The science of working through large amounts of data to gain valuable business insights, which otherwise would not have surfaced, has become more accessible.
Cloud is bringing Big Data and Data Analytics to the masses. No longer is such analysis reserved to government departments or large corporations with millions of dollars to spend. Machine Learning, Power BI and Data Lakes are just some of the latest services to be made available for businesses of all sizes to utilise on an as-needs, cost effective basis.
These advances have enabled Business Intelligence and Analytics to offer more than ever before. Traditional BI still has great value in helping businesses understand what has happened over the preceding period, and gain insight into why those things happened. For example, a good BI portal won’t only tell you that sales have grown in a region, it should also be able to correlate that growth with the underlying data that has driven the change. It might be that a sales person’s performance has increased, or a marketing event drove sales in a particular offering. It may also be that an external event has occurred (a competitor has changed offering for example). With the right data in your dashboard, information workers can drill down to discover these trends and analyse the cause. Think of our internal CRM system.
The emergence of advanced analytics platforms and capabilities means that it’s now possible to go beyond the historical perspective. With analytics and machine learning, it’s now possible to make strong correlations between historical events and use that information to make predictions about what will happen in the future. This technology allows you to do everything from predict the benefit to sales of new marketing strategies through to predicting with increased certainty the outcome of a particular event such as a student’s test results, the winner of a race, or the effect of investing in one area over another. This allows business to be better informed and make smarter decisions about where to invest time, effort and, ultimately, budget.
Contact MOQdigital about turning your data into value business information and start making better decisions