InetSoft Webinar: Empowering Individuals with Self-service Analytics

This is the continuation of the transcript of a Webinar hosted by InetSoft on the topic of "How to Implement Business Analytics." The speaker is Abhishek Gupta, Product Manager at InetSoft.

How do we in organizations empower all of our individuals with self-service analytics? The trends behind this, we all know them, are around mobile and cloud and social and Big Data and how do we leverage those trends and optimize the opportunity to take us to the next level in our business.

We look at research often to figure out where is the market is going. What do we need, and what do our customers need in order to take them not only to the next level today but how to deliver innovations for tomorrow. And I want to ask each and every one of you, are you harnessing the opportunity that Big Data has to offer, or the data that is available to you in your organization?

Have you figured out what is the biggest challenge for you when it comes to getting the right information that you need? Is it volume? Is it velocity? Is it variety? How can you take advantage of the information that you’ve never taken advantage of before to figure out the right innovation and to really change your business? The reality is that companies are not doing that. The majority of companies are still relying on historical information, on established KPI’s that are in financial documentation. They are really not relying on unique information.

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What's also interesting is that today only about 10 to 15% of people in organizations even use analytics or data in their day to day job and obviously according to the research that you just saw, it probably follows that the people who are not adopting analytics are the more of the laggards or the people that really aren’t the best performing companies.

What we are trying to do for you is broaden that analytics use inside an organization and get information out of the outer edges of the business so that everybody can use information just like they do in their personal lives to make important decisions no matter who they are in the business. A couple other statistics that are interesting if you haven't already heard enough is that if you invest in analytics you can get as much as $10.60 back for every dollar you spend. That’s over a 1,000% return on investment. If you could just make your data more useful, you have a major revenue opportunity.

What do I mean by that what if you could turn new signals in the business value? This is where a lot of companies ask me well where should we start? We have so much information we have so much data. Where should we start about getting and optimizing the data that we have? I ask you to look at some of these examples and figure out what is most important to you?

Is it about understanding customer behavior to better promote your products and services better, to make it easier to find your products? Is it about effective maintenance? Is it about optimizing your operations and getting machine data to be able to predict when your machines will go down and prevent that from happening? Is it about getting insights of threats or preventing crimes from happening? Is it about the propensity to churn and making sure that you can keep real customers by better understanding the behavior before they act and then being able to optimize their experience and make sure you are meeting their needs?

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Is it around fraud detection because? So many of us are faced with huge, huge costs around fraud? So I ask you to figure out what is that most important need in your organization, and start there. Start to focus on that use case. Do not just focus on where your data should be stored and how you can store it. I want you to consider the new possibilities for your business.

How can you start to bring together the innovations in business intelligence that you can leverage. It is not just one type of technology. Leverage technology across the board to be able to achieve possibilities that you never could achieve before ,and I am about to share with you a couple of examples that might help you to consider what would be the new possibilities for you.

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