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Business Intelligence based on big data has been available until a few years ago only to big companies with access to the needed hardware (exorbitant prices) and always based on the need of having statisticians and technicians in payroll who could interpret the data so that the reliability of their conclusions were as high as possible. However, in the last years the hardware cheapening and the emergence of the big data in all companies has created a new market niche in small and mid-size businesses, because they are starting to see the BI as a necessary reality in the short term, and not as something needed in large global companies.
Big data is the accumulation and massive data processing, up to generate a daily own self- fed database, and is mainly characterized by the volume, velocity, variety and value. In short, big data is a daily large volume of data collected (because of the speed of the data generation) with variable information and with high potential value (so high that there are many cases where it needs a treatment to ensure its quality).
When a company has its own worked high-quality big data is when they can start developing an effective BI, and implementing the data culture among its workers. In a direct relation with this, Business Intelligence is a type of business strategy that aims to optimize a company performance through information obtained from historical data, which typically is focused on databases (big data). The main goal of any BI department is to contribute making strategic decisions based on objective information, both descriptive (historical facts of the company) or prescriptive (forecasting on how to evolve the company based on the decisions taken).
The most common uses of BI tools tend to focus on customer segmentation, sales control and measurement, purchasing and marketing campaigns, customer’s buying habits knowledge, or resources optimization.
If you do not start developing the digital transformation of your business today by yourself, , you will end up doing it in few years, after having identified that need from the benefits that your competitors have achieved.
What are you waiting for?