Technology revolution all over the world are changing the business landscape and making the world more competitive. The data is growing exponentially and the only way to survive is to exploit data intelligence and analytics.
In the age of big data, where huge amount of data is being generated every day, the other related technology such as data science, data intelligence, data visualization, machine learning and deep learning etc. has seen growth in their applicability to the business. This is driving more competitive environment, where companies are adopting technology and using data and analytics as competitive weapon.
What is Data Intelligence
Data intelligence is the process of data analysis and data visualization to extract valuable or actionable insights that can improve business revenue, reduce operational cost etc. it is different from data scientist that uses more complex approach and uses predictive or statistical analytical tools to get valuable insights to facilitate decision making.
How business landscape is changing
The role of big data and analytics is significant in business management. Business analytics include technologies, skills, applications and practices that optimize business effort to extract valuable insights and take data-driven decision towards accomplishment of organizational goal. The data intelligence when collaborated with human intelligence, it improves the accuracy and validity in the impact of decision making.
The ways business is improving its performance
- With the help of past records and by analyzing those data, organization can identify performance gap and take effective measure to improve operational efficiency.
- The data intelligence gives an idea about which marketing effort is working and which is not. With this analysis, organization can take proactive approach to resolve all the customer grievances and improves customer relations.
- The growing amount of big data gives clear understanding of customer needs, likes, preference and organization can exploit these data to boost their sales revenue by fulfilling customers need.
These are the broad areas where business can leverage the benefits of data intelligence and analytics. There are many sub-categories where organizations are using data as a weapon to have competitive edge over its competitors.
There are many analytical tools which can transform the strategic vision of the organization if integrated with big data and data science. So, organizations are unleashing its benefit in the business outcome and organizational success.
Not only the business landscape, but the data and analytics are also changing the industry requirements and the job landscape. Companies are now looking towards upskilling the intellectual ability of the organization and building data driven culture to exploit fully the benefits of big data.