Chris Lambert explains what advantages there are for embracing business intelligence, big data and advanced analytics.
In a nutshell, business intelligence (BI) offers the ability to create value and benefit from data.
Furthermore, as we increasingly adopt big data and the mountains of data we produce through every aspect of our lives, BI and other analytical tools help us to comprehend and interpret said data in a way that simply wasn’t possible previously.
IBM research indicates that 2.5 quintillion bytes of data are created globally every day through a wide variety of different streams.
Mobile devices; store loyalty cards; engine monitoring systems; healthcare equipment; smart consumer electronics – you name it, data is being generated.
Realising this early, adopters of big data analytics software and principles have gained a significant lead by managing their own data sets.
The benefits they have seen include:
- Improvement in products and services:
Both in the sense that products are produced with increasing accuracy and quality, as well as customer feedback being bought into the process via the continual monitoring of a product.
- New revenue streams:
Companies can move into areas such as sertivization [manufacturing services], as well as pick up on areas that are proving to be more profitable.
- Improvement of internal efficiencies:
‘Lean’ is the buzz word of modern, high tech industry and data analytics plays a pivotal role in making that possible.
- Better understanding of user / customer requirements:
As mentioned earlier, data analytics is key to improving and strengthening customer relationships. However, it also brings customer closer to the production process as data provides the information of what is required by – and demanded of – companies.
- Enable risk mitigation and compliance in the face of EU data regulation:
Companies are able to deal with the volatile nature of business with an integrated use of data analytics.
Overall, data analytics typically improves a business’s competitive advantage.
Find out how your business can benefit by attending Connect BI:
Do you feel overwhelmed by Business Intelligence?
BI is taking a pivotal place in a company’s success, but is evolving at a rapid pace.
As industry moves further towards service-based thinking, Industry 4.0 and increased volumes of big data, make sure you aren’t left dazed and confused while your rivals take the initiative.
Connect BI blends together a unique combination of in-depth case studies and peer-to-peer networking with individuals who are also procuring, implementing and exploring BI systems.
Connect BI will provide you with the opportunity to further your understanding of BI, giving you the upper hand with unrestricted exposure to both peers and the vendor community.
The must attend event to explore potential business partners, building much sought after connections. With Connect BI, you can condense six months works into just one day.
4 December, 2015: Rolls Royce, Derby