While a lot of people talk about the importance of data, the truth is that, on its own, data can be quite useless. Think of a raw lump of gold; it’s definitely valuable, but what if you lacked the tools or contacts to process it and turn it into coins, bullions, or jewelry? The same thing goes for data. Unless you can turn it into information, its use for your business will be fairly limited.
However, is information the final step of this journey? Of course not, information is consumed in order to acquire knowledge and once you understand, truly understand, you’ve reached the stage of insight. In other words, in the ideal set of circumstances, a piece of raw data will eventually become a business insight. To get there, you’ll usually need sophisticated analytical tools like business intelligence (BI) software.
With that in mind and without further ado, here are several reasons why this is such an important process, as well as what you stand to gain from all of it.
Business Intelligence and Artificial Intelligence
The comparison of BI and AI may sound natural, but the truth is that these two terms are completely distinct and complementary. Namely, I in AI stands for the ability of a machine to act in a way that closely resembles human intelligence. I in BI, on the other hand, is a process that processes raw data into analyzed and visualized information that people can use to get insight.
Why are they complementary?
By enhancing BI software with AI, all BI processes will become more efficient. Under the influence of these innovative tech trends, especially deep learning, numerous industries are growing at an astounding pace. In other words, instead of comparing the two or ridiculously believing that you somehow have to “make a choice,” all you need to understand is how these two concepts can work hand in hand.
Faster Business Intelligence Process
The first thing you need to understand is the importance of the very process of business intelligence. You see, the biggest problem regarding data is the fact that it’s often in a form that’s nearly impossible to analyze.
Some forms of data are not even structured for interpretation, which is why there’s a division between structured, unstructured, and semi-structured data. In some scenarios, you’ll even need an IIM (intelligent information management) system like M-Files in order to coordinate this landscape. This is a prime example of a scenario where the BI is not enough on its own.
As far as the process goes, to be interpreted, data needs to be harvested first. From that point on, there are stages of:
- Performance measuring
- Statistical analysis
- Data visualization
- Visual analysis
Once all of these stages are done, we’re finally ready for the final stage – reporting. These reports need to be uniformed, and they need to be based on all the relevant KPIs. This way, comparisons between reports that come from different points in time will be possible.
Improving Business Model
Some of the benefits of using BI to get business insight lie in a chance to improve your entire business model. Namely, through the analysis of customer behavior, you have an opportunity to optimize operations so that you increase customer experience. By growing in other areas, you get to increase your profits and make more accurate predictions.
Another great advantage of using BI is a chance to discover issues before they escalate to the problem status. You also get to spot market trends early on. If there’s one thing that’s certain in the business world, it’s that chasing money is never a good thing. You need to spot a lucrative opportunity before it starts paying off. Once the payout starts, the chances are that you’ve already missed your opportunity to capitalize on it.
Great for Collaboration
The information obtained through the BI process shouldn’t be restricted. Instead, you can share it with the rest of your team.
Through joint analysis and brainstorming, chances of acquiring insight are far more probable. Also, the information obtained this way can be promoted further in order to improve your standing in the business world. By gaining this insight early, you stand a chance to start your own trend.
This brings us to another advantage of BI – easy access to all the relevant data. Naturally, access to these tools can be assigned or restricted. However, it provides quick analytics, and it is a great way to reduce your company’s need for human analysts.
Instead of waiting for the analysis process/session to be over, your employees can look up the answers for themselves in key positions. This way, the effectiveness of every project is enhanced.
Constant Evolution
It is also worth mentioning that the BI has evolved over these past several years. For instance, in the past, BI was heavily reliant on IT insight and input.
Today, a small enterprise no longer needs an IT expert to use these analytical tools properly. In turn, the process is quicker and more autonomous. The emphasis of modern BI tools lies in the intuitiveness of use, user-friendliness of interface/dashboard, and accessibility. These dashboards are fully customizable and only add an additional entry to this already impressive list of features.
As more and more enterprises start relying on the BI, the investment in this sphere will grow bigger and bigger, further increasing the development in this area. So, organizations are bound to take an even bigger interest in these (now even more) sophisticated tools across the globe and industries. This creates an endless loop of progress.
In Conclusion
In the end, all that matters is that you understand all your resources and assets. Relevant data is your starting point – raw material. Business intelligence is the sophisticated instrument of processing this data into information – the tools.
Lastly, business insight is the end goal – the end product. In a way, insight is the best possible end result that any relevant piece of data can become. Needless to say, this is only possible through business intelligence.
Orders are growing and you feel like you are on top of the world!But then reality sets in.
If you are a rookie leader, there are a ton of things you haven’t considered yet, and relaxing is unfortunately not an option.
If you have an issue, like inventory and capital assets absorbing too much of your cash flow, make a plan to regain control over it.
In a worst-case scenario, valuable data can be exposed or lost and you can lose the momentum of your growth.
After that’s been decided, think about content management within your company and distribute content management leadership roles.
For example, instead of buying equipment for your office, consider renting it.
Uncovering hidden pattern and business insights have become crucial for making proper decisions.
Do Big Data And Business Intelligence Go Hand In Hand?
Recent trends have already proved that companies that focus on BD and BI can run better, remain more profitable than those whose decision makers work on “what feels right” basis.
Big Data application development adds more value to the existing BI tools and enhances them further.
Here’re four examples that show how brands are benefiting from BD analytics.
As one of CNN’s reports pointed out, it manages to thrive even in the Amazon era.
Business analytics is dependent on the delivery of actionable and accurate insights, which is why artificial intelligence has become essential.The 5 R’s of Data QualityRelevanceRecencyRangeRobustnessReliabilityWhile AI systems can be used to collect and organize most data, there will still be times when manual data entry is required.
That is why Data Entry Outsourced is Necessary to be done by Professionals.Read more on http://www.aiiottalk.com/artificial-intelligence/how-important-is-data-accuracy-as-ai-evolves/
The “China AI in Diagnostics Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2027” report has been added to ResearchAndMarkets.com’s offering.The country research report on China AI in diagnostics market is a customer intelligence and competitive study of the China market.Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the China market.
Also, factors that are driving and restraining the AI in diagnostics market are highlighted in the study.
This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market.Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels.
The companies and dealers/distributors profiled in the report include manufacturers & suppliers of AI in diagnostics market in China.
