As a company owner, you must be pretty much aware of the three terms that are lately creating a lot of buzz in the commercial world- Internet of Things(IoT), Business and Artificial Intelligence.
If not, then allow me to refresh your memory on this particular concept
What is Business Data Intelligence??
Before, we enter the above topic, let us first clear our mind on Data Intelligence.
If we Google it, we get the basic definition from Techopedia that describes it as the analysis of different types of Data, taken from various sources to be used by the companies to expand their business operations.
From the Business’s point of view, BI or Business Intelligence or Business Data Intelligence stands for those applications that transforms the sea of data into meaningful information that aids organizations in making better decisions.
What are the main reasons for BI’s current popularity??
- The main reason behind popularizing BI is Data Complexity– The volume, variety and the speed with which Companies receive data and information makes the data management process a humongous task for any employee and time consuming as well.
- The second reason is Data Analysis– fishing out the relevant points to a business module from the ocean of information and analyzing them is an enormous task, humanly not achievable.
Therefore an outside application is crucial to simplify the data management process.
Hadoop is an infrastructure for storing and processing large sets of data across multiple servers.
Now let us try to figure out the current market trends for BI.
What are the current trends that is shaping the BI concept?
- Data driven organization- Business units that make decisions backed up with well researched and analyzed verifiable data.
- Competitors getting smarter- It is important to consider that competitors are smarter than you to remain ahead in the competition.
- Explosion of data and content- Rapid increase in the availability for high volume of relevant and effective data in the market.
- Data sharing and monetization get critical- Business operations are interlinked that allows data sharing and many companies monetize from such data.
- Machine learning & AI- These two concepts, along with IoT is shaping the future of the world of commerce and economics. These new technologies automated the entire data management and decision making process, thereby eliminating human intervention and loss due to human error.
- No big data without AI- The decision making process has undergone a transformation recently with Thinking machines. Automated smart and quick decision making based on real-time data is the next big thing in the commercial world.
- Moving beyond hadoop- The open source data storage solution has competitors too. Companies are finding alternates to Hadoop in Machine learning and IoT services.
- Cloud based analytic- Cloud data warehouses such as Amazon Redshift is a popular data destination to store and safeguard the huge volume of data taken from different sources.
- Changed relationship between suppliers and customers- The data and information taken from customer buying behavior and search history gives an useful insight to the suppliers, allowing them to offer such goods that match the customer’s tastes and preference.
- Single tool replaces different point of solutions and data dependency- Instead of relying on multiple sources and tools, it is better to have a single tool that access, sort, analyze and feed in relevant information fitting the business module.
- Data literacy- Soon data analytic will emerge as a mandatory core competency for young professionals, owning the ability to pull out meaningful analysis from such data
- Self- service BI- This allows business users with minimal knowledge on statistics, to access and work with corporate data.
The advent of the new technologies such as Machine Learning, Artificial Intelligence and IoT breathed a fresh air into our traditional method of conducting our daily business. Every sector is trying to imbibe the beneficial features drawn from these concepts into their framework to increase their performance efficiency. Companies have realized that Time and human resource are valuable assets which need to be employed in a profitable manner. Thus delegating certain functionalities such as Data analysis to smart thinking machines have not only made business operation efficient but has also reduced the overall time taken to complete a lengthy task such as data management and ends up using the same workforce in a more productive way. Big data intelligence is the current trend that will rule the business world for some time.
Source Credit: Big Data 2017- Digital Futures
Source Credit: Top 9 Business Intelligence Trends for 2017
Source Credit: Business Intelligence Tutorial