Through a quantitative examination of its massive volumes of data, Best Buy discovered that 43 percent of its sales were made to just 7 percent of its customers. With that knowledge, the retailer had a good idea how to redesign its stores to provide greater appeal for its main buyers. 

Using a similar data examination process, Olive Garden uncovered inefficiencies in its staffing and food preparation processes. With hard numbers in hand, the restaurant chain learned how to waste less food and schedule staff more effectively.

These two nationwide chains use the process of predictive analytics, which, according to Accenture, more businesses are leveraging to draw value out of the data they collect. By subjecting their data to rigorous quantitative research and systematic reasoning, companies are finding better ways to price products, hire employees and manage inventory.

Calling predictive analytics a game changer, Accenture's Dave Rich and Jeanne G. Harris say that companies increasingly seek ways to become more analytical. Technology obviously plays an important role in eking predictive value out of data, but it doesn't succeed on its own, they caution. IT needs help from the other business units to make analytics an ingrained part of the company.

For more:
- read Rich and Harris' column at Forbes

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