How will businesses compete in the race to gain competitive advantage from the ever-increasing volume of internal and external data to which they now have access? One option is to build sophisticated in-house analytics toolkits, which could potentially generate a wide array of insights from such information. But an increasingly useful alternative will be to gradually buy those tools – and the underlying processing capability and data experts – when they are needed.
This is an approach to consider particularly because different types of business problems require different analytics techniques, talent and fluctuating levels of support for project execution. Also many of the most valuable insights awaiting discovery are not currently imaginable. As with many areas of innovation, the potential for analytics is huge, but new tools and capabilities are constantly being invented and developed.
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