Business intelligence has become one of the hottest topics in the analytics department recently, incorporating two things that the technology industry loves: data warehousing through a cloud computing-based program, and big data. In fact, many businesses are already aware that if they aren’t using these hybrid IT services, they’re missing out; it’s hard to ignore statistics and surveys that say how 82% of businesses have reported financial savings by switching over to the cloud, or that companies using data analytics are five times likelier to make fast decisions than those that don’t.
Nevertheless, it’s important to understand that business intelligence development is about more than simply collecting as much big data as possible. In order to benefit from this technology, you have to understand what kinds of data will be most useful to your business, and then figure out how to use it properly.
So how can you get more out of the data you already have? Here are a few ideas:
- Analytics can — and should — be part of every single process. It doesn’t matter if you can see how a certain set of data might benefit a department in your company; what matters is that you provide the data and the resources for your employees to experiment and get creative with it. Business intelligence is most successful when used in a variety of different environments and by people who think differently, since a lot of data can be used in multiple ways.
- Identify two different types of employees in your company: those who can find data, and those who can implement data. Chances are, you already have both types of employees — and both are incredibly valuable when it comes to analyzing big data. In most cases, all you need to do is provide the business intelligence software and basic training on data mining and/or implementation.
- Instead of looking for more data, combine existing data. This takes some creativity, but it’s one of the best ways to use business intelligence services and software without focusing too much on finding brand new data. It’s estimated that 99.5% of all available data still isn’t used today, and out of the .5% that is used, a lot could be reused or combined with other data sets.
So now we want to hear from you — how does your business utilize big data? What roadblocks are you facing with business intelligence development and big data analytics? Be sure to visit the comments section below and share your questions or advice!