As the saying goes, change is the only constant. That saying is even more relevant in Business Intelligence space. There’re new trends coming up all the time and it is of your benefit as an organization to keep up and be competitive.
You might have heard a lot about the “new” buzz word. Big Data. You might be wondering why it matters.
Big Data is a term that describes the large volume of data – both structured and unstructured. Unfortunately, this usually overwhelms businesses on daily basis. As a result, most businesses fail to exploit this big data to their advantage. It’s not the amount of data that’s important, it is what organizations do with the data that matters.
BI and analytics were still the “number one investment priority for CIOs” in 2015, according to Gartner. Even more so, in 2016 it is a great idea that you keep this on the priority list for your investment. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
It is for this reason why it is important to Build a Data Scientist Skill Set Comprising Quantitative, Technical and Business Skills. The importance of investing in these skills is because, the use of predictive analytics remains an aspirational goal for most companies. The ability to predict the future and influence it is a lucrative opportunity that any organizations should explore.
By combining big data with high-powered analytics, you can accomplish business-related tasks such as:
- Determining root causes of failures, issues and defects in near-real time.
- Generating insights at the point of sale based on the customer’s buying habits.
- Calculating risk portfolios in minutes.
- Detecting fraudulent behaviour before it affects your organization.
With that being said, it is worth mentioning that, there’s a difference between having a lot of data and having a lot of good and meaningful data. You’ll need people with skills and expertise to make use of these insights and a culture that is data driven and willing to accept these new findings.