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Business Intelligence - 7 Jun 17

Business Intelligence - 7 Jun 17

Modern Analytic Platforms Changing Business Intelligence Landscape

Raw data is utterly pointless without a means of analysis.

This is particularly relevant, because of the rate businesses accumulate raw data in the digital world.

That’s where business intelligence comes into play. It refers to the accumulation of raw data and the software or service providers these businesses use to make sense of the data they receive. This is done via data mining, analysing said data by experts and the reports delivered after the fact.

The Evolution of Business Intelligence

Thanks to the evolution of modern analytics platforms, the business intelligence landscape continues to change at a rapid pace.

Due to the sheer volume of data and the fact that said data is not as simplistic as it used to be, an entirely new world has opened up. Media reports have changed from mere statistics into complex documents that can predict consumer behaviour. This is merely one example of what modern business intelligence is about and should form part of its updated textbook definition.

Analytics for all types of users

Businesses consist of various departments, all with their own responsibilities and objectives. Using a singular analysis report across the board does not make sense. That’s why modern analytics platforms make it possible to place information most relevant to any given department front and centre.

This results in a deeper understanding of the analysis and how it fits in with other department in the business.

Accuracy is key

As stated earlier, the sheer amount of data is immeasurable. The potential to get a warped sense of what is being said is only too easy, which is why it’s of the utmost importance to ensure that reports are as accurate as possible.

Most businesses rely on accurate reporting when choosing where to invest and an inaccurate report can lead to a poor return on investment. With modern analytic platforms, there’s no need to worry whether your capital is going towards a project or campaign that will reach the objectives you set out in the first place.

Save time and money

The size and scale of daily online posting is impossible to measure. Facebook claims that all of its users’ posts accumulate to roughly 2TB per day and that it would take at least three human lifetimes to reach every single post made in one 24-hour timeframe. The task of monitoring has, quite frankly, become humanly impossible.

Modern analytic platforms are powered by systems that are much faster than the human brain, which means they can get through relevant posts in a matter of minutes, if not seconds. This saves a business time and money, while providing all of the positive features mentioned earlier in this article.

The bigger picture

These tools are smart enough to provide a business with a bigger picture. Not only do they provide reports on spikes in online mentions or media reports, but also when declines happen. They can also take it a step further by explaining the sentiment behind these spikes and declines and exactly why they happened. In essence, it can put together a coherent story of where it began, what happened and where it lead to. Finally, it can provide you with everything you need to fix or adapt.

It’s a simple and clean business methodology, which is exactly what you should be looking for when you want the best business intelligence.

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