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Feb 2018 - IDC Perspective - Doc # US43553317

Business Analytics Services: Five Best Practices for Maximizing Success

Authors: Alison Close, Ali Zaidi

Abstract

This IDC Perspective highlights five practices to consider in the selection and adoption of business analytics services.

"The rise of big data has challenged us to think about how we extract and compile data from multiple sources, how to automate insight generation, and how to think beyond historical analysis to discover more predictive insights about future conditions. As the rate in which we produce data across channels continues to rise, the need to react quickly and leverage real-time insights becomes more imperative. In considering how best to consume analytics services, enterprises need to consider data management and migration capabilities, speed to insight, and exploiting opportunities with advanced analytics," says Ali Close, research manager, Worldwide Finance and Accounting, BPaaS, and Analytics Services. "BPO providers are responding to these trends today with productized offerings powered by platforms and automation and higher-end analytics with the expansion of cognitive analytics and machine learning."

"Enterprises are sitting on massive data, both customer and internally oriented, that can be utilized to provide value to customers and optimize internal processes. However, most companies lack the ability to correctly handle and manage this critical data," says Ali Zaidi, research director, Worldwide IT Consulting and Systems Integration Services. "Luckily, business analytics services providers do possess the ability such as master data management, information reporting, and predictive analysis to help extract real-time insights on corporate data."

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