The service – Experian Ascend Analytics on Demand – is enabled by open-source technology, and allows users to create their own predictive models and develop new business strategies.

It will be available to customers in the UK, Ireland and EMEA in Autumn this year, following a successful pilot in North America.

This will prove to be the first solution of its kind, regarding the availability of real-time data analytics and self-service.

>See also: Maximum value: Why and how should you make data analytics more accessible?

The solution comes as part of a suite of big data innovations from Experian that’s catered for businesses.

A report by the credit reporting agency, formed in 1996, found that just 30% of businesses surveyed made use of data analytics software, while two in five firms still base their performance on subjective opinion and instinct.

78% of surveyed companies, however, have declared investment in advanced analytics for enhanced business insight, and 71% plan on enhancing analytics capabilities within the next 12 months.

“Businesses must be able to call upon and understand a range of data assets to compete in today’s economy,” said Tom Blacksell, Experian’s Managing Director of B2B.

“Ascend brings the very latest in analytical innovation to help them turn vast quantities of data into actionable insights, leading in turn to more accurate and well-informed decisions, and ultimately bringing better services to market, more quickly, and increasing their revenues.”

>See also: How intelligence and AI drives business innovation

What does this mean for CTO’s?

An automated big data platform such as the one launched by Experian this week will be unbiased and focus on factual statistics, and thus be more accurate. CTO’s of businesses may need to invest in business insight analytics as opposed to relying on subjective views in regards to business performance.

Demand for this kind of platform is growing among businesses, and those who don’t invest in it soon enough may find themselves lagging behind.

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