As a company owner, you
must be pretty much aware of the three terms that are lately creating a lot of
buzz in the commercial world- Internet of Things (IoT), Business and Artificial Intelligence.
If not, then allow me to
refresh your memory on this particular concept
What is Business Data
Intelligence??
Before, we enter the
above topic; let us first clear our mind on Data Intelligence.
If we Google it, we get
the basic definition from Techopedia that describes it as the
analysis of different types of Data, taken from various sources to be used by
the companies to expand their business operations.
From the Business’s
point of view, BI or
Business Intelligence or Business Data Intelligence stands for those applications that transform the sea of data into
meaningful information that aids organizations in making better decisions.
Mobile app developers design enterprise specific applications, imbibed
with the capability to stream such meaningful data into the app interface from
external sources thus allowing the different units. Connected with the app, to
make informed decisions based on the same data.
What are the main
reasons for BI’s current popularity??
- The
main reason behind popularizing BI is Data Complexity- The volume, variety and the speed with
which Companies receive data and information makes the data management
process a humongous task for any employee and time consuming as well.
- The
second reason is Data Analysis-
fishing out the relevant points to a business module from the ocean of
information and analyzing them is an enormous task, humanly not
achievable.
Therefore an outside
application is crucial to simplify the data management process.
Hadoop is an infrastructure for storing and processing
large sets of data across multiple servers.
Now let us try to figure
out the current market trends for BI.
What are the current
trends that is shaping the BI concept?
1. Data driven organization- Business units that make decisions backed up
with well researched and analyzed verifiable data.
2. Competitors getting smarter- It is important to consider that competitors
are smarter than you to remain ahead in the competition.
3. Explosion of data and content- Rapid increase in the availability for high
volume of relevant and effective data in the market.
4. Data sharing and monetization get critical- Business operations are interlinked that allows
data sharing and many companies monetize from such data.
5. Machine learning & AI- These two concepts, along with IoT is shaping the future of the world of commerce
and economics. These new technologies automated the entire data management and
decision making process, thereby eliminating human intervention and loss due to
human error.
6. No big data without AI- The decision making process has undergone a
transformation recently with Thinking machines. Automated smart and quick
decision making based on real-time data is the next big thing in the commercial
world.
7. Moving beyond hadoop- The open source data storage solution has
competitors too. Companies are finding alternatives to Hadoop in Machine
learning and IoT services.
8. Cloud based analytic- Cloud data warehouses such as Amazon Redshift
is a popular data destination to store and safeguard the huge volume of data
taken from different sources.
9. Changed relationship between suppliers and
customers- The data and information
taken from customer buying behavior and search history offers an useful insight
for the suppliers, allowing them to offer such goods that match the customer’s
tastes and preference.
10. Single tool replaces different point of
solutions and data dependency- Instead of relying on multiple sources and tools, it is better to
have a single tool that access, sort, analyze and feed in relevant information
fitting the business module.
11. Data literacy- Soon data analytic will emerge as a mandatory core competency for
young professionals, owning the ability to pull out meaningful analysis from
such data
12. Self-service BI- This allows business users with minimal
knowledge on statistics, to access and work with corporate data required to
design an informative output for either Android or iOS app developers.
Summing Up
The advent of the new technologies
such as Machine Learning, Artificial Intelligence and IoT breathed a fresh air
into our traditional method of conducting our daily business. Every sector is
trying to imbibe the beneficial features drawn from these concepts into their
framework to increase their performance efficiency. Big organisations such as mobile app development companies have realized that Time and human resource are valuable
assets which need to be employed in a profitable manner. Thus delegating
certain functionalities such as Data analysis to smart thinking machines have
not only made business operation efficient but has also reduced the overall
time taken to complete a lengthy task such as data management and ends up using
the same workforce in a more productive way. Big data intelligence is
the current trend that will rule the business world for some time.
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