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Nowadays, companies are besieged by information and the possibilities of new IT solutions. With the rapid advancements in information technology and high-speed Internet, companies now have access to huge amounts of information, processing and sharing systems regarding customers, their demographics, and their online behaviour across all touch points on the buyer’s journey. The advantage of access to so much information is not just in the form of increased revenue and developing long-lasting customer relationships. It is also about developing sensitivity to warning signals, which would allow companies to prevent or mitigate disasters.
So far, companies have improved their practices concerning capturing greater amounts of data. However, the prevalent norm is that company employees pass this data on to decision makers en masse, leaving it to them to sift through it and come up with relevant data upon which decisions could be taken or to a company process or person to do the same. Hence, although they’ve gotten good at collecting data, most companies have yet to develop the ability to process this data and generate actionable insights which they can share with decision makers, processors, and their clients.
In a study conducted by the Hackett Group in 2006, finance organizations that were …
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