that data access is the No. 1 priority when it comes to advanced analytics. After all, it doesn't matter how good the technology is if employees can't get insights from the reports in a timely manner.
Fortunately, recent innovations such as Panorama Necto aim to make relevant information available to employees in real time, and those solutions are only expected to improve going forward.