Data can be sourced from and stored in different IT systems such as enterprise resource planning, customer relationship management, procurement or the manufacturing system. This has been a traditional approach for operational processes, but when companies want to make the data available for other purposes, including analysis, machine learning, enterprise reporting or fraud detection, it can be challenging, time-consuming and complex. When properly analyzed and sorted, businesses and organizations can use data from heterogeneous sources to drive meaningful insights, anticipate challenges and support proactive or reactive decision-making.

Departmental silos can have a detrimental effect on technology optimization within an organization. Departments may use different technologies or tools, leading to duplication of effort, reduced efficiency and increased costs, which is a common outcome when departments do not communicate efficiently. If departments are not aware of the technologies being used by other departments, they may miss out on opportunities to collaborate and implement new tools or software, causing delays in adopting new technologies, leading to reduced efficiency and productivity.

Predictive analytics is onboarding a range of business processes across the globe. We list five benefits of predictive analytics that are helping organizations streamline their operations and generate better ROIs.

Business analytics is an important tool in many organizations’ business decision-making process. With the rise of big data, the field of business analytics is becoming increasingly advanced with multiple trends and patterns changing. It is important to tread alongside these trends to stay relevant and competitive.