Big Data is all about collecting, processing, and analyzing the enormous data collected from the day of transistor invention and till date. Transistors made the machines fast to advanced. The computation power of digital machines hypes every year by huge numbers.
According to Moore’s Law, “we can expect the speed and capability of our computers to increase every couple of years, and we will pay less for them” The massive increase in transistors growth is (a) density and (b) die size.
The reason for telling all this is that the more the power of the device more will be the generation of data at that pace. The growth is not even linear; it’s exponential! It’s the simplest analysis that a faster device will produce more data rather than a slower device. Faster text messages, quick sharing of tweets, HD videos with just a snap of fingers keep on rising the peak of Big Data.
So What About Business Intelligence?
Business Intelligence refers to the tools that empower IT staff but also business managers and executives to collect, manage, and analyze data in order to make informed decisions.
Business intelligence can also involve basic mathematical concepts’ understanding too. The topics like probability, statistics, flowcharts, effective decision making, managing techniques all play a vital role in BI.
All of the above areas of BI can be well implemented in Big Data to outreach the solutions to complex problems. Every sector is embracing the brilliance of Business Intelligent professionals because they imply their neurons in highly complex use cases of Information Technology, healthcare, finance, research, et al.
Let’s see how Business Intelligence is conceptualizing the problems:
The Intelligent Business agent tries to get a sight and even visualizes the ways of navigating and crunching the enormous datasets. These guys can levy predictive analysis. Projects like fraud detection always require the best margin improvements via better clustering using clustering algorithms no matter what sector it is.
The Handshake of Big Data with Business Intelligence
Installing advanced analytics is a crucial process to harness the complete Return on Investment (ROI). Using advanced analytics involves future events prediction, behaviors analysis, and providing the businesses to withhold the what-if investigations to anticipate the effects of the changes that can tremor the insight in business strategies.
The Intelligent Business agent applies predictive analytics, mine the data, pre-process the data, do big data analytics to some extent in marketing, healthcare, risk management, finance.
Prescriptive analytics is applied in the healthcare domain to recognize the patients to get some benefits from a specific treatment. The ones sitting in cellular station providers implement the diagnostic analytics to know the coming potential network hindrances, helping them in knowing preventive maintenance.
The models deployed as business intelligence prove to be highly complementary. The business equipped with intelligence can serve you with better and more profound, exploratory sights on Big Data. The vast and most vital difference which lies and is out of the big picture of every tycoon is that it paves the road of Big Data with a better-structured user experience.
The richness of BI systems in dashboard visualizations, report making, pace of performance management metrics are taken care of by the mischievous guy: BI.
3 Approaches: Big Data combined with BI can enhance Business
The duet of Big Data and Business Intelligence can bring in more innovative thinking and solution out of the cloud of dust.
The enterprises gather a huge amount of data every second regarding the customers, sales, and products, services that the firms deliver. In most cases, the chunks of information move rapidly and are way too vast to be handled by traditional technologies. The Big Data combined with Business Intelligence elevates the thought processing of the enterprises and the demand too for better profits.
The logistics applied in business intelligence always shoots the graphs of the firms providing more brilliant business decisions. The trading point of the retailer firms is ‘Guts.’ They have realized that shooting in the dark is only for the perfectionists, so it’s not a catch for the Retail Market too.
So now even the retailers give a shot to first capturing the data and then formulating business strategies. The right thing which works here is evidence. Business Intelligence is always fueled with evidence to settle down the clouds of dust.
The melody of BI and Big Data has already revolutionized the myriad industry. The Mcgregor Walmart and Mayweather Amazon ascend BI and Big Data analysis to take one step ahead of the others in the retail bazaar.
If thinking a little widely and wisely, even small businesses can endeavor BI and Big Data to hype the processes. This realizes the true and real value of both while accommodating the machines into their operations.
“The competence to process the vital and enormous amount of data is the epicenter of the attraction of BI and Big Data Analytics.“Smart Data Collective
1. BI and Big Data For Sales Analysis
Considering the size of the businesses in retail – supermarkets, departmental stores, and e-tailers have a tremendous amount of transaction histories, and sales receipts accumulate volumes of data. The information so processed gives a humungous opportunity or chance for businesses to run the inspection on sales. However, no valuable insight draws from volume alone.
Assimilating the successful business solution is to ingest intelligence into the idea or the pile of data to start with a new use case or to improve the ongoing business to extract all the ponderous information from the Big Data, by putting the right inquest.
The replies to the questions: how much the product has gained hype in the customers or market, the type of buyers opting for the product along with all this, the store or outlet which sells the product at that instant of time plays their part to increase the productivity.
The answers are the crucial ones to aid the firms in improving and enhancing the decision-making process. The patterns in the Big Data show the strengths, weaknesses, and changes in favor of the company. For instance, the business can try to know the most number of sales and how numerous the time has played a role in making those sales. The right business intelligence here applied tells the stores commodities to meet the needs.
The data visuals on the business intelligent agent’s screen also depict the areas that outperform and poorly, allowing the enterprises to reach the most reliable decisions to the anticipated time. This vision opens the doors of rectifying the issue and recognizing the potential opportunities.
The concrete value of BI plus BD (Big Data) is not the ability to address the queries, on the contrary, it’s the competence to converge the Big Data from multiple systems to acquire the gain from insights.
2. BI and Big Data for Inventory Analysis
In the last few years, Big Data and business intelligence are on the new horizon of providing aid to associate with each other, in the retail market to improve efficiency while giving high profits. To get rid of the bottlenecks and appreciate the efficiency more, the duo of BI and BD allows the operational managers to present a detailed summary of the operations.
The approach to real-time information switches on the finance managers to look after the narrow margins of gains with the increased context to assure that they have the maximum profits from the venture of inventory.
One thing more, everything occurs on the cloud the processes et al. as an alternative to the books and platters of disks. The efforts are put in this manner because this drives the reduction in hardware and maintenance costs. It will be worth investing in the cloud as per BI’s agent perspective.
3. BI and Big Data for Consumer Analysis
Identifying the right customers who can prove to be beneficial and profitable is critical in the retail combo of Business Intelligence and Big Data.
Having reach to the real-time client demand pattern information gives the enterprises the leverage of matching their cavalry of inventory to the orders precisely. So consumer analysis is a huge win for every business or firm as it corollaries in customer satisfaction.