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While the use of big data has been linked to the massive success of companies like Amazon and Facebook, the promise of data analytics remains somewhat out of reach for many businesses. According to New Vantage Partners Big Data Executive Survey 2017, a staggering 95 percent of companies indicated they had undertaken data analytics projects in the past five years. However, with 59 percent of companies reporting that they are not able to generate meaningful insight from their initiatives, the results have been less than stellar.
Although data analytics is still in its early stages, the industry has made significant strides over the last decade. The availability of tools to gather and analyze data, which was once cost prohibitive for smaller organizations, is now much more affordable and within reach for smaller corporations.
However, companies require more than access to software and tools to develop a successful data analytics project. An initiative that’s based on purchasing software and diving into the data without a goal in mind is doomed to fail. Here are some key steps that every business should take before embracing data analytics as a tool for making business decisions.
Tomorrow’s technology is shaping business today. To learn more about how MNP can help you can make data analytics work for you, contact Richard Arthurs, National Leader – Data and Information Dynamics at 587.702.5978 or
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