Does your organization plan to harness the data, identify insights, and make smarter decision moves? Are you aware of the terms – Business Intelligence and Big Data Analytics?
Every business organization needs valuable data and insights to understand its target audience and customer preferences. This blog post will reveal valuable information that would change the face of your business with smooth operations, greater profits, and more customers. With a huge amount of online and offline data available today, it is better to have a smart and reliable partner who can provide a high volume and variety of insights at your fingertips.

This blog focuses on the role of BI and Big Data Analytics in business development.

Let’s jump to business intelligence first:

  • Business Intelligence:

    Business Intelligence is used by many international firms to incorporate advanced analytics techniques for their huge data. As a result, they are tapping effectively into the growing business world. Let’s first understand what it is and how it can benefit your business.

  • What is Business Intelligence (BI)?

    Business Intelligence is an automated process of deriving models and insights from raw data. The raw data used is gathered from the various data resources. The overall process
    gives valuable insights organized in a systematic way to improve your business operations and processes.

    The following are some of the common examples of BI systems:

  • Measuring and monitoring key performance indicators
  • Benchmarking and forecasting sales
  • Performing data mining and analysis of customer information to discover new business opportunities.
  • Building enterprise dashboards to integrate and visualize information from various business areas

Benefits of Business Intelligence:

Many companies have seen the positive effects of their investments in BI. It helped them to improve performance with myriad benefits as mentioned below:

Easy and Faster Analysis of Data:

BI tools process huge data from multiple sources and generate reports faster. Business Intelligence dashboards are easy to understand such that any non-technical user can also understand the data statistics without learning to code.

Better Business Decisions:

Accurate and up-to-date data with faster reporting capability allows business leaders to make better business decisions confidently. They have real-time data forecasts at their fingertips before meeting potential clients.

Improved Employee Satisfaction:

BI tools and software made it possible for IT departments and database teams to respond quickly and correctly to business user requests. Other departments can also
analyze the data with little training using the latest BI tools.

Improved Customer Satisfaction:

Many companies improved their customer service and reduced response time using business intelligence. This makeover of the customer support department and their
professional responses impacted customer experience and customer satisfaction positively.

Increased Competitive Advantage:

BI helps organizations to identify the best possible time and plan their business strategies to enter and exit the market. The real-time reports generated using BI tools
show their performance within the market, track the seasonal changes, and predict customer needs.

How to Incorporate Business Intelligence?

The following are the three main steps to incorporate business intelligence for your business:

Planning and Evaluation:

You first need to evaluate what results are required from BI and then need to plan a roadmap, selection of the right technology and tools, and how to execute your strategies
for the same.

Implementation and Validation:

Once you finalize your BI architecture, implementation of the decided strategies begins using the tools & technology you selected. To generate quality results, you need to validate the entire process and set of data used.

Result Analysis and Improvements:

At this stage, you analyze the results generated and check for the areas of improvement. If there exist multiple areas of improvement, integrate this result with additional data sources for continued data quality.

So, till here, you had a valuable overlook of business intelligence. Now let’s move to Big Data Analytics.

Big Data Analytics:

To improve business intelligence, organizations need models for faster decision-making and to make correct predictions of future outcomes. The volume of data plays a vital role in such a scenario and big data analytics is the best solution to deliver exact results.
Let’s understand what it is and how it can benefit your business:

What is Big Data Analytics?

Big data is sets of data whose size (from terabytes to zettabytes) or type (structured, semi-structured and unstructured data) is beyond the size and type of traditional relational database. Big data analytics is a technique or method of using advanced analytical tools or software to capture, manage, and process big data with low latency. Data sets collected in
big data are of high volume, high velocity, and high variety.

Benefits of Big Data Analytics:

The more advanced form of business intelligence is big data analytics which examines large amounts of data and helps you uncover hidden insights.
The following are the main benefits of big data analytics:

Cost Optimization:

Big data allows companies to save a lot on storing, processing and analyzing large amounts of data. Big Data tools like Hadoop and Spark also identify cost-savvy solutions for doing business.

Improve Operational Efficiency:

Big data tools help companies to create personalized products or services by analyzing, identifying, and interpreting meaningful customer data like preferences, buying behavior, purchasing pattern, etc.

Real-time Monitoring of the Market:

Big data analytics make it easy for companies to keep watch on the real-time market moments like local customer demands, actions of competitors, impact of price fluctuations, strategies adopted by competitors, etc. These real-time statistics and data help companies to balance their product/service pricing according to the current market scenario.

Boost Sales and Maintain Customer Loyalty:

The gathering and analysis of vast volumes of customer data using big data tools allow companies to customize their products to cater to the specific needs of customers. Such a high level of personalization attracts more customers boosting your sales figures. Customers prefer companies offering quality and personalized products at competitive pricing. Big data analytics lets you roll successfully on this front to keep customers coming back to you timely.

Innovation in Business:

Big data tools extract valuable insights from vast datasets that can be used to foster innovation in your business. You can improve your marketing campaigns, customer service, employee productivity, and sales strategies to expand your brand outreach.

Enhance Your Brand – Online:

As 8 out of 10 customers follow brands online, it is crucial for every brand to keep an up-to-date online presence. Big data tools help you identify how people interact with your brand on various online platforms and plan your strategies accordingly to enhance your online reputation.

How to Incorporate Big Data Analytics?

The following are the main phases to incorporate big data analytics for your business:

Gather and Analyze Business Requirements:

As the first step, you need to identify why your business needs big data analytics. For that, gather and analyze your specific business needs.

Plan Tailor-made Business Solutions:

Now you know the aim of using big data tools for your business, plan tailor-made business solutions rather than being general. This will help you achieve the results you are looking for.

Make Use of the Existing Data:

To identify the quality of the results generated, start with the data that you already have. It will save money and time and will let you know how results will be generated for huge datasets. You can keep investing in advanced analytics tools for reliable results. Make sure your data scientist knows how to use those tools effectively.

Conclusion:

The proper implementation of big data analytics and BI will rotate the wheel of business development at a fast pace in the near future. Advanced technologies such as Machine Learning (MI) and Artificial Intelligence (AI) are reducing the time and efforts to simplify the task of gathering and analyzing huge data. Your business would not be able to achieve great success overnight using these technologies as it takes time to analyze and develop strategies based on the results generated. If you have yet not considered BI and Big Data Analytics to leverage your business, you are missing a way to be ahead of your competitors.

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