In-memory analytics enable business users to handle significantly higher volumes of data faster than traditional analytics tools.
The fact is, users of in-memory analytics are able to process more than three times the volume of data at speeds more than 100 times faster than their competitors, according to a study conducted by Aberdeen Group.
That’s largely because users of in-memory analytics tools are able to access and act on data so much faster than users of traditional analytics systems since in-memory technologies can avoid latency issues.
Ultimately, this provides companies that use in-memory technologies a leg up on their competitors in terms of business and productivity opportunities.
Consider some of the productivity benefits that leader organizations (top 20% of performers) have obtained compared to laggards (bottom 20%). For example, on average, it takes best-in-class companies nine days to integrate data sources compared to 137 days for “laggards,” or 15 times longer as measured by Aberdeen Group.
Additionally, 38% of leader organizations have adopted in-memory technologies while none of the laggard organizations have, according to Aberdeen.
Many companies struggle to integrate stovepipes of data from different channels, business units, and organizational functions, according to McKinsey & Company. In-memory technologies can help companies unify this information and provide decision makers with a more holistic view of customer data and other data sets that can strengthen decision making.
Companies that embrace analytics deep into their operations can deliver profit and productivity gains that are 5% to 6% higher than their competitors, according to McKinsey.
By making data readily available, in-memory analytics can enable companies to exploit information more quickly and make critical business decisions faster.
According to Aberdeen, top performers improved the accessibility of their data by 35% last year while organizations in the bottom 20% witnessed a 10% reduction in the same metric. Meanwhile, leader companies reported that a whopping 93% of their data was reliable while stragglers claimed that just 57% of their data was accurate.
Taken together, the enhanced access and response capabilities offered by in-memory technologies help organizations deliver the right information to the right decision makers at the right time. These capabilities have shown to deliver higher-than-average business benefits.
According to the Aberdeen report, best-in-class companies reported a 14% year-over-year improvement in customer retention compared to just 3% for laggards. And it’s at least six to seven times more costly to acquire a new customer than to keep an existing one, according to this article in Forbes.
To help put this in some kind of dollar perspective, consider this: It can cost a financial services company $175 to acquire just a single customer, according to author Lon Safko. Customer acquisition costs can quickly pile up for enterprise companies with thousands of customers.
By better understanding the needs of customers and using in-memory analytics to react quickly to these demands, companies can be assured of increasing sales and fattening up the bottom line.
- Subscribe to our blog to stay up to date on the latest insights and trends in in-memory analytics.