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)