Photo - (From left) Bill Franks, Chief Analytics Officer, Teradata and Craig Morrison, General Manager, Teradata Malaysia.
During its summit in Kuala Lumpur, analytic data platform solutions firm Teradata urged Malaysian organisations to becoming data-driven enterprises to realise competitive advantages,
Teradata chief analytics officer Bill Franks and author of 'Taming the Big Data Tidal Wave: Finding Opportunities in Huge Data Streams with Advanced Analytics' said big data analytics [BDA] had helped companies by leveraging big data analytics to improve business decisions and increase profits.
BDA was about evolving your company into a data-driven enterprise that is truly structured to succeed, said Franks. "When data is central to strategy, operations and culture, then people feel empowered to ask new questions, formulate new hypotheses and make better data-driven decisions that will benefit their business over the long term."
According to a Capgemini-commissioned study, data-driven enterprises outperform their industry peers by up to six percent and are as much as 26 percent more profitable, he said. In addition, the Enterprise Management Associates and 9sight Consulting report showed that analytic initiatives were becoming more important in everyday business; some 48 percent of analytics projects were found to have advanced analytics integrated into real-time operational workflows.
"These studies provide a compelling case for more companies to transform themselves into data-driven businesses--now. Those firms that manage their data most efficiently and apply the valuable insights it contains, will be the leaders in the new data-driven economy," said Franks.
Craig Morrison, general manager for Teradata in Malaysia, said the company has become a member the National Big Data Analytics Initiative, a taskforce formed by the Malaysian national ICT agency Multimedia Development Corporation (MDeC).
"This initiative clearly demonstrates that big data analytics has expanded beyond being a corporate agenda into one that has growing national importance here," said Morrison.
Teradata's Franks added that companies need to think and act beyond just implementing a big data solution. "Most companies either do not capture meaningful data, or are not using it fast enough."
"With big data becoming commonplace, organisations that use analytics to create their strategies, develop operational excellence, and transform their customers' experience will become leaders in their respective industries," he said. "It's fundamentally simple: the more you know from your data, the more you can do to strengthen your customer relationships."
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