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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)

Data Empowering Artificial Intelligence & Machine Learning

#1 – FASTER & SMARTER DECISIONS

Digital transformation through Artificial Intelligence has led to more agile, productive and smarter businesses. Automation and machine learning are helping companies save time and money, personalise customer service and detect fraud while also improving work processes and expanding top-line growth.

“Artificial Intelligence or AI, has become pervasive in business in every industry where decision making is being fundamentally transformed by Thinking Machines. The need for faster and smarter decisions and the management of Big Data that can make the difference is what is driving this trend.” – James Canton: CEO & Chairman of The Institute of Global Futures.

 

#2 – DATA-DRIVEN AI & MACHINE LEARNING

“Machine Learning is a current application of AI based around the idea that we should really just be able to give machines access to data and let them learn for themselves.” – Bernard Marr: Founder & CEO of Bernard Marr & Co.

With data science reaching new capabilities for industry disruption, the correlation of data and Artificial Intelligence has powerful potential; and with advancements in machine learning becoming more accessible, it can now be applied to resolve actual business problems.

“The ability to access large volumes of data with agility and ready access is leading to a rapid evolution in the application of AI and machine-learning applications.” – Randy Bean: CEO of NewVantage Partners.

 

#3- ARTIFICIAL INTELLIGENCE VS. HUMAN INTELLIGENCE

“There have been multiple reports recently which claim that a major part of the human workforce will be replaced by automatons and machines in the years to come. With excessive research and development being conducted in the field of artificial intelligence, many fear that a major job crisis will unfold since multiple jobs are more accurately and efficiently performed with the utilisation of machines.” – Brent Morgan: Founder of Transcendent Designs LLC.

With all the benefits of Artificial Intelligence comes the growing fear of job crises. Will AI help or hinder our career opportunities? All though it’s hard to argue the fact that intelligent machines are in fact reliable when it comes to logical decision-making, there are still aspects of human intelligence that machines cannot mimic, like our emotional intelligence. Some argue that the combination of Human Intelligence and Artificial Intelligence will create more opportunities, not less.

“Machine Intelligence can help augment people to do their jobs by making them smarter in a situation, make better decisions, and offer greater engagement with customers.” – Charles Babcock: Editor at Information Week.

“HI is what defines us as humans and our relationship with everything on earth. Now, through the combination of HI and AI, we are at the brink of intelligence enhancement, which could be the most consequential technological development of our time, and in history.” – Bryan Johnson: Contributor at Techcrunch.

 

#4 – KEY TECHNOLOGIES

“The market for Artificial Intelligence (AI) technologies is flourishing. Beyond the hype and the heightened media attention, the numerous startups and the internet giants racing to acquire them, there is a significant increase in investment and adoption by enterprises.” – Gil Press: Managing Partner at gPress.

Australian startups such as Aipoly, creators of an app that combines image- recognition algorithms with smartphones to give instant feedback on surroundings for the visually impaired, have made a huge impact using Artificial Intelligence.

“People have told us that they’ve just started crying when they used it. They’ll say, ‘I have 200 apps on my phone and none of them have made the difference in my life that Aipoly has. It’s an amazing impact you can have on the life of someone that can’t see.” – Marita Cheng: Co-Founder of Aipoly.

There are a variety of AI tools and technologies taking the world by storm, among the most popular being deep learning platforms that provide algorithms such as FluidAI & MathWorks, biometrics for image and touch recognition like Affectiva and 3VR, and natural language processing tools used for fraud detection like Coveo and Sinequa.

 

For more resources, please see below:

The Business of Artificial Intelligence

Top 10 Hot Artificial Intelligence (AI) Technologies

These Emerging Technologies Will Play Critical Roles

Artificial Intelligence: Can It Replace Human Intelligence?

Data To Analytics To AI: From Descriptive To Predictive Analytics

How Big Data Is Empowering AI & Machine Learning At Scale

8 Ways Machine Learning Is Improving Companies’ Work Processes

Big Data & IoT Benefit From Machine Learning, AI Apocalypse Not Imminent

Meet The Australian Startup Using Artificial Intelligence To Help Blind People See

The Combination Of Human & Artificial Intelligence Will Define Humanity’s Future

Meet The Startups That Bring Artificial Intelligence To Log Management & Analysis