“Big Data does not only refer to online activity but also to behaviour offline, including use of credit cards or even smartphones, which send GPS locations and records behaviour. The existence of large volumes of data that can be used for different applications provides those willing to data mine and analyse with several opportunities.” – Daniel Abela: Owner & Managing Director at Redorange.
In the past few years, Big Data analytics has become a game-changer for many businesses worldwide, with profitable outcomes achieved in successful startups like Treasure Data and MapD, and large enterprises like Amazon and Apple. With new and innovative technologies continuing to launch at a rapid pace, the potential for growth won’t be slowing down anytime soon.
“The integrated use of analytics, Big Data, the cloud, the Internet of Things (“IoT”), mobile, and application development—is driving change at unprecedented rates. Our digital economy is subject to Moore’s law and digital transformation has become the new normal.” – Forbes.
Here’s some examples of how you can use data analytics to grow your business.
#1 – Business Intelligence For Better Decision-Making
“No matter what BI application is used, the reality is that organisations are continuously searching for ways to get more value out of their data. BI provides one of the best ways to transform data sources into interactive information that can lead to better decision making and planning.” – Lyndsay Wise: Solution Director at Information Builders.
The aim of business intelligence is to generate value, insight and support better decision-making. With a myriad of BI tools in the market delivering real-time insights on user-friendly dashboards, businesses have more power than ever when it comes to leveraging information to their advantage. We’ve rounded up a few successful ones to help you decide which tool is right for your business.
With the ability to easily combine your data sources and get detailed reports in an instant, Qlik has been deemed as an effective and user-friendly analytics tool by its users.
“With the Associative engine at its core, Qlik Sense lets you discover insights that query-based BI tools simply miss. Freely search and explore across all your data, instantly pivoting your analysis when new ideas surface. You’re not restricted to linear exploration within partial views of data. And you get total flexibility with a cloud-ready data analytics platform that supports the full spectrum of BI use cases – ideal for any analyst, team or global enterprise.” – Qlik.
“Designed to be used by people who need to consume and analyse large amounts of data but have little or no prior experience in data crunching.” – Forbes.
An industry leader in business intelligence tools, this agile tool lets you analyse and visualise both big and disparate datasets and adapts to the needs of your business.
“Our Single-Stack™ architecture takes you from data integration to visualisation with a single BI software solution, eliminating the need to use additional tools.” – Sisense.
Microsoft Power BI
“It is the exact visually-appealing, dynamic, and user-friendly tool every developing company needs, and has thus brought a number of critical benefits.” – financesonline.com.
Power BI is a set of business analytics tools designed to analyse data, share insights, provide a 360-degree view of important metrics available on all devices, receive real-time updates and provide hundreds of connections to popular business apps.
“Power BI can unify all of your organisation’s data, whether in the cloud or on-premises. Using the Power BI gateways, you can connect SQL Server databases, Analysis Services models, and many other data sources to your same dashboards in Power BI. If you already have reporting portals or applications, embed Power BI reports and dashboards for a unified experience.” – Microsoft Power BI.
#2 – Digitisation Of Business Processes For Operational Efficiency & Customer Retention
“Spoiled by user experiences on Google and Amazon, people are increasingly demanding enhanced digital access to their records, as well as instantaneous access to the services they’re buying. This increases the pressure on traditional companies and leaves them vulnerable to disruption.” – Sharon Fisher: Content Strategist at The Economist Group.
Digitisation of people and processes is the future of business. The end-to-end customer experience design of your business can make or break your competitive edge. As demands and expectations grow, automation and optimisation become key to customer retention and organisational productivity.
“Intuitive interfaces, around-the-clock availability, real-time fulfillment, personalised treatment, global consistency, and zero errors—this is the world to which customers have become increasingly accustomed. It’s more than a superior user experience, however; when companies get it right, they can also offer more competitive prices because of lower costs, better operational controls, and less risk.” – McKinsey & Company.
Using Big Data analytics to implement automated operational strategies into your business model can be both a cost and time effective strategy, as well as an enabler for revenue growth.
“Automation gives fast growing companies the tools to keep up, but the how-to-get-there can seem like a daunting task. Any successful owner, founder, or CEO knows you have to plan for growth. That plan should include finding the right technology that can scale with your business — and automation must be integral to that plan.” – Salesforce.
#3 – Innovation & Growth Using Big Data Analytics Powered By Cloud Computing
“Whether making the decision to move to the cloud is instigated by economics or the ever-increasing speed of business, organisations need to get data-driven faster, and turning to the Cloud sooner rather than later may just be the answer.” – Dataversity.
Companies who maximise their use of analytics have a faster rate of growth and are in a stronger position to innovate than those who don’t. Using the cloud as a platform for speed, scale, customer engagement and innovation has increased the performance of the companies below.
Atlassian – “Aussie startups are thriving thanks to cloud technology services. Atlassian, a company that sells $100m worth of software to 130 different countries per year is an Australian startup success story. Atlassian has grown from a tech startup making clever use of cloud technologies, to an internationally renowned, billion-dollar company.” – Amazon Web Services.
Founded in 2002, Atlassian is a software company with various collaboration tools used by enterprises and startups worldwide.
“Atlassian uses AWS to scale its issue-tracking software applications faster than before, provide improved services to tens of thousands of global customers, and enhance its disaster recovery and availability. The Australia-based organisation provides software that helps developers, project managers, and content managers collaborate better. Atlassian uses Amazon EFS to support customers deploying JIRA Data Center on AWS, and also runs an internal issue-tracking application platform on AWS.” – Amazon Web Services.
Pearson – Founded in 1998, Pearson is a global online education provider that offers learning resources to a wide range of people, from preK-12 education and higher education to industry professionals.
“Pearson is using the cloud to transform the way it delivers education worldwide. The cloud is enabling Pearson to establish a more flexible global hybrid infrastructure with common systems and processes, which frees up resources to invest in new, more web-oriented educational products that deliver measurable outcomes for learners. This is part of an enterprise-wide business transformation that will help accelerate the company’s shift towards fast-growing markets — like South Africa and China — and educational products that are increasingly digital in nature.” – Forbes.
Judo Capital – “Working with cloud based services and capabilities, provided by Itoc, has enabled us to remain focused on our true mission, while achieving our vision of an IT-less future.” – Graham Dickens: Chief Technology Officer at Judo Capital.
Judo Capital, built by a small group of highly experienced bankers, is a specialist financier designed to address the financial needs of Australian SMEs. Using Itoc, a provider of a range of cloud and DevOps services, they have been able to leverage growth through better decision-making.
“Designed and built from the ground up in just 6 months, the Judo team and their technology partners have created a new breed of platform, a true ecosystem in the cloud that supports real time effective distribution of information, transparent communication and decision making. The result of which empowers Judo bankers and brokers to deliver an unrivalled service and provide customers with the opportunity to gain insight and transparency into the renowned ‘dark art’ that is today’s customer experience of SME lending.” – Richard Steven: CEO of Itoc.
For more resources, please see below:
Business Intelligence Tools
Businesses Leveraging Cloud Computing