August Insights On The Future of Big Data & Business Intelligence

Our reliance on data is growing, and the right alignment of IT and business objectives can help us find the answers we’re looking for. With the need to stay competitive by facilitating convenience and exceptional service to our customers, the importance of combining Big Data with business intelligence is a no-brainer.

 

BUSINESS INTELLIGENCE INCREASING ORGANISATIONAL SUCCESS

“BI’s primary objective is achieving better information visibility.” – Brad Cowdrey: Founder & CEO of Clear Peak LLC.

With the vast number of BI tools available, it’s easy to say that Business Intelligence makes our lives a whole lot easier, with the benefits of optimisation, simplified tasks, efficient workload management and even an increase in organisational success.

Businesses are achieving this by either embedding BI software in-house, buying embedding software or outsourcing their software development.

 

THE ALIGNMENT OF BIG DATA & BUSINESS INTELLIGENCE

“BI software has become almost a staple in any data-centric company regardless of size. Big or small, startup or well-rooted enterprise, the idea that data is power has finally begun to stick, and having quality tools to make this happen has become a business priority.” – Inside Big Data.

By collecting data from multiple, disparate systems, analysing and transforming it into meaningful insights and displaying it in an easy to understand format, businesses can utilise data to drive growth more rapidly than ever before.

“Australian organisations can now tap on a rather new concept to help drive business growth and competitive advantage. A combination of business intelligence software and collaboration tools has resulted in what many are calling collaborative business intelligence. Applied to company-wide analytics and reporting, collaborative business intelligence allows for better sharing of data and information and a more team approach to decision-making.” – Dr. Lawrence Ampofo: Founder & Director of Semantica Research.

 

HOW INNOVATION AND COLLABORATION WILL BE IMPACTED

“Every so often, we see a shift in technology that will be the catalyst for innovation. Today, SaaS, cloud computing, social computing and mobile computing are examples of popular new computing models that present an opportunity for innovation in business intelligence.” – Bob Zurek: Senior Vice President & Chief Technology Officer at HealthcareSource.

Cloud computing and data science enable discovery; and discovery leads to new products, services, applications and business models that change the way we do things. Although this presents a challenge to businesses who constantly need to evolve, the technologies we tap into are immensely useful in the process. They also act as an enabler between people and processes, streamlining the communication process and allowing for better collaboration. With devices simplifying the distribution of data flow, business leaders can make the right decisions in real-time.

“Data-driven businesses of the future will be able to tap on technologies and tools to allow peers to analyse data, and change information via the web. Collaboration business intelligence tools of the near future will allow teams to brainstorm ideas conveniently, remotely and seamlessly interact with each other using features like those on social networking websites.” – Wigins.

 

IMPLEMENTING BI AND BIG DATA INTO YOUR ORGANISATION

Business Intelligence is helping us seize opportunities and manage competitive threats, but getting it right is about much more than just building a data warehouse.

“You’ve got to have the right technology and a clear data architecture roadmap, but you’ve also got to have an organisation that can consume information and develop insight. That’s absolutely the number one tip: if you don’t view your BI project as a pervasive cultural approach to business, you might as well not bother starting.” – Martin Draper: Technology Director at Liberty.

Fostering the right culture can happen by educating your team, planning a long-term roadmap and having strategic clarity on what the desired outcome is.

“You need to define what success looks like, such as increasing customer value, increasing market penetration, or generating cost efficiencies. During this step, Big Data project owners should look to secure management buy-in. This will help ensure a strong data-driven culture pervades the organisation, giving projects legitimacy and value.” – David Sharp: CEO of RoZetta Technology.

 

For more resources, please see below:

The Future of Business Intelligence

The Difference Between Big Data & Business Intelligence

5 Ways The Internet of Things Will Change Global Security

How Building A Data Ecosystem Adds Value To Your Business

The Future of Business Intelligence Is Embedded and Conversational

CIO Strategies: Five Best Tips For Implementing Business Intelligence

Big Data And Cloud Computing: Innovation Opportunities and Challenges

Discovering New Innovations In Predictive Analytics And Business Intelligence