BI and Predictive Analytics working together – How Big Data can help?
Overview:
Big data is giving business intelligence (BI) a new life as it now allows decision makers to make predictions. As each day passes, more and more data is being collected, which has then been found useful when integrated with the current business systems. In the near future, businesses will be able to have a single customer view thanks to big data—which has eluded decision makers for quite a long time now. Big data is transforming almost every industry. With more data gathered every day, the task remains putting this data to great use. You can outsource qualified data experts from a data engineers agency, who will use the resources and data at their disposal to bring your business to a whole new level. Big data is turning heads everywhere. It has transformed the manner in which people leverage data by using a powerful merger of business intelligence and predictive analytics.
Big data makes analytics possible, even for regular people
In the past, people have thought that predictive analysis was for experts who were highly qualified, with both the ability to understand the technology that was being used and also mathematical skills, like being a statistician or a data scientist. Right now, thanks to big data, predictive analysis can even be carried out by line-level managers, who use data that does not involve any transactions and then make long-term and strategic decisions based on that data. Now that even regular people can carry out predictive analysis with the aid of big data, the value of business intelligence will definitely go up, making it of great use to a business.
Reviewing unstructured social media data
Social media is one of the leading areas from which data can be generated. Lots of businesses have turned to social media when it comes to collecting data and getting reviews from customers. These tasks have also been made easier by the fact that there exist both thousands of people using social media right now, and also numerous social media platforms. Data generated from social media can be used by businesses to help them gain both customers’ preferences and needs. All these can be achieved by a fusion of open source technologies, sales and product information, and also the ability of the cloud to collect and store huge, non-transactional data volumes.
Increased speed of analysis
Big data has also managed to reduce the amount of time taken to analyze business data, as the data is usually stored in one cloud. Previously, it took data scientists a considerable amount of time to come up with a model that would enable them to analyze huge data volumes so that businesses were able to answer questions with regards to supply chain and production schedules. At the moment, the analyzing speed has greatly increased, as big data used together with machine learning is able to generate thousands of data models for each product line in every market. This is enabling users to be able to forecast what is likely to happen in the coming one and a half years.
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Conclusion
While all these appear promising, the power of big data has not been fully utilized to its maximum potential. Even tools like Hadoop that are considered to be powerful turn out to be primitive when it comes to handling issues involving huge data sets. It will be fascinating to see what the big data revolution brings out next.
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