As more companies complete their mass-digitization of files and records – which has been a long and sometimes painful process – they are beginning to find value in the use of analytics and intelligence solutions. Although certain industries were a bit quicker to the punch when it came to overhauling their information management strategies to be almost wholly rooted in digital environments, others were a bit slower simply because the need did not seem as great.
For example, the health care sector has essentially been required to enact these projects twice now, once with the Health Information Portability and Accountability Act and the second time through the Health Information Technology for Economic and Clinical Health Act. Others did not have to do so to oblige regulatory compliance, but have instead been pushed by their clients and consumers to get on board. Financial services appears to be one industry now aggressively positioning its digital information within big data strategies.
Research and Markets recently released the latest TechNavio Global Big Data IT Spending in Financial Services Market report that called for significant expansions in analytics investments in this industry through the end of the decade. Financial services firms have indeed taken to the digital revolution in more ways than one, launching mobile and Internet of Things-related initiatives more commonly in the past few years, and working to capitalize on consumers’ desires for Web-based banking services.
This has propelled the data explosion to new heights for many involved, and now leaders appear to be looking to get more out of the massive volumes of information they store and manage within their infrastructure. According to the analysts, global spending on big data among financial services firms will increase at a compound annual growth rate of 25.5 percent between last year and 2019, with certain vendors taking up a larger share than others, including IBM.
Interestingly, financial services firms are not only looking to expand their use of business intelligence solutions for accounting, reporting and research purposes, but also appear to be leveraging the tools for enhanced marketing initiatives. This is specifically true for marketing automation, with banks and other entities striving to reduce their advertising expenditures while simultaneously bolstering their visibility in the market and brand stature therein.
A common movement
Organizations in virtually every industry can improve their performances through the use of analytics thanks to how much digital data has spread in the past few years. To illustrate that this is not hyperbole, even agricultural firms and smaller farmers are starting to use connected devices to generate timely data that can then be used in analytics platforms for a variety of reasons.
However, organizations will tend to only get the most out of these investments when they go about provisioning and management correctly from the initial planning stages through the end of the lifecycle. By working with a reliable provider of data preparation and other services, all organizations can better position themselves for success in these endeavors.