Businesses stopped using the traditional methods of storing data like Excel sheets and file manager, ages ago. The reason is quite obvious. There is an enormous hike in amount of data generated by even small scale companies. The storage is not just the issue here. Processing and management of such large chunks of data is the main concern. After all, going by definition of data, the main purpose of storing it is : processing it to create some valuable information which can be used in the growth of the company. This urgency leads us to the terms : Big Data and Business Intelligence.
What is Big Data?
Big data, as the name suggests, is a large amount of data. Just to create a view of “large amount”, consider these numbers : Facebook generates more than 500 terabytes per day! As the size increases, capturing, storing and processing of data becomes really difficult. The term ‘Big Data’ is all about managing this unmanageable amount of data.
How important is Business Intelligence?
Any amount of data, big or small, turns out to be useless if it can’t be used to indicate growth of any individual process or the organization. Honestly, using a human brain to process this amount of data is quite taking a shot in the darkness. This realization brings us to the term Business Intelligence.
Business Intelligence (BI) is an abstract concept which refers to systems and softwares which is used for using any data source to generate useful information, directed along certain set paths. The term “analytics” is used in such cases as the whole process is of analyzing to create useful information.
Many a times, people mistakenly consider Big Data and Business Intelligence as the same thing. They are quite different from each other. While Big Data generally refers to storage and preventing large chunks of data to be lost, Business Intelligence is processing the data available to produce reliable charts, graphs, etc. to help the organisation climb up the hill. In layman’s terms, Big Data is a huge warehouse of raw materials and Business Intelligence is using all or some of the raw materials to generate some output.
Here are a few reasons why Business Intelligence is important.
It nurtures company business values.
Business Intelligence generates valuable reports, charts and graphs using the data your company always had. It helps in moulding company values and planting new ones.
It helps you to have a clear vision and plan ahead accordingly.
The dashboards containing KPIs and BI have proven to be the most useful tool in scaling and directing company’s visions. It thus helps you to clear new set of objectives and work towards achieving them.
It becomes easier to comprehend and digest.
The charts and diagrams produced are quite easy to comprehend and gives you a heads up on the same large chunk which would otherwise be useless.
It improves efficiency of your team.
Once your team get to see the result of their efforts and the direction in which the company is headed, the energy and their work efficiency gets boosted up.
In the present situation in which large amounts of data is being generated, Big Data and Business Intelligence hold a greater value. Take your company to new heights by using customized dashboards developed by experts which displays the key ingredients of Business Intelligence, now!