Big Data & Business Intelligence, two insights for one goal: improving your performance.
Business Intelligence represents the visible part of the decision analytics of your company. Represented by a digital dashboard, BI gathers the main indicators of your company’s activities in order to show your performance’s signals. The result is a better understanding of the past, a precise insight of the present and the establishment of a future strategy.
The selection of data is made by the analysis of each company’s needs and issues depending on if it implies the follow-up of operational activities or help on strategic decisions. The data collection follows 3 steps:
- Collect information from the different departments involved in your company. It can be financial, accounting or customer management data;
- This data known as raw data is then cleaned to be more exploitable through a series of algorithms;
- Finally the data is gathered in one place, a warehouse, and displayed in a dashboard.
Big Data is the upgrade of Business Intelligence; it improves data exploitation and increases its potential. Nowadays, the amount and sheer volume of data has exploded. It can be found on social networks, geo-localisation tools, or in open sources of customers’ behaviour for instance. What decision-makers want to see on their dashboards is both digital and textual data. Big Data requires a modification of the IT architecture to produce more diversified and agile databases.
Big Data is able to analyse human activity, to understand its background and to establish links between data. The analysis thus becomes immediate and personalized. The competitive advantage of inputting the analysis of these sensors in real-time is huge. The decision-makers’ expectations follow the same diversification trend. They are looking for an in-depth analysis of the flow of information whether it concerns services, products, customers or suppliers.
Big Data technology has an economic value as data is generalized to all sectors and can be adapted to all processes. Big Data allows the use of data of all different kinds and collected in different contexts. Its main usage lies in its ability to apprehend and solve problems in various departments such as marketing, logistics or customer management. The latest goals are: to enhance the image of the company through social media networks or to analyse the customer’s behaviours before the purchase. The data exploitation becomes a new vector for decision-making support thanks to the creating of new services or products.
The 3 growth opportunities of Big Data
Cut costs, Improve decision-making, Increase profits
Leverage cost savings
Big Data applications have a strong potential to cut operational costs and in all processes in general. In fact, its usage enables companies to better understand their operation and to optimise each step so as to be more competitive.
For instance, Big Data enables you to spot the machinery failure periods. By pairing this information with the hours worked by each employee and the production times, the management of your machine park is thus more efficient. As a conclusion, in this precise case, Big Data reduces production time.
- Management improvement
The data used by Big Data is variable in nature and is stored on different systems. It may concern financial transactions, data on the quality of the functioning of services, HR database, supplier information, customers satisfaction traced on social networks… Thanks to this technology and the analytical methods of Big Data, all this data is schematically stored in one single place. A more complete picture of the company’s organization is thus made visible. By observing and analysing this data which is now available but which used to be very hard to get, the company’s management can now acquire new knowledge. The simplification of to access data leads to easier decision-making. Each co-workers’ daily task is facilitated.
- The creation of new services or products, i.e the “monetization” of Big Data
Creating value from the flood of information available is now possible. In fact, data examination is turned into knowledge and then profit. Its main application is in marketing. Once the data is stored, it is cleaned and analysed and finally very specific operations are set up. For instance, an advertisement on smart phones is made thanks to the person’s geo-localisation. Even more ambitious, predictive solutions are launched in order to send the right offer to the right customer at the right time by the right channel and with the right message. In the field of Health, Big Data is a source of innovation. By pairing a database on a person’s lifestyle with a larger database, pathologies can be detected in advance and changes can be made to lifestyle to increase healthy living.