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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

Category Archives: Business Analytics

03/26
2014

Scaling the Analytics Maturity Curve

In a previous post, we explained that to succeed in today’s fast-paced, hyper-competitive market companies must be data-driven. But it’s not enough for companies to simply gather data.

shutterstock 149845736 300x300 Scaling the Analytics Maturity CurveTop-performing companies are able to differentiate and distinguish themselves in the market through their abilities to use the right data at the right time to make immediate decisions and act quickly to achieve operational and/or business success.

Of course, becoming a data-driven organization doesn’t occur in a vacuum. Data and analytics are deeply ingrained in the cultures of companies that consistently outperform their rivals.

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03/04
2014

Big Data Analytics: The Gateway to Success in New Markets

As commerce continues to become more global, companies around the world are exploring opportunities to enter new geographies and new markets.

shutterstock 155944286 300x221 Big Data Analytics: The Gateway to Success in New MarketsBut in order for business leaders and entrepreneurs to connect successfully with consumers in new regions, it’s critical to develop a good understanding about local consumers, including their preferences, behaviors, and other cultural distinctions.

Big data about regional customers combined with analytics can be the gateway to discovery.

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01/27
2014

Predictive Analytics for Financial Services Firms: Forecasting the Future

While financial markets are notoriously hard to forecast, top performing companies in the financial services industry are using predictive analytics to gain new insights into customer behavior to drive revenue and deepen existing relationships with their customers.

shutterstock 146739185 291x300 Predictive Analytics for Financial Services Firms: Forecasting the FutureThat’s according to a new research report from Aberdeen Group that found that financial services companies that used predictive analytics saw a 10% increase in identifying new customer opportunities in the past year, compared to a 7% increase for companies not using predictive analytics

“This goes beyond basic demographic segmentation; predictive analytics reveals untapped market segments full of prospects to business development decision makers,” the report notes. “Predictive models identify the traits in potential customers that bear out to longstanding, profitable relationships.”

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01/09
2014

Marketers: Check Your Big Data Blind Spots

Marketers today are feeling the heat to show results while cutting costs, but they have a new weapon to drive results and demonstrate value to senior management – big data.

Marketingsign 280x280 Marketers: Check Your Big Data Blind SpotsThere is more information generated by and about consumers today than ever before, but with that comes an increasing risk of marketers making incorrect measurements or misinterpreting data analysis.

That’s the assertion of a trio of analysts from McKinsey & Co., in a recent Harvard Business Review blog post.

Marketers can increase ROI by 15% to 20% now that analytics techniques are available to corral big data and make marketing a more precise science, according to the post.

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01/07
2014

Data Analytics and the Benefits of Ignoring Gut Instincts (Part 2)

As we note in our previous post, there are myriad benefits to pushing aside gut instinct and relying on data analysis to forge ahead of competitors.

shutterstock 147625883 300x225 Data Analytics and the Benefits of Ignoring Gut Instincts (Part 2)In that post, we cite new research that finds that 70% of the top performing companies have strong executive champions for analytics.

However, overcoming the human tendency to rely on judgment rather than data can be challenging.

In fact, as the amount of data goes up, the importance of human judgment should go down.

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12/31
2013

Top 5 Big Data Moments of 2013

It’s the last day of the year and what a year it was in big data. To take us out of this year into the next, we’re looking back on five top big data moments in 2013. Enjoy these as you count down the hours to your New Year’s Eve festivities.

shutterstock 88987735 300x228 Top 5 Big Data Moments of 2013Big Data Moment No. 5  Defining Big Data

This year everyone wanted to offer up a REAL definition of big data. This one from Gartner Inc. was probably the most widely used:

“Big data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.”

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12/16
2013

Take Your Business Analytics Mobile: Yes, There’s an App for That

We track our runs, sync our calendars, even monitor our financial activities – all from one constant accessory, our mobile device.

manonphoneinmtn 300x200 Take Your Business Analytics Mobile: Yes, There’s an App for ThatThere are mobile apps to track metrics for just about everything in our daily lives. One thing they all have in common, they are all simple to use.

Our work-from-anywhere-at-any-time culture has made having an enterprise mobile strategy a must. And because we’re so used to the simplicity of public apps on our smartphones and tablets, the bar is really high for the intuitive performance of apps that take a business mobile.

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12/10
2013

Predictive Analytics to Detect and Mitigate ‘Customer Rage’

The number of households experiencing “customer rage” or outright anger at their experiences with various companies rose from 60% in 2011 to 68% this year.

shutterstock 489065981 150x150 Predictive Analytics to Detect and Mitigate ‘Customer Rage’Meanwhile, the number of people who yell at customer service reps has jumped from 25% to 36% over the same time period, according to a recent study.

The findings carry a number of implications for companies. Despite efforts by many firms to improve customer service, US consumers are less happy with purchases when they end up complaining to companies.

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11/21
2013

5 Ways to Drive the Big Data Discussion

Although the term “big data” is rampant throughout corporate corridors, executives and business leaders have their own ideas – and sometimes misconceptions – as to what’s meant by big data and what it entails for the enterprise.

shutterstock 140931805 300x200 5 Ways to Drive the Big Data DiscussionFor instance, mention big data to some execs and they’ll hit you with a number of false impressions such as big data is new, it’s expensive, it’s complicated, and it’s best suited for use by highly-trained data analysts.

Such misunderstandings can make it tough for CIOs and other big data evangelists to set the right expectations among senior business leaders as to what big data is and how it can be utilized to optimize business performance.

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09/03
2013

Analytics: Accommodating the ‘Management Budget Owner’

As we’ve mentioned recently, within each enterprise there are different classes of analytics users, each with its own set of needs and objectives. And the diversity of roles within the organization ultimately results in different requirements for using analytics.

shutterstock 141106915 300x300 Analytics: Accommodating the Management Budget OwnerSo while a simple dashboard approach may appeal to senior executives who are interested in receiving timely updates on key performance indicators, line of business and other functional leaders typically require more robust analytics capabilities .

In our last installment, we featured Brian, a business champion for a fictitious company named Zodiak Industries.

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