A decade ago, business intelligence and big data used to mean something very different from what they mean today. The sheer amounts of data available to be collected and analyzed were dramatically smaller, while the BI algorithms were more primitive, often based on the “best guess”, and not altogether conducive to assured profitability. This is why, in such areas as finance, it has been more difficult to integrate solid business intelligence practices based on big data.
In recent years, the advances in technology both on the computer front and the tracking and sensor front have made it possible to collect and automatically analyze enormous swaths of data for every customer in every interaction with them. Now, the question is about paths to BI profitability.
The investment route
Perhaps the easiest way to profit from big data business intelligence is investment in one of the key players in the field. The number one player would still be IBM, just like years ago, but other companies such as EMC, Oracle, Amazon, as well as the US government, are all making substantial contributions to the growth of the BI field. If you are to finance a part of the many new big data projects around, the profitability is certainly quite possible due to the steady growth of the business intelligence industry over the past decade.
The competition route
If investment is not (the only) approach you would like to take when it comes to big data, the other route is out-smarting and out-performing your competition when it comes to business intelligence. If you run a store, you would need to collect better data at more points and in more formats than your competitors, and you would then need to be able to make use of this data to ensure an advantage for your company - and then profitability as the result of such a competitive advantage. If you create new products, your BI is essential to knowing which ground breaking ideas to finance and which not, as the analysis of big data can point you to the solutions that consistently work and become profitable, and those that do not quite make the cut. The important distinction here is that big data doesn’t necessarily have to mean enormous volumes of data that cannot be managed to any reasonable degree. As it stands today, many businesses, organizations and governments already collect more data than they use. The successful approach is collecting various kinds of data and then making these data points and data sets work together to produce results in your field, be it retail or finance or manufacturing.
Which route to take
At Thoransoft, we specialize in making big data business intelligence work for the benefit of our clients, thus we strongly encourage you to look into the competition route of using the BI boom to your advantage. Get in touch with our expert team today to find the solutions that would move your team forward.