“Data is 21st-century oil, and analytics is the engine of combustion”. Big Data has been in the media on an ongoing basis recently but its significance and use still elude some company decision-makers. The businesses have invested heavily in Business Intelligence (BI) systems and applications, and are unsure as to whether what they did will happily survive under the new name ‘Big Data.’ Moore’s Law states that the computer’s capacity increases by a factor of two in terms of memory storage and speed within two years, resulting in an exponential increase in data created by such devices.
Better systems can produce more data than previous ones. “Data is the new oil” millions of times and, according to EMC estimates, by the end of 2020, there will be 44 trillion gigabytes of data.
BI leverages the use of Big data
Business’ future lies in the growth of huge, data-driven businesses using business intelligence and large-scale adoption of big data across industries. Business intelligence sparks an organizational transformation in which it streamlines operations and procedures.
Big data can be applied in several ways in business for increasing revenue. Companies that have adopted BI methods have a clear understanding of the workable metrics. A well-structured presentation of data that final-users can perceive is the most important aspect BI brings into the picture. The tables, bar graphs, and other tools for visualization make it easy to understand big data.
Visualization and analysis form the foundation of big data. If you don’t process it effectively and follow the company results, data is of no value. Many different BI tools can be used in a business and also for its customers to process any piece of data.
The most important advantage of this is quick access to all sorts of business knowledge. Unlike using other traditional approaches, it’s just a click away to search for details such as sales growth over the last three years. It is also easy to forecast workloads and revenues in particular months as you only need to pick a template in most BI software, and in one go you can get a thorough overview of the years of results.
Predictions and forecasts are made effortlessly with high accuracy using historic data. Through analyzing the sales data from the past year, businesses may forecast the potential demand and inventory requirements for their products. The best aspect of the software is that you can customize it, and you can adjust the particular components to meet your needs. It’s really easy to adjust the months, items, markets, form of inventory, etc.
The business environment was entirely different when BI technologies were not popular and data processing was rare. Businesses no longer have to make Excel sheets and compare spreadsheets to determine how to achieve a task as easy as possible.
Using BI tools, every move in each department can be evaluated and worked on to improve performance.