Harnessing Big Data for Business Intelligence
An effective business intelligence (BI) initiative begins with data and requires an understanding of 1) the questions the business wants to ask, and 2) the ability to ensure that the right data is available for use at the right time.
It’s one thing to know the importance of collecting and using Big Data, but knowing how to translate it into increased productivity and profitability poses another challenge for businesses. Until recently, the primary challenge for businesses was figuring out how to gain access to data. Now, the challenge at hand is figuring out what to do with it. And, in nearly every industry, strict guidelines direct how data can be used and disseminated—adding another layer of complexity.
“The age of Big Data involves automatic digitizing and tagging of all content into data silos, and data mining with Big Data algorithms to discover new knowledge from this content,” Alan Gamzu wrote for Medium.com. “If customer service is not integrated into the core of a company’s data structure, the business will fall behind companies that harness Big Data.”
“The largest roadblock companies face is the inability to harness productivity across organizational departments that use different core systems,” Gamzu said. “Cloud computing allows all departments?—?from technology and development to sales and marketing?—?as well as virtual workspaces, to leverage Big Data analytics…Grocery stores and retail shops use inventory control technology in their labeling and at the cash registers. If a company does not adopt a data-first approach, it has little chance of lasting into the next century.”
In industries such as healthcare, Big Data plays a transformative role. From the shift to electronic medical records, to population-based studies, to determining medical reimbursements, analytics are crucial in nearly all aspects.
According to Dave Stodder from research firm TWDI, “Technologies and approaches that have been implemented successfully in other industries are also capable of transforming healthcare organizations. These include analytics, search [and] Big Data technologies….”
How Does Big Data Translate Into Business Intelligence?
Big Data can be used in a variety of settings, including demonstrating product/initiative value through use cases, guiding the suitability of new technologies or rollouts, informing best practices for new framework implementations, providing predictive insight and more. While translating Big Data into useful information might seem like a daunting task, it is a useful endeavor within the right framework and with proper guidance. PK offers a full spectrum of analytics and data-centric solutions and services to help clients utilize discovery and knowledge to inform business decisions.