The IT sector is all a-buzz about big data. Even so, many businesses are finding it hard to actually use big data analytics in their organizations. There is no doubt executives want to beef up data management, as many worry it will lead to problems such as lost revenue. Many are interested in putting new strategies in place to minimize this risk.
Who Needs Big Data Intelligence?
Big data is something that is attracting the attention of many, including those in the areas of finance, sales, marketing, operations management, and within compliance roles. Within these areas, executives hope to use this data to:
- Help to drive down overall costs
- Improve the company’s cash flow
- Improve revenues
- Drive sales
- Reduce the risk of compliance errors.
While many executives want this information, many use methods that are prone to errors to managing data. That’s just not cutting it.
What’s Coming and Why Does It Matter?
Many experts believe that a meshing of business intelligence and big data analytics is one the way. Many IT leaders are working to tap into these large data fields and use this information to benefit themselves.
Some experts looked at the similarities found in business intelligence (which is also known as applicant-drive intelligence) and in data-driven intelligence (more commonly known as big data.) What they found is that there is a wide range of similarities already in play. In application-driven intelligence, the data fills a very specific type of need. An example of this is in supply-chain management. It also applies to online transaction processing or to customer relationship management.
In data-drive intelligence, the software aids in the management and the analyzing of huge amounts of already collected and processed data. This difference, in the data used, does not limit the overall importance of using this data properly. Bringing the two forms of data together could mean big things for any business.
A third option is already on the table. Some news sources are using what is known as data-centric data. This type of data is a hybrid of the two. In this method, it is possible for business decisions and IT decisions to be made with a combination of capabilities, including big data analytics and business intelligence. In this manner, it is possible to determine which solution offers a better fit for the business based on the current functions.
In short, businesses need to consider what big data means to their needs and then implement the best methods for utilizing information to achieve business goals. Doing so could mean reducing risks and increasing profits across the board. That is something that all business leaders are working towards implementing.
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