The recent availability and generation of data has created multiple business opportunities. Decision support has been taken to a new level. The explosion in data has created new platforms to create better business decisions. It is a world of Business Intelligence that enable organizations to be proactive and not just react to market changes. It allows organizations to increase the pace of innovation and improve business processes. Big Data creates data driven organizations.
Companies can use current and historical sales data to adjust manufacturing and fulfillment levels. It facilitates just in time stocks, the right product mix, reduce inventory levels and prevent out of stock situations for consumers. All this while margins are improved and marketing is able to approach customers in a personalized way and with the trade promotions that the market wants. Insurance companies can use large amounts of transactions to measure risks, conduct what if scenarios, stress tests, add external factors to generate exposure and risk analysis.
The Big Data Opportunity
The opportunity is to leverage all the data – the data assets to be proactive and enhance the business opportunities, capture new markets, customers, increase margins. The key is to leverage the value of the large amounts of data, identify the ideal business areas of an organization and maximize the use of technology to get the best business insight and edge. Most organizations do not use Business Intelligence and Analytics effectively. The vast majority are not leveraging the data and turning it into “Business Intelligence”. Companies have “Data Warehouses” or a collection of data in one place. Less than 20% of companies have mature Business Intelligence that are used in the execution of the company business strategy. Executives get out of date or incorrect information. However, companies that leverage Business Intelligence and Big Data are more competitive and profitable.