The box of treasure that analytics promises, contains the ability to fully understand customer behavior, derive actionable insights, and further tailor customer experiences to meet the needs of any segment. It is estimated that big data will grow from 12 billion dollar industry to 53 billion dollar industry by 2017. However, with various types of investments and expectations that exist across many industries; it will not be easy to achieve the capabilities needed to derive deep insights and decisions making mechanism. Many firms still struggle with capturing basic information, collecting external customer information, social media information, and measuring wallet share. However, based on a recent Forbes survey, 63% of the firms reported a transformation impact on their business, by an integrated approach to analytics, where predictive modelling, customer analytics, and big data are working together using cloud services. The investments are starting to pay off, which indicates there may really be a pot of gold that awaits those who pursue the analytics path.
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