December Insights On Maximising The Value Of Big Data With Business Intelligence

It’s been a big year for Big Data, with continued advances of interconnected technologies creating immensely large datasets. The challenge that comes with uncovering insights and developing strategies from such a colossal variety of data sources has led to the development of faster and smarter Business Intelligence tools that have changed the way businesses work, interact, collaborate and secure information.

“The new benefits that Big Data Analytics brings to the table are speed and efficiency. A few years ago, a business would have gathered information, run analytics and unearthed information that could be used for future decisions. Today, that business can identify insights for immediate decisions. The ability to work faster – and stay agile – gives organisations a competitive edge they didn’t have before.” – SAS.

Big Data is a corporate asset that’s most valuable when delivered with speed and accuracy, and measured for competitive advantage with the best tools in the market. To increase the opportunities it can bring, an organisation must ensure that there are no shortcomings in the tools used to make sense of information that could magnify their competitive advantage.

“To truly maximise the value from Big Data, your data must reflect the real state of affairs at any given moment in time. Any insights generated by AI apps must be able to adapt rapidly to fluctuations in the dynamic business ecosystem — otherwise, you’re wasting the valuable time of your data scientists and senior leadership.” – Phani Nagarjuna: Founder & CEO of Nuevora Analytics.

 

BI TOOLS IN THE MARKET

A critical driver for making better decisions lies in how data is analysed and how to make sense of the information it uncovers. We’ve compiled an illustrative set of BI tools available in the market for your business to harness the most value from your data in the coming year.

 

Tableau

“Tableau helps people transform data into actionable insights. Explore with limitless visual analytics. Build dashboards and perform ad hoc analyses in just a few clicks. Share your work with anyone and make an impact on your business. From global enterprises to early-stage startups and small businesses, people everywhere use Tableau to see and understand their data.” – Tableau.

 

Qlik

“Search and explore vast amounts of data – all your data. With Qlik, you’re not constrained by preconceived notions of how data should be related, but can finally understand how it truly is related. Analyse, reveal, collaborate and act. Qlik lets you turn data into insights across all aspects of your business.” – Qlik.

 

Microsoft Power BI

“Power BI is a suite of business analytics tools to analyse data and share insights. Power BI dashboards provide a 360-degree view for business users with their most important metrics in one place, updated in real time, and available on all of their devices. With one click, users can explore the data behind their dashboard using intuitive tools that make finding answers easy.” – Microsoft Power BI.

 

Yellowfin BI

“Yellowfin offers the only analytics platform that combines machine learning, visualisation, collaboration and storytelling to provide customers with the quickest time to value.” – Yellowfin.

 

SAS Visual Analytics

“With SAS® Visual Analytics, now everyone can discover, share and collaborate on insights. Visualise data in new ways with features in our new release – including third party customisable graphs, a refined user experience to improve productivity, self-service data preparation, and the power of location analytics to visualise data in new contexts and bring the ‘where’ dimension to the forefront. These enhancements will highlight and provide understanding for key relationships, outliers, clusters and more, revealing vital insights that inspire action.” – Andrei M: CTO at Data Science Central.

 

Sisense

“Sisense’s BI software makes it easy to instantly reveal business insights from complex data – any data source, any size.” – Sisense.

 

Gartner Magic Quadrant For BI & Analytics 2017

There are a lot of players in the BI market, and Gartner Magic Quadrant 2017 highlights which tools are the top performers.

 

BI PREDICTIONS FOR THE COMING YEAR

“We asked users, consultants and software vendors of BI and data management technology to rate their personal view of the importance of twenty trending topics that we presented to them. Data quality/master data management, data discovery/visualisation and self-service BI are the three topics BI practitioners identify as the most important trends in their work.” – BARC’s BI Trend Monitor 2018.

Here in Australia, Contexti’s own experiences, and those reported by our partners, align to these top three trending topics. Whilst visualisation and self-service BI are well recognised, the strength of the current trend toward Data Governance (data quality, MDM, security) has strongly spiked.

 

Data Quality & Master Data Management (MDM)

Master data management is achieved by standardising, matching and consolidating common data elements across Big Data sources such as customer, supplier or product data from disparate applications or silos into a single master view of an organisation’s data.

Data quality plays a big part in this, as post-validation is essential for master data. This includes conducting a baseline assessment to identify any potential data quality issues that must be addressed.

For an organisation to be successful with MDM, a clear strategy must be put in place, including KPIs, data management process, and documentation of data domains.

 

Data Discovery & Visualisation

Data discovery is about mining through the data your business has collected from its many sources by visually navigating through it to detect patterns and outliers. Data visualisation is critical because it facilitates a better understanding among key decision makers in an organisation of what the information represents.

Data discovery tools such as Microsoft Power BI, Qlik Sense and many more have enabled businesses to overcome many business problems through fast access to advanced functions, algorithms and interactive dashboards.

 

Self-Service BI

Self-service BI allows business users to access and work with corporate data even though they do not have a background in data mining or statistical analysis, giving them ability to carry out BI tasks without involving the IT department.

“Functional workers can make faster, better decisions because they no longer have to wait during long reporting backlogs. At the same time, technical teams will be freed from the burden of satisfying end user report requests, so they can focus their efforts on more strategic IT initiatives.” – Information Builders.

 

 

To discuss Business Intelligence and other topics, please contact the team at Contexti – +61 8294 2161 | connect@contexti.com

 

For more resources, please see below:

Self-Service BI

Big Data Analytics – What It Is & Why It Matters

What’s Big In Big Data: Predictions For 2018

Data Governance, Data Quality & Master Data Management

Data Visualisation Vs. Data Discovery: What’s The Difference?

Key Challenges For Monetising Big Data Powered AI – Analytic Continuity

The Incredible Ways Heineken Uses Big Data, The Internet Of Things and Artificial Intelligence (AI)

November Insights On Advanced Analytics Unlocking Opportunities

Though many businesses understand the importance of Big Data Analytics and its potential to impact business growth in the areas of marketing, finance and operations, not every organisation knows how to achieve these benefits. One key to unlocking value is harnessing the power of Advanced Analytics.

“Advanced Analytics is the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations.” – Gartner.

Data mining, machine learning, predictive & prescriptive analytics, pattern matching, neural networks and location intelligence are just some of the categories that make up Advanced Analytics. Whilst the applications of Advanced Analytics are many, here are five ways it may help your business.

 

#1 – RISK MINIMISATION

All businesses have some level of risk, including possibilities of fraud, intellectual property theft and ransomware. Fortunately with advanced analytics, these risks can be measured, identified and acted upon.

“Advanced analytics capabilities enable clearer visibility into the challenges associated with managing the many types of risk in such key areas as operations, regulatory compliance, supply chain, finance, ecommerce and credit. By using analytics to measure, quantify and predict risk, leaders can rely less on intuition and create a consistent methodology steeped in data-driven insights.” – Deloitte.

 

#2 – INCREASING CUSTOMER LOYALTY

“With improved customer experience and service, and more efficient operations leading to increased customer acquisition and retention, companies are realising what advanced analytics can do for their operations. And as these data-driven strategies take hold, they will become an increasingly important point of competitive differentiation.” – Tribridge Connections.

Advanced analytics is changing the way we engage with customers. We are now able to use data to predict consumer buying behaviours that help with micro-targeting, up-selling and churn management.

 

#3 – EFFECTIVE PROMOTIONAL STRATEGIES

Ensuring that marketing efforts are effective requires an organisation to invest in promotional strategies that are based on data rather than theory. Today’s business environment requires data to support effectiveness claims and seeks marketing results that are not usually achieved without the sophistication that advanced analytics enables.

Predictive analytics based on machine learning technologies can help in this regard, as the various predictive models can be used for customer segmentation, analysing customer engagement, collaborative filtering, up-selling and prioritising leads.

“Predictive analytics appears to have the potential to double marketing success measures in customer engagement and targeted sales across B2B and B2C industries.” – Daniel Faggella: CEO & Founder of TechEmergence.

 

#4 – BETTER DECISION MAKING

Data-driven decision making derived from Advanced Analytics enables businesses to decrease costs, increase revenue and achieve regulatory compliance.

“Companies that make better decisions, make them faster and execute them more effectively than rivals nearly always turn in better financial performance. Not surprisingly, companies that employ advanced analytics to improve decision making and execution have the results to show for it.” – Bain & Company.

 

#5 – IMPROVING EFFICIENCY

“A Big Data and Analytics Implementation can help companies uncover ways to make operations more efficient and effective by improving asset efficiency and streamlining global operations.” – IBM.

Predictive analytics tools such as Optimotive, Infer and SAP Predictive Analytics allow businesses to optimise operations and be better prepared to respond to changes in the marketplace.

Companies that are actively analysing and using data are experiencing the rewarding benefits of staff and operational efficiency. For example, companies can now build forecasting models that accurately predict sales volumes, optimise preventative maintenance or perform optimal resource scheduling. These models are swiftly trained, self-optimise and can accommodate highly complex input considerations, or computations at great scale. This allows businesses to consider the use of data types they’d not previously have been able to harness, such as detailed data from customer website use or use of assets such as machines and vehicles.

 

 

To discuss Advanced Analytics and other topics, please contact the team at Contexti – +61 2 8294 2161 | connect@contexti.com

 

For more resources, please see below:

IT’s 9 Biggest Security Threats

Smarter Insights With Risk Analytics

5 Hottest Trends In Advanced Analytics

The Five Top Uses For Advanced Analytics

Creating Value Through Advanced Analytics

Advance Your Business With Advanced Analytics

Neural Designer | Advanced Analytics At Your Hands

Advanced Analytics Driving Better Business Decisions

What Are Neural Networks & Predictive Data Analytics

Improving Operational Efficiency With Big Data Analytics

Using Machine Learning To Improve Contact Centre Effectiveness

Predictive Analytics For Marketing – What’s Possible and How It Works

Stop Chasing Opportunities You Can’t Win. Using Advanced Analytics For Microsoft Dynamics

October Insights From Five Companies Winning With Big Data Analytics

Harnessing the power of Big Data, and finding the right set of tools that will enable your business to efficiently generate value from it comes with its challenges. Successfully utilising the power of technology starts with a shift in culture, adopting a data-driven mindset and clearly identifying the business challenges you are looking to address with data analytics.

“The biggest challenge of making the evolution from a knowing culture to a learning culture—from a culture that largely depends on heuristics in decision making to a culture that is much more objective and data driven and embraces the power of data and technology—is really not the cost. Initially, it largely ends up being imagination and inertia.” – Murli Buluswar: Chief Science Officer at AIG

Businesses can use information derived from data to increase their efficiency and success in many ways, like automating processes and gaining in-depth knowledge of target markets. This month, we’ve gained insights from five businesses who are front-runners in the data analytics game.

 

#1 – AMAZON

“The next time you contact the Amazon help desk with a query, don’t be surprised when the employee on the other end already has most of the pertinent information about you on hand. This allows for a faster, more efficient customer service experience that doesn’t include having to spell out your name three times.” Eleanor O’Neill: Writer at ICAS.

Amazon, the online retail giant, has mastered the art of ecommerce. By embracing cutting edge technology to analyse and make use of the massive amount of customer data they have access to, they have become the pros of supply chain optimisation, price optimisation and fraud detection. With sophisticated advertising algorithms, and leveraging their
Amazon Elastic MapReduce platform for machine learning, the company has built an empire by providing goods to their customers faster and cheaper than their competitors, as well as exceptional customer service.

“Amazon.com Inc is a leader in collecting, storing, processing and analysing personal information from you and every other customer as a means of determining how customers are spending their money. The company uses predictive analytics for targeted marketing to increase customer satisfaction and build company loyalty.” – Jennifer Wills: Owner of JDW Writing.

 

#2 – GOOGLE

“Google is of course an expert in Big Data. They have developed many open source tools and technologies that are widely used in the big data ecosystem. Using many different Big Data techniques, it is capable of sifting through millions of websites and petabytes of data and to give you the right answer within milliseconds. How do they do that?” – Datafloq.

Aside from their impressive search engine, google’s strategy of mining data and placing targeted ads in front of customers who have used free google products before has been a key factor in their success, allowing them to track customers based on their behavior and interests. Google’s service offering to businesses looking to get their ads in front of the right customers has been a huge revenue builder for the organisation.

“Google has not only significantly influenced the way we can now analyse Big Data (think MapReduce, BigQuery, etc.) – but they probably are more responsible than anyone else for making it part of our everyday lives. I believe that many of the innovative things Google is doing today, most companies will do in years to come. Although these days Google’s Big Data innovation goes well beyond basic search, it’s still their core business.” – Bernard Marr: Founder & CEO of Bernard Marr & Co.

 

#3 – NETFLIX

With a user base of approximately 99 million, data scientists at Netflix collect and analyse a colossal amount of behavioral data to reveal insights for decision-making in a way that differentiates them from competitors like Stan and Amazon Prime Video.

“From predicting the kind of content that would garner high viewership to recommending content to specific users, Netflix uses data everywhere. In fact, since its days of being a DVD-by-mail service, Netflix placed prime importance on collecting user data and building a recommendation system. Cinematch was the first algorithm behind their recommendation system. After launching their streaming media service in 2007, it took them 6 years to collect enough data to predict the sure-shot success of their first original production ‘House of Cards’. Data accumulated from numerous sources influence decisions regarding shows. Not only user data, Netflix also observe data generated by piracy sites. “Prison Break” is a hit show on that front.” – Toai Chowdhury: Author at upX Academy.

 

#4 – AMERICAN EXPRESS

“The AMEX team now comprises 800 data scientists globally. American Express claims the lowest fraud loss rate on their records, and among the lowest in the industry. The company states that benefits from fraud improvement alone have paid for their investments in Big Data.” – Randy Bean: CEO & Founder of NewVantage Partners LLC.

AMEX has improved their identification of customer attrition using IBM’s SPSS predictive analytics modelling software. The model delivers a list of prospective customers at highest risk, which allows the organisation to communicate with methods such as direct marketing and follow-up calls.

“American Express increasingly is moving away from focusing on its traditional function of providing credit for consumers and providing merchant services for processing transactions, and toward actually making the connection between consumers and the businesses that want to reach them. The company is using its vast data flows to develop apps that can connect a cardholder with products or services. One app looks at past purchase data and then recommends restaurants in the area that the user is likely to enjoy.” – Bernard Marr: Founder & CEO of Bernard Marr & Co.

 

#5 – APPLE

“With the help of Big Data Analytics and Hadoop cloud, Apple has positioned itself as not just one of the best tech companies around, but one of the best companies period. That reign will likely continue into the future as Apple utilises Big Data in new and exciting ways.” – Jonathan Buckley: Founder & Principal of The Artesian Network LLC.

Apple’s partnership with enterprise experts like Cisco, Deloitte, IBM and SAP has impacted their success as a powerful presence in the mobile market, with millions of loyal customers around the world. The wide range of apps they have released for banking, insurance, travel and entertainment; and the launch of wearable devices like the iWatch, Apple is collecting more customer data than ever before.

“As well as positioning itself as an ‘enabler’ of Big Data in other people’s lives, it has also been put to use in its own internal systems. Apple has often been secretive about the processes behind its traditionally greatest strength – product design. However it is known that Big Data also plays a part here. Data is collected about how, when and where its products – Smart phones, tablets, computers and now watches – are used, to determine what new features should be added, or how the way they are operated can be tweaked to provide the most comfortable and logical user experience.” – Bernard Marr: Founder & CEO of Bernard Marr & Co.

 

 

For more resources, please see below:

10 Companies That Are Using Big Data

How Companies Are Using Big Data & Analytics

6 Ways To Win In Business With Big Data Analytics

16 Case Studies of Companies Proving ROI of Big Data

 

Google

Wow! Big Data At Google

How Google Applies Big Data To Know You

What Would Google Do? Leveraging Data Analytics To Grow Your Organisation

 

Apple

How Apple Is Using Big Data

How Apple Uses Big Data To Drive Business Success

 

Amazon

Amazon EMR

How Amazon Is Leveraging Big Data

7 Ways Amazon Uses Big Data To Stalk You

How Amazon Became The World’s Largest Online Retailer

 

American Express

Inside American Express’ Big Data Journey

American Express Charges Into The World of Big Data

How Predictive Analytics Is Tackling Customer Attrition At American Express

 

Netflix

Big Data: How Netflix Uses It To Drive Business Success

How Netflix Uses Big Data Analytics To Ensure Success

Key Players In Automation & Artificial Intelligence

“Innovations in digitisation, analytics, artificial intelligence, and automation are creating performance and productivity opportunities for business and the economy.” – McKinsey & Company.

With the rise of artificial intelligence and automation, we’ve seen a huge shift in how many jobs are being done in industries like agriculture, logistics, manufacturing and much more. As technology continues to advance at a rapid place, the number of machines performing data analysis and cognitive tasks are multiplying.

We’ve rounded up a few of the most popular automation and artificial intelligence platforms today.

 

#1 – DeepMind Technologies

Created to push boundaries, the founders behind DeepMind, a world leader in AI research, believe that this will be one of the most beneficial scientific advances ever made. Acquired by Google in 2014 and backed by investors like Elon Musk, Peter Thiel and Li Ka-shing, the company’s mission is to ‘solve intelligence.’

“I think we’re going to need artificial assistance to make the breakthroughs that society wants,” Hassabis says. “Climate, economics, disease — they’re just tremendously complicated interacting systems. It’s just hard for humans to analyse all that data and make sense of it. And we might have to confront the possibility that there’s a limit to what human experts might understand. AI-assisted science will help the discovery process.” – Demis Hassabis: Founder & CEO of DeepMind.

 

#2 – IBM Automation With Watson

With Watson, companies are able to get actionable insights through the combination of automation and analytics. It claims to deliver more value to customers and make your employees more productive by delivering a better balance between cost and performance.

“IBM Automation With Watson has the capability to understand natural language, think, learn and get smarter over time. This level of automation involves more than just replacing redundant tasks with software, It’s capabilities that are enabled by analytics, cloud, mobile and cognitive computing.” – IBM.

 

#3 – Amazon Echo

This artificially intelligent bluetooth speaker can make your house a whole lot smarter. Now available for purchase to the public, this voice- controlled assistant is being called ‘the future of home automation.’

“Amazon Echo is a hands-free speaker controlled with your voice. It features a personal assistant called Alexa, who will perform various tasks for you and control various systems. There are seven microphones within Echo, all of which feature enhanced noise cancellation and far field voice recognition, meaning you can ask Alexa a question from any direction, even when playing music, and she should still hear you.” – Britta O’Boyle: Features Editor at Pocket-lint.

Got any questions about AI & Machine Learning? Check out Context’s partnership with Amazon Web Services.

 

#4 – Google Home

Google Home, powered by Google Assistant, launched in Australia earlier this year as Amazon Echo’s rival in the home automation game; But which voice assistant you prefer is based on your priorities, what services you’re already subscribed to and whether or not they would be compatible with the device.

“While Amazon may have a head start, Google’s been doing AI and voice commands for years, so both devices are pretty powerful already. Of course, Amazon has already proven that it will add new updates to the Echo regularly, but we’ll have to wait and see if Google will keep up that same pace.” – Eric Ravenscraft: Writer at Lifehacker Australia.

 

 

 

For more resources, please see below:

Google Home

DeepMind: Inside Google’s Super-Brain

IBM Shaping The Future Of Cognitive Automation

What’s Now And Next In Analytics, AI & Automation

The Age Of Analytics: Competing In A Data-Driven World

IBM Watson takes on IT Services With New Automation Platform

Amazon Echo Is The First Artificial Intelligence You’ll Want At Home

Smart Home Assistant Showdown: Amazon Echo Vs. Google Home

Amazon Echo: What Can Alexa Do & What Services Are Compatible?

Amazon Echo Vs. Google Home: Which Voice Controlled Speaker Is Best For You?

September Insights On Big Data For Marketing, Sales & E-Commerce

#1 – TARGETING THE OMNI-CHANNEL CUSTOMER

“The use of Big Data has become a critical force in growing revenues. Big Data Analytics is helping retailers stay in front of a new breed of consumer, the omni-channel shopper.” – Durjoy Patranabish: Former Senior Vice President of Analytics at Blueocean Market Intelligence.

Over the last decade, the field of marketing has undergone rapid changes, moving from mass-marketing to a more personalised, individual communication approach. Analytics tools allow us to segment customers based on preferences, and track the progress of our marketing campaigns.

“Consumers can now engage with a company in a physical store, on an online website or mobile app, through a catalog, or through social media. They can access products and services by calling a company on the phone, by using an app on their mobile smartphone, or with a tablet, a laptop, or a desktop computer.” – Mike Stocker: Vice President of Business Development at Vidyard.

With multiple channels available to purchase from, marketers are faced with the challenge of providing consistency in the customer experience at every potential touchpoint of their purchasing journey. From monitoring web traffic on Google Analytics to launch promotions at optimal times, to investing in SEO services to boost keyword rankings, to building customer journey maps, marketers need to be in the know-how about what motivates their customers in order to deliver what they’re looking for.

 

#2 – WHAT GETS MEASURED, GETS MANAGED

“The most successful companies are digging deep into the data driven research available to them, giving them a leg up on customer retention and bolstering the bottom line.” – Jennifer Havice: Website Copywriter & Online Marketing Strategist at Make Mention Media & Communications.

Big or small, every business can reap the benefits of data analytics tools that give you the insights you need to increase your marketing ROI. We’ve rounded up some of the most popular tools in the industry.

 

Mixpanel

A platform for following the digital footprint of each of your users across both mobile and web devices. This tool allows for for flexibility and customisation, no matter what your role within the business, so you can get the precise knowledge you’re after about your product or service.

 

Kissmetrics

A popular customer intelligence web analytics platform to help track the customer journey, aimed at businesses looking to optimise their digital marketing and boost conversion rates.

 

Google Analytics

A seamless, all-inclusive picture of your business performance. Google Analytics shows you how your campaigns are doing, which customer channels have the highest conversion rate, and allows to set goals and targets, so you you can track your progress over time.

 

Kapost

Helping businesses “turn content into customers,” this platform is used to drive content operation and realise your b2b marketing strategy. It can be integrated with tools like WordPress, Hootsuite and Marketo.

 

#3 – IDENTIFYING OPPORTUNITIES

“The biggest challenge for most eCommerce businesses is to collect, store and organise data from multiple data sources. There’s certainly a lot of data waiting to be analysed and it is a daunting task for some E-commerce businesses to make sense of it all.” – Jerry Jao: CEO & Founder of Retention Science.

Not only does data analytics increase revenue potential with your current customers, it can also be used to identify and attract new markets to tap into.

“Large online vendors can scale their offerings with Big Data and meet specific customer needs. But Big Data also allows to predict customer needs and enable a future optimisation of the product portfolio. So with Big Data, it is possible to optimise the stock costs.” – Big Data Made Simple.

Online retailers can now make better informed decisions while also forecasting for the future. Wouldn’t you love to know what you’re customers would like to buy in advance, and how much they’d be willing to spend? with predictive analytics, you can.

Predictive analytics involves extracting information from your existing data to determine patterns and predict future outcomes and trends. Platforms like RapidMiner and Lattice help identify potential anomalies, service opportunities, reduce the uncertainty of outcomes and score better sales leads.

 

 

 

For more resources, please see below:

 

The Omni-Channel Customer

What Is Omnichannel?

Targeting Omni-Channel Shoppers

The Definition of Omni-Channel Marketing – Plus 7 Tips

Ten Ways Big Data Is Revolutionising Marketing & Sales

 

Marketing Tools

Kapost

Mixpanel

Kissmetrics

8 Big Data Solutions For Small Businesses

Big Data Trends: Top Eight Analytics Lessons For Business

4 Marketing Analytics Tools That Are Shaping The Industry

 

Identifying Opportunities

Lattice Engines

RapidMiner: Data Science Platform

Why Big Data Is A Must In E-Commerce

How Predictive Analytics Is Transforming eCommerce & Conversion Rate Optimisation