In this competitive world, keeping up with technology and the LATEST business models is necessary in order to adapt to better working strategies and higher performance. It is observed that industry is becoming more and more customer-centric and for that, advanced and improved business models are needed. Industries have huge amounts of incoming data that needs to collected, stored, managed and ultimately analysed to drive insights. Here comes in the role of Big Data.
ROLE OF BIG DATA
Now, different companies are using Big Data tools like Hadoop, Spark, Hive, Cloudera, Cassandra among others to process data and make decisions for businesses.
Business Intelligence is a collection of systems, software and products, which is used to apprehend the inter-relationships between processed data and generate meaningful insights that point towards the desired goal
Business Intelligence helps businesses to make better and refined decisions based on the analysis done by Big Data technologies. Programmers/BETTER WORD use various decision-making algorithms namely hypothesis testing, random forest, gradient boosting and AdaBoost, market basket analysis (Apriori algorithm), logistic regression etc depending on the requirements.
Business Intelligence technology is very useful only if businesses know how to incorporate it. It helps to understand customer behaviour, improve company efficiency, gain competitive advantage, improve products, improve sales, gain user visibility, improve marketing, turn data into actionable information and so on.
BENEFITS OF BUSINESS INTELLIGENCE
There are various Business Intelligence tools like Tableau, Microsoft Power BI, Cognos, Qlik Sense, SiSense etc which can be used in making better business decisions, generating accurate reports and come up with strategic business models. Learning these tools can accelerate your career and proper implementation can turn small ideas and technologies into business models.