NEW YORK, NY and SAN MATEO, CA--(Marketwired - Mar 19, 2014) - The centuries-old era of 'gut' decision making is rapidly coming to an end thanks to recent analytics technology innovations, says Platfora founder and CEO Ben Werther. Addressing hundreds of elite technology and business executives today at the Gigaom Structure:Data Conference, he will outline the business, cultural and technological factors which are now in perfect alignment to put an end to the gut decisions that are significantly hampering societal progress and leaving the door open for potentially catastrophic problems in the areas of commerce, finance, public health and global security -- just to name a few.
"Here's an industry secret that lies beneath all the news hype on big data today: after two decades of nonstop advances in business intelligence technologies, organizational leaders are still using their gut to make decisions 95 percent of the time," says Werther. "The reason why is because most people cannot get their hands on accurate decision-support information in time."
Just three years ago, even if a company had a data science department coupled with an eight-figure IT budget, it still took a painful amount of time to obtain and load data, create data models and then organize a team of business analysts, programmers, data scientists and IT professionals to produce a data set. And more often than not, that data was wrong, which would result in several rework cycles that ensured some or all of the data's value would be unintentionally lost by the end of the project.
Big Data Analytics Catalyzes the Fact-based Economy
With the advent of a new generation of analytics technologies -- big data analytics -- organizations can now remove the economic and time barriers that have thwarted fact-based decision-making. As an example, one large financial services company had earmarked $100 million for a 36-month project to enable executive-level visibility into its stream of real-time customer interaction data. With big data analytics, the company achieved most of the project's goals within four days and at just a small fraction of the original project budget.
"When you witness several breakthroughs like this, it's easy to extrapolate the potential of big data analytics across various industries and government organizations and realize the multi‐trillion‐dollar impact that it could have on the world economy," said Dr. Barry Devlin, founder of 9sight Consulting.
What's different about big data analytics as compared to prior generations analytics software (dating back to the invention of the spreadsheet) is the volume, velocity and variety of data it can handle, as well as who can use the tools. Because big data analytics can leverage big data infrastructure such as Hadoop and legacy data just as easily, it is exponentially more powerful than the SQL-era analytics solutions in four ways:
- Self-service access of both already available data and new data as it comes in from machines, customer interactions and the Internet. An army of technical professionals is no longer required to put decision-support data in the hands of organizational leaders and business analysts.
- Interactive data discovery and analysis that can be performed via a web browser so that data model and source changes can be made instantly.
- Native access to Hadoop, allowing the reservoir of all of a company's customer interaction, transactional and machine data to be directly analyzed without the IT bottlenecks of the past.
- Scalability to ensure that the organization can handle exponential growth of the volume, velocity and variety of its data sources in the future.
"Big data analytics for business is like the World Wide Web for the Internet," adds Werther. "It provides the interface for everyday people to easily explore vast flows of data that were too large or diverse to explore previously, or were only accessible through complex data science and engineering projects. And similar to the World Wide Web, incredible discoveries will be made and large fortunes will be won or lost in dramatic timeframes as this economic shift occurs."
Platfora puts an end to the gut decision by giving enterprises blazing fast factual insights across all of their data sets for outsized competitive advantage. Delivered as subscription software on premises or in the cloud, Platfora Big Data Analytics is a platform that anyone can use. Existing tools and processes for analyzing data force line-of-business executives to make gut decisions instead of fact-based decisions because they can't get to all the facts or get to them fast enough -- too much and too many varieties of data are accumulating too quickly. Yet, businesses are at risk of irrelevance or extinction if they continue to do not enough, or nothing, with big data. Platfora's technology mixes customer interaction, machine and transactional data for infinite correlations across an infinite amount of data so that enterprises can meet and exceed their business goals in the Fact-based Economy. Customers such as Citi, Comcast, DirecTV, Disney, Edmunds.com, Opower, Riot Games, Vivint and The Washington Post use Platfora as their permanent path to success with big data. www.platfora.com
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