Why Analytics is Important in Current and Future World?
The IT world we live in today revolves around software applications. Businesses have developed data models to support functionality; as a result, applications often don't gather data required to support new business imperatives. Most companies recognize that, information is valuable for future insight, so they capture more of it. But "more data" doesn't equal "better data." Generally, companies are capturing the data without specific questions in mind. So, when data are repurposed as inputs for strategic decisions; such as entering a new market or pricing a new service — information gaps often come to pass.
Companies no longer suffer from a lack of data; they suffer from a lack of the right data.
With every data gap, companies will miss an opportunity to make better decisions. Plugging these data gaps, getting the right data-requires a fundamental shift in how applications are built, configured, instrumented, and updated. While applications still must meet functionality needs, they must also be designed to deliver data that answers more of an enterprise's questions. Sensors will help enterprises plug further data gaps — creating and collecting information from physical environments and devices.
Technology is no longer the barrier. The barrier is the strategic foresight to formulate the right questions in the first place.