Business Intelligence, Analytics and Big Data from a Layman's Perspective
Published by BIWHIZ team
With the dynamic enterprise world and the ever changing concerned customers , not only has the need for elaborate data handling has come into picture but the best interpreted use of the same to develop or rather create new strategic business opportunities has further increased manifolds.
Here comes the broad category of applications and technology best known as Business Intelligence, which stores, analyzes and helps enterprises make the best possible use of it to make improved business decisions. In far more simpler words, BI assists in the transformation of enormous raw& unstructured data into meaningful, simpler and far more useful information for the purpose of better business decision making and analysis. By doing so, it helps identify new business opportunities and in turn provide a competitive market advantage and business stability in the long term.BI application can be used in the following ways:
- Mission-critical and integral to an enterprise's operations or occasional to meet a special requirement
- Enterprise-wide or local to one division
- Centrally initiated or driven by user demand
Where, BI give answers to questions like: What happened? , When? etc. The other end of this technology is handled and catered to by Business Analytics. Questions like: Why did it happen? Will it happen again? What all deep rooted questions does the data answer to? etc. In a comparative outlook, in BI one collects business data to find information primarily through asking questions, reporting, and online analytical processes. While BA makes extensive use of data, statistical and quantitative analysis, explanatory and predictive modelling and fact-based management to drive decision making. It focuses on developing new insights and understanding of business performance based on data and statistical methods.
Finally, comes the third big word -Big Data analytics. Big data is a buzzword, or catch-phrase, used to describe a massive volume of both structured and unstructured data that is so large that it's difficult to process using traditional database and software techniques. In most enterprise scenarios the data is too big or it moves too fast or it exceeds current processing capacity. Big data has the potential to help companies improve operations and make faster, more intelligent decisions. The term big data, especially when used by vendors, may refer to the technology (which includes tools and processes) that an organization requires to handle the large amounts of data and storage facilities. An example of big data might be petabytes (1,024 terabytes) of data consisting of billions to trillions of records of millions of people-all from different sources (e.g. Web, sales, customer contact centre, social media, mobile data and so on). The data is typically loosely structured data that is often incomplete and inaccessible.
There is no denying fact that these three have become so juxtaposed in today's world that an enterprise's success in the long run irrevocably depends on the entire process of storing, managing, analyzing and correctly interpreting raw data into meaningful strategic business ideas and opportunities.