Business Intelligence & Big Data
The explosion of mobile networks, cloud computing and new technologies has given rise to incomprehensibly large worlds of information. The rapidly shifting dynamics of competition, coupled with a deluge of data, create new challenges for leaders across all sectors who want to tap into the power of information to make better and more timely decisions about how their companies can best compete, grow and create new sources of value.
The speed at which business moves today, combined with the sheer volume of data created by the digitized world, requires new approaches to deriving value from data. Hidden inside streams of structured and unstructured data are answers to questions that businesses haven’t even thought to ask or haven’t been able to ask because of technological limitations. Because of the speed of business today and the massive amounts of data being generated, organizations must find new ways of getting to data—figuring out what’s in it and what to do with it. Recent advances in storage, network and compute technologies enable organizations to economically and efficiently harness big data and turn it into a potent source of business advantage.
Big Data Analytics
When used correctly, big data can yield insights to develop, refine or redirect business initiatives; discover operational roadblocks; streamline supply chains; better understand customers; as well as develop new products, services and business models.
Some examples of big data in use:
- The U.S. federal government collects more than 370,000 raw and geospatial datasets from 172 agencies and subagencies. It leverages that data to provide a portal to 230 citizen-developed apps, with the aim of increasing public access to information not deemed private or classified.
- Professional social network LinkedIn uses data from its more than 100 million users to build new social products based on users’ own definitions of their skill sets.
- Silver Spring Networks deploys smart, two-way power grids for its utility customers that utilize digital technology to deliver more reliable energy to consumers from multiple sources and allow homeowners to send information back to utilities to help manage energy use and maximize efficiency.
- Jeffrey Brenner and the Camden Coalition mapped a city’s crime trends to identify problems with its healthcare system, revealing services that were both medically ineffective and expensive.
Big Data & Business Intelligence Trends
While the usefulness of big data may be clear, the path toward big data productivity is not. Successfully leveraging big data insight requires a real investment in proven technologies, updated workforce skills and leadership focus. Organizations must combine three facets of strategy—technical, organizational, cultural—in order to implement a big data platform that suits the business and its objectives. Jagasia Consulting Group can help facilitate and collaborate within these facets of strategy.