Advanced analytics continues to be the fastest-growing segment in the business intelligence (BI) and analytics market. Gartner has recently predicted more than half of large organizations globally will compete using advanced analytics and proprietary algorithms, causing the disruption of entire industries, by as soon as 2018.
Advanced analytics has already been shaking up entire industries for over a decade now. It’s a key factor for how most start-ups / new entrants disrupt established markets and beat the big boys; whether it’s selling books, renting movies, borrowing money or even building a professional sports team!
Today, with fewer regulated monopolies and the internet eliminating geographical boundaries, more companies are starting to use statistical analysis, predictive modeling and decision optimization to compete, instead of using traditional approaches.
To survive in the new digital economy, companies will need to accelerate the shift in focus of their investments from measurement to advanced analysis or risk being left behind. Leading organisations are developing proprietary algorithms that can lead to faster, more insightful analysis and are moving away from “gut feel” decision making.