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According to a recent report from the McKinsey Global Institute, the data analytics revolution has started to gain momentum, but most companies are capturing only a fraction of the potential value from data and analytics. One of the biggest obstacles is data silos. Most of a company’s data is generated and stored in different systems throughout the organization, and these systems are separate, isolated programs.
Data Silo Consequences
Data silos are a problem for both simple and complicated analyses.
Breaking down silos
If you want to thrive in the age of big data, breaking down data silos is essential. Effective data analytics requires an advanced analytics platform that can aggregate siloed data, blend it, and analyze all your data. Currently, companies spend a lot of time manually collecting and merging this data. A July poll of 130 executives found that 84 percent of companies use manual processes to collect and enter data for reporting and analysis.
Big data analytics provide the answer. Built to aggregate and analyze data from disparate data sources – internal sources like CTRM, CRM, spreadsheets, IoT sensor data, and ERP as well as external sources like market feeds and weather reports – big data anlytics answers your most important questions by analyzing all available data and providing one clear answer.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nick Green Director at Purple Patch Broking Ltd
22 August
Oleg Stefanet Chief Risk Officer at payabl.
20 August
Venkatesh P Co-Founder and Director at Maveric Systems
19 August
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