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How the world’s most successful organizations use analytics to innovate

Strategy Leader, IBM Institute for Business Value, IBM

Data continues to grow exponentially. For example, IDC projects that the digital universe will reach 44 zettabytes (ZB) by 2020. As big data becomes more ubiquitous than ever, organizations worldwide are seeking ways to capitalize on the plethora of information in today’s digital world.

http://www.ibmbigdatahub.com/sites/default/files/idc_blog.jpgAcross industries, organizations are realizing the power of big data and analytics to solve business challenges. For example, retailers are using big data solutions to accurately forecast product demand and optimize pricing, while healthcare providers have applied predictive analytics solutions to large volumes of electronic health records to help improve patient outcomes and reduce costs. Sophisticated analytics are being applied in agriculture to significantly increase yields, while predictive analytics are being used in insurance to quantify risk accurately, even across highly volatile dimensions of environment and weather.

Business innovation today is about more than simply introducing new processes or methods—it is about changing the way that we work by analyzing data and applying this analysis. Big data and analytics have become crucial for organizations seeking to innovate, and innovation is now a critical business process—with technology at its core. Leading-edge organizations are investing in innovation that leverages the ever-growing opportunities to collect new data, combine external and internal data, and apply big data and analytics to outperform competitors.

For example, global financial group Banco Bilbao Vizcaya Argentaria (BBVA), S.A., uses analytics on social and other data to not only gain an enhanced understanding of customer needs, but also to devise advanced products and services and to support campaigns. And global re-insurer Munich Re uses analytics to help inspire ideas, which are evaluated and developed into new products, services and business models.

For more exciting insights, download the recent IBM Institute for Business Value (IBV) study, Innovative analytics: How the world’s most successful organizations use analytics to innovate to learn how leading-edge organizations are succeeding with big data and analytics.