Business Intelligence, Big Data and Data Analytics: The Business Success Tripod
- Jan 14, 2019
- 300 views
The operational differentials of a company in times of high competitiveness such as the ones we are currently living depend on the ability to make decisions quickly and with little margin of error, more than at any other time in the past.
The speed with which changes are occurring, both from the point of view of the customer and the markets themselves, demand that teams be able to not only respond quickly, but anticipate change if they are to stay ahead of the competition and better positions with the consumer public. For this, accurate, relevant, up-to-date and correct information is simply indispensable.
Of course, obtaining information in this way is not simple, nor can it be expected to come naturally and effortlessly to the team; good information comes as a consequence of intelligent and focused search, and is usually linked to three fundamental points for modern corporate planning and management:
- Data Analytics: together with Data Mining, forms the basis of obtaining information from the macro environment. This process consists of collecting, inspecting, processing and modeling data with the main objective of obtaining information applicable to the most diverse aspects of the management and operation of the company. This practice is fundamental to form the basis of management information that will be applied to the business, since it allows all the planning of actions to occur with much more security and reliability, not being an exclusive process of IT, but applicable to all departments of the company by selecting the correct sources for research and correctly defining the nature of the information desired.
- Big Data: Big Data refers to the use and analysis of data that is often large in volume, highly variable, highly renewable, in order to produce information that enhances the ability to intuit and generate differentiated and innovative business insights . By working comprehensively, Big Data allows companies to see patterns and profiles, which makes it easier to forecast the actions and consequences of both customers and the market as a whole.
- Business Intelligence: the so-called BI is the practice of collecting, analyzing, distributing and using information for the purpose of improving the company's management, as well as its ability to act within its market. BI, as you can see, is highly dependent on reliable sources of information, so it can only be run effectively when Data Analytics and Big Data processes are excepted. The benefits are remarkable for companies in all segments, especially in the areas of marketing, sales (which can design highly effective actions for their publics) and management (which can see the market in detail, predicting competitor behaviors, economic fluctuations and other obstacles, which allows for very fast and effective reactions).
Companies using this tripod are categorical in terms of results: in CompTIA survey, in the USA, 72% of companies understand that the results brought by these tools exceed expectations, while around 60% say they are dependent on data for market and management decision-making. This scenario tends to grow all over the world, so your company, if you want to stay ahead of the competition, should start as soon as possible to have this tripod for good management.