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Businesses collect, store and analyze, ever-multiplying volumes of data in their quest for increased efficiency, gaining insights, reduce waste and, of course, profits. Companies, may it be of any size are investing in data and it is a widely believed fact that this huge amount of data repositories are evolving to be one of the biggest business assets. Organizations depend on data and accuracy of this data to gain insights of the financials and improve initiatives in domains like sales, marketing, and customer service. In fact, pretty much every single department in an organization relies on data in some manner.
Volumes of information are spread across an organization. A lot of data is generated and flows across the ecosystem through various functions like engineering, manufacturing, services, suppliers, service partners as well as customer-facing functions. Organizations intend to leverage this flow of data to create an enhanced user experience in terms of product performance and new avenues to generate revenues through lifecycle services. The data flow in the ecosystem also interests the customers, suppliers, service providers, and partners on how they can capture and use it for new revenue generation avenues through predictive maintenance, optimization of logistics etc. The significance of this value chain is in discovering those areas of the business that require additional intelligence and then creating a process to transform the raw data housed across the organization into usable insights. By traversing data along with analytics, transforms data into a potent and actionable intelligence that has the power to unify disparate business practices and empower decision makers.