Beyond BI
Companies go through four steps when it comes to Data Discovery: data visualization, discovery information, its influence on business and predictive analytics
Business Intelligence (BI) is no longer a novelty. According to Frost & Sullivan, the Brazilian market for Big Data and Analytics to move about $ 965 million in 2018 – the segment reached $ 243.6 million in 2013. The figures are not surprising if we consider the amount of information we produce and the volume to which we are subjected every day. We passed the stage of collecting and organizing all this data. Now, it’s time to learn how to turn them into knowledge of a material fact for business. Then comes the concept of Data Discovery, one of the current priorities of organizations because it involves self-service model. Without the need for predefined reports, as before, you can take the analysis of information for all sectors and layers of companies.
By providing diverse and different information, the self-service model encourages autonomy in all areas while reducing bottlenecks in IT departments. If before static spreadsheets to review data were used, nowadays it is only necessary a device with internet access. BI became more visual and easy to use. The challenge is to integrate critical information to existing views programs. Let me explain: The graphics have been used for a long time within corporations – mainly to show results, but only compile data is not enough to get accurate and efficient business prospects. You go further.
Overall, companies go through four steps when it comes to Data Discovery. Data visualization, the discovery of this information, its influence in business (at which the analysis reflected in shares) and predictive analytics. The latter, I dare say, is the most important as it impacts directly on business and yet, few companies in the world are at this level. When I say go beyond, I mean get these last two points: The time at which the data will impact the business and when, based on the analysis, we can take early action. For Retail, for example, the Data Discovery solutions help map the behavior of consumers and thus companies can plan marketing and promotions more assertive for their target audiences.
To get these two moments and achieve maximum results of the analysis is necessary, first of all, follow a few guidelines. For example, setting many points to note is a common mistake among companies implementing BI solutions. Effective visualization is directly related to a low number of measurements to avoid too confused and little goals dashboards. It is important to prioritize the main indicators, the data that, if understood, can provide strategic and effective results. Worth keeping an eye on indicators such as market changes and customer behavior. This information, if properly analyzed and cross and would permit enhance the business, can point impending crises.
Create a logical and systematic workflow is also important to incorporate the use of the Data Discovery routine solutions. No use to view and analyze the data once and then abandon them. It is important to maintain a constant monitoring to define comparison parameters between the information. This routine may indicate improvements in processes and perhaps point to new business opportunities.
Corporations must advance a step and discover all the possibilities offered by Data Discovery. More than extract data, this concept offers the possibility of strategic analysis information. Put this tool available to all employees – self-service – expands even further the chances of good results. After all, each able to extract the information required for their analysis. It will become increasingly important to strengthen relations between the areas of IT and business within companies. This collaboration between sectors certainly yield good initiatives and opportunities for companies.
Full article: http://cio.com.br/
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