While many of us have heard the terms “big data” and “data analytics”, it’s often unclear what these trends are all about and how they can benefit global trade compliance professionals. By definition, data analytics are the qualitative and quantitative techniques used to enhance productivity and business gains while big data refers to voluminous amounts of structured or unstructured data that organizations can potentially mine and analyze for business gains.
As corporations continue to face pressure to increase profit margins and shorten order to delivery cycles, the application of these technologies within multinational organizations is continuing to grow. A recent Gartner, Inc. study projected that sales of prescriptive analytics software is estimated to grow to $1.1B in 2019. So, let’s take a more in-depth look at these technologies and how global trade software can help you capitalize on the opportunities they offer.