Operational analytics is rapidly growing with transition from traditional business models to advanced business intelligence (BI) and analytics techniques. The use of big data is helping organisations to operate in more data driven and smarter manner. Moreover, operational analytics enables better decision making for steady growth of businesses across industries, with well-structured data processing, streaming business applications such as customer relationship management (CRM) and real time information system.
Decision management has become an important part of business that provides understanding of information required to make decisions in the right format. Operational analytics enables smart decision management through automated data sharing with connected databases, which include discovery, extraction and learning of big data. Data guides and drives all decisions and company’s actions in present digital businesses. Operational analytics solutions help in organising these large data sets and discover various patterns that help in recognising consumer problems important for businesses to address.
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Businesses globally require new software solutions to aggregate crucial information across complex and fast changing enterprise ecosystem in order to streamline their processes and increase communications between various stakeholders. Operational analytics convert disconnected data present in company’s databases into actionable insights which can be further applied to the new information technology infrastructure to fix various business problems; thus, the global operational analytics market. Retailers and telecom providers are also expected to generate more opportunities in global operational analytics market by running real time control practices in managing fraud and market risks.
Data driven companies are using operational analytics to enhance their offerings and optimize their business handling operations to generate more revenue. Oil producers, financial institutions, transportation & logistics, and healthcare payers and providers are in major demand for operational analytics.
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Major challenges faced by the global operational analytics market growth include implementation of operational analytics in small and medium enterprises (SMEs) with lack of efficient data management services, inheriting advanced analytics technologies with limited support tools, insufficient skilled technical staff, easy data availability & secure data sharing, maintaining confidentiality & data privacy among organisations and mapping rate of technological changes.
Traditional information technology ecosystem is slow in supporting predictive analytics on currently hosted IT platforms. In addition, many business policies related to information technology often restrict operational analysts from querying databases due to risk of failure. Frequent changes in business IT operations, complex value chains, minimum awareness and lack of information to end users and cost of ongoing changes in technology maintenance may restrain growth of the global operational analytics market.
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