Recently, MicroStrategy’s Bala Chandran participated in a roundtable discussion hosted by DBTA on the topic of “Succeeding with Predictive Analytics on Big Data.” Big Data analytics is a top concern for many business leaders, and this webinar is a great opportunity to get an inside view from three long-time veterans of the space.
The wide-ranging discussion covered topics including: the transformative impact of Big Data, the proliferation of analytics across the organization, and tips for getting the most out of your Big Data investments.
Presenters from Actian, Predixion, and MicroStrategy each spent time discussing the potential that Big Data has to change the way business is done. Around this topic, there were a few key takeaways:
- Companies that successfully incorporate Big Data and advanced analytics into their operations show profitability and productivity rates that are 5-6% higher than their peers
- The vast majority (potentially upwards of 90%) of existing data is simply not being analyzed
- Big Data can have a tangible impact on your operations—advanced analytical techniques not only allow individuals to predict what may occur, but also empower business people to take smarter, proactive actions to effect positive business outcomes
The discussion also weighed in on the proliferation of analytics across different roles within businesses. Traditionally, statistical analysis was restricted to highly-trained data scientists—today, more and more business people are being empowered to do their own analytics. The rise of visual data discovery as a user-friendly analytics tool has accelerated the adoption of analytics among business users and changed the way that this type of analysis can positively impact the business.
Finally, each of the presenters gave their perspectives on how to get the most out of organizational investments in Big Data. These tips included:
- Mashing up traditional enterprise and new external data sources to get a more comprehensive view of the business
- Embracing self-service analytics through visual data discovery to empower people all across an organization with analytics
- Packaging advanced analytical techniques into easily consumable interfaces that allows front line employees to use analytics to make better business decisions
The panel also engaged in a lively Q&A session following the main discussion. If you missed the live presentation, we encourage you to watch the full recording here to learn more.