Even though Big Data has been heralded as the future of consumer behavior forecasting and, ultimately, organizational success, companies are still struggling to realize the potential of their data. In a recent KPMG International report, 50% of respondents said they use data and analytics tools to analyze existing customers, 48% to find new ones, and 47% to develop new products and services—but executives still lack trust that analytics is actually providing insights beneficial to any of these areas. Just 10% said their organizations excelled across all areas in developing and managing data and analytics, and less than half said they were very confident about the insights being garnered.
Despite its ubiquity, it is apparent that business analytics still has a way to go before it gains the trust of executives. Conversely, if that trust is not there, analytics is not going to be able to reach its full potential—and companies are likely to miss out on insights that could make the difference of millions of dollars.
“Every online business has thousands of clients, each one of them with a different end objective. As these clients subscribe to hundreds of products, the upsell and cross-sell opportunities are humongous, but quite complex,” said Kishore Kotturu, head of product analytics and strategy at Google, according to a news release. “Market dynamics, competition, and customer perceptions change so fast, hence these sales pitches should be expected to be more analytical.”
Kotturu is one of several executives who will be presenting later this month at the Business Analytics Innovation Summit in Las Vegas. He will demonstrate how analytics can be leveraged to sell the right product to the right customer at the right time and at scale—an area in which Google has been highly successful.
“Organizations are still struggling to realize the potential of their data,” said Alex Lane, curator of the event, in the release. “This summit has been created with the intention of helping to end this, with some of the biggest names in the field speaking and more than 150 delegates sharing ideas that should help improve the situation.”
The Business Analytics Innovation Summit will take place this January 25 & 26 in Las Vegas with the aim of helping promote this understanding, and providing ideas that can see more organizations excel in their data and analytics programs.
Source: PRWeb; edited by Richard Carufel