Business intelligence is a set of data tools used to provide better business insights. It goes hand in hand with big data. Before the rise of big data, business intelligence was quite limited. Big data has led to the emergence of business intelligence as a legitimate career. Many companies are gearing up by hiring BI experts as they help take a company to the next level.
Every business that generates data can benefit from BI. Since it is rare today to find a business that generates no data at all, every business can benefit from better BI. New use cases for BI are being refreshed regularly.
What is Data Analysis?
The first big imprint of big data on businesses was insights into customers’ shopping behavior. Before big data, companies only had data from actual sales. Big data, by contrast, captures instant customer actions, allowing businesses to create more targeted marketing campaigns. Big data analysis may not always be perfect, but it is highly accurate. This high accuracy allows companies to target marketing based on perceived customer needs.
Big data can provide very specific information based on purchase and browsing history, allowing companies to create highly personalized offers to existing customers. These offers can be delivered through email, company websites, streaming services and online advertisements. Big data can also be used to analyze text, video, image and audio data from review sites, social media and other websites to identify customer attitudes, detect patterns and deliver appropriate content.
Imagine how your business would benefit from being able to market products that you know your customers need and knowing enough about them to tailor your message to their specific needs.
What Does Business Intelligence and Data Analytics Do?
Big data is changing not only the way businesses deal with customers, but also the way they work internally. In the 80s and 90s, the IT department rose to prominence as a driver of productivity increases and overall business growth. With the IT department came the rise of the chief information officer. Businesses are now developing data departments separate from IT departments and appointing chief data officers (CDOs) who report directly to the CEO.
Big data provides a wealth of information about every product and process. Big data has the power to reduce business costs. In particular, companies are now using this information to find trends and accurately predict future events in their industry. Knowing when something might happen improves forecasting and planning. Planners can determine when to produce, how much to produce and how much stock to hold.
What is Big Data Analytics?
Big data analytics is the process of collecting, examining and analyzing large amounts of data to discover market trends, insights and patterns that can help companies make better business decisions. This information can be obtained quickly and efficiently, so that companies can be agile in formulating plans to maintain their competitive advantage.
Big data analytics uses advanced analytics on large collections of both structured and unstructured data to generate valuable insights for businesses. It is widely used in industries as diverse as healthcare, education, insurance, artificial intelligence, artificial intelligence, retail and manufacturing to understand what works and what doesn’t, to improve processes, systems and profitability.
Big data analytics is important because it helps companies leverage their data to identify opportunities for improvement and optimization. Increased efficiency across different business segments leads to overall smarter operations, higher profits and satisfied customers. Big data analytics helps companies reduce costs and develop better, customer-centric products and services.
Make a Difference with Global IT
You may believe that a successful BI strategy can only happen when you analyze every detail. But this is not the case. Over-analyzing can drain your resources and lead to overwhelm or information overload. This means you will have too much information to focus on the most important or relevant insights when making decisions. Many of these challenges can be solved with a dedicated business reporting solution. It will give you the information you need to see what your customers really want and the opportunities to grow your business. We’d love to help you make the most of big data using business intelligence. Contact us to find out more.