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Investment in analytical tools is on rise by Maneesh Jain, Business Analyst, Oracle

Investment in analytical tools is on rise

By : Maneesh Jain, Business Analyst, Oracle
Industry : IT Products Functional Area : Application Software
Keywords :

Investment

Technology

Consumer

Analytics

Data

Rise

Analytical Tools

Analytics Market

Activity:  4 comments  255 views  last activity : 07 06 2010 20:18:04 +0000
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A recent report from Financial Insights - an IDC company - observed an increasing awareness in the use of consumer analytics by insurers to drive better management of decision.

The overall customer analytics market continues to expand as organizations have realized benefits on investing in upfront analytics and predictive intelligence. The report states that the global insurance IT spending on analytics was US $ 308 million in 2005 and will expand to US $ 551 million by 2010.

In my opnion analytics model is nothing new; it's an old-school concept that has evolved to meet modern-day requirements for recognizing customer desires. Although the concept hasn't changed but the process certainly has become far more scientific. Data has been critical for businesses so analytics will be required due to the growing nature of data.

 Top Comment : Vikash Jaiswal   | 03 25 2008 21:05:19 +0000
Yes thats true... Companies are going for such tools but rather it will be more appropriate for companies to understand the risk of their area and to take the appropriate measures. Analytical tools should not be bought thinking it will do wonders. Important question companies need to ask themselves: How analytical are your users? Are they just report consumers or do they need to have more analytical capability?
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4 comments on "Investment in analytical tools is on rise"
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  Commented by  mrs eze, CTO/CIO uk    | 06 23 2008 06:40:01 +0000 
kjHDJXKLMJKLJNWXKL?
  Commented by  Raji S, Business Analyst, SAP    | 06 12 2008 01:55:26 +0000 
Yes you are right vikash...
  Commented by  Kiran Kumar Reddy, Business Analyst, SAP    | 05 09 2008 04:24:41 +0000 
According to a recent report, there is a rise in the field of pharma beacause analytic separation technology will continue to evolve as limitations are addressed and standards grow even more rigorous, as market drivers such as quality control, instrument design, and software in the biotech/health care industry continue to promote its evolution.
  Commented by  Vikash Jaiswal, Business Analyst, SAP    | 03 25 2008 21:05:19 +0000
Rating : +2  
Yes thats true...
Companies are going for such tools but rather it will be more appropriate for companies to understand the risk of their area and to take the appropriate measures. Analytical tools should not be bought thinking it will do wonders. Important question companies need to ask themselves: How analytical are your users? Are they just report consumers or do
they need to have more analytical capability?
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