As enterprises are required to handle more information every second, knowing what information is relevant and critical to business intelligence (BI) can be overwhelming. However, mining big data for insight is crucial to improving decision-making and driving revenue.
Biztech reported that enterprises capture trillions of data bytes containing information about customers, suppliers and operations through a multitude of machines and devices. Ultimately, business executives and marketers seek visibility into all of these systems, but traditional analytic approaches make deriving meaning from large volumes of data virtually impossible. A conventional on-site database can not accommodate growing data stores, nor properly organize and aggregate the information. Because big data encompasses both structured and unstructured data, businesses need to seek remote database support to properly manage this information. InfoWorld reported that as consumer demands continually shift, a more fluid model is necessary for real-time analytic capabilities that address these changes.
Drawing connections improves decisions
Big data initiatives may incorporate the use of state-of-the-art algorithms in order to analyze large sets of information for patterns. More importantly, according to Biztech, these tools can identify the relationship between points of data and find trends. The source elaborated on McKinsey & Company’s primary reasons why big data is valuable to the enterprise, emphasizing new opportunities for exploration and innovation. Transparency allows the business to target problem areas and propose solutions for better operational efficiency, experiment with possible scenarios without risking negative impact, customize actions and automate business decisions.
While many companies place BI technologies as a high investment priority, others fail to realize the advantages due to insufficient solutions to big data administration. InfoWorld reported that integrating analytic systems with BI tools empowers businesses to address specific queries and additionally, to make intelligent predictions.
Enterprises require a strategy for handling the growing information at their disposal in order to gain a deeper understanding of business opportunities. The real value of big data analysis comes from the ability to apply specific insights to resolve actual questions or problems in an innovative, accurate way. New tools for aggregating and structuring big data can allow enterprises to surpass status-quo BI for a considerable competitive advantage.
RDX’s business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.