The Trends of Big Data Business Intelligence
Big data business intelligence is, without a doubt one of the fastest growing industry sectors in the world right now. Organizations are now devoting an immense amount of their resources into further improving their technologies to handle this new shift.
As a result, it is more important for the business world to tap into the growing worlds of data that our companies are creating.
Many firms are realizing the benefits of incorporating advanced analytics techniques for their big data using business intelligence systems. Taking this important step will help achieve a full return on investment for most organizations. BI systems can work seamlessly with advanced big data analytics.
Business intelligence is the true solution to provide better more structured user experiences while big data analytics can give exploratory viewpoints on the company’s data.
One survey noted that Data Quality Management (DQM) is the most important business intelligence trend this year. It will not just be about gathering a ton of information because quality and context will also be highly regarded.
The Future of the Industry
It is not surprising that the future of big data business intelligence will involve enterprises embarking on a journey to harness big data and BI systems. Tools and procedures for data discovery and visualization have evolved greatly so businesses can have a positive experience in managing large volumes of data.
Many people are also finding careers in big data business intelligence. Among the hottest jobs are data analysts and data engineers. Many companies are actively searching for professionals in these areas as well -and paying top dollar. Analytics experts are increasingly sought-after. Even inexperienced job seekers can find firms that will accept them as they hone their big data skills. Often, recruiters are looking for knowledge in programming and experience in the consulting and research related fields.
What is Big Data Business Intelligence?
Over the past few years, big data and business intelligence have become buzzwords. However, these two are becoming everyday realities and companies should really start considering both of them as they move forward.
There are two terms being talked about here: big data and business intelligence (often shortened to just “BI”). In truth, there is a clear distinction between them. Companies should know the difference, which can really benefit them in the long run.
Dividing big data business intelligence into two parts makes both of them a lot easier to understand. First is big data, which is defined in three ways: volume, variety, and velocity. As the name suggests, it is about examining large amounts of data to find patterns that may have been hidden to uncover those patterns for potential business value.
While big data is useful, it is still data on its own. Therefore, these rows of information can still be meaningless if they’re not analyzed properly.
The second is business intelligence and where insights really enter the picture. BI is all about action and where the company data essentially becomes valuable.
Making Data Analytics ‘Actionable’
Big data suppliers often brag about their many different services of Business Intelligence. Their abilities to control the many different types of data while also correlating their aspects of data based on new discoveries. Such findings do allow Data Practitioners to take action against data discoveries almost immediately.
This essentially entails analysis of the company and its raw data, and this is what allows BI developers, analysts, data scientists, and managers to gain valuable insights regarding the business. Business intelligence almost always leads to tangible incremental benefits, including better decisions and improved processes, increased revenue and greater profit.
How Businesses Utilize Big Data Business Intelligence Today – The First Set of Keys
Big data business intelligence has revolutionized numerous industries all over the world. Many would say that the retail sector is the biggest industry. However, even small and medium companies are seeing the positive effects of their investments. When implemented correctly, it can help improve performance, which comes with a myriad of benefits.
Each business has a unique requirement and it can directly influence how business intelligence and big data analytics are utilized. Nevertheless, here are some of their uses today:
- Analyzing sales:
- Supermarkets, retailers, websites, and online stores have transaction logs and sales history.
- They also have sales receipts usually collecting and storing data going back for years.
- The information is often incredibly valuable in analyzing the business and gaining valuable insights for what works and what doesn’t.
- Therefore, companies turn to business intelligence solutions, which enable them to get essential information out of the huge data-stores they have.
- Evaluating inventories:
- Big data business intelligence platforms can have the ability to merge the company’s existing systems to improve operational efficiencies.
- It also leads to bigger profits when implemented properly.
- Big data and BI operations:
- Managers get an overview of the operational analytics happening within their organization.
- This way, they can get rid of blockages to achieving their goals.
- Assessing consumers:
- In every business, there is usually a ‘most valuable customer type’.
- Therefore, it is crucial to know the most profitable customers.
- These analyses happen through big data business intelligence.
Companies Need Assistance – The Second Set of Keys
Companies often face difficulties on a daily basis. Common challenges today are collecting the massive volumes of data they have for their products and services, staff, and consumers among many other things. More often than not, these datasets move extremely fast and can be incredibly large. Therefore, it’s not surprising that the pieces of information themselves often exceed the capacity of the organization’s own technological capabilities.
This is where big data business intelligence comes in. It allows firms to experience enhanced operations while improving profit margins as well. Big data business intelligence is super effective in providing needed information so companies can make effective and efficient decisions much faster.
Big data business intelligence can be confusing to get into. As the concept evolves, it becomes even bigger and snowballing in complexity. Companies are searching for ways to help them make the right decisions and they frequently require extra assistance.
As the industry grows, many companies will have increasing needs for outside expertise to help navigate their business operations, business intelligence platforms and other types of services. The industry itself is expected to grow over the next 10 years at a 20-30% CAGR.
The Overlooked Keys to Success
What are the overlooked keys to success? In the world of big data, the overlooked keys to success are usually the critical balances of People, Process, and Technology. What any company really needs is the right mix of practitioners, the right processes that those practitioners use to complete the work needed to serve the business and the right tools to complete the work and initiatives that the company needs to be well supported.
This is often a crucial mix of budget, human resources, and most importantly (and most often underestimated) leadership. It’s not enough to just hire smart people and hope they know what to do. Avinash Kaushik once said the right mix for any Analytics or BI budget is 80 to 20 People to Technology. Meaning that if you are spending $20 on your business intelligence or analytics technology and data platforms annually, you should be spending at least $80 on the people analyzing the data inside them. I tend to think those number should be much closer to $90 and $10.
Regardless, all companies need the education, the guidance the leadership, the processes, the experience, the vision, and many times the “having already done it elsewhere” to be able to successfully “do it here” when it comes to business intelligence leadership. Culture is a huge part as well. Sometimes companies can have all the resources in the world. Too many cooks in the kitchen can be even worse than no resources at all. Sometimes 100 people can get less work done than 3.
Always remember that the quality of the team, the leadership, the background, and the experience make the biggest differences of all.