Data mining for business analytics is the process of extracting valuable information from a vast amount of available corporate or consumer data. Businesses are generating huge amounts of data from various applications, IT systems, and databases. They say that data in most organizations is currently doubling every two years. This data may be stored on…Read More
What’s your plan for the data you’ve captured about your business? Capturing business data is one thing, and using it proactively to make business decisions is quite another. With the advent of the Big Data era, we’re seeing an explosion in data capture tools and systems. But how many of these systems can actually help…Read More
“If you torture the data long enough, it will confess.” — Ronald Coase (Economist) When it comes to business analytics tools, the software industry has been in overdrive mode. Dozens of new business analytics tools have been developed in the last couple of years. According to Gartner1[ASK1], by 2022, more than half of the business…Read More
We live in a data-driven world. In fact, we are at times overwhelmed by data. Every single action taken by an individual on a device is being tracked, traced, recorded, and the resultant data is being stored, processed, transformed, analyzed, and visualized. But not all organizations today are able to harness this data into actionable…Read More
The organizations that are best equipped to thrive in the current, volatile environment, as well as the future, are those led by CEOs who have succeeded in making business analytics the basis for strategic and operational decisions. As technology continues to develop in the areas of analytics, machine learning, and artificial intelligence (AI), business models…Read More
Technology solutions that define themselves as “business intelligence” (BI) or “analytics” both provide insights based on past and present data in order to shape decisions that will help to achieve business objectives. What are the similarities and differences between business intelligence and analytics solutions? Both types of solutions help to organize data and present it…Read More
Data, information, and insights are not synonymous. How exactly do they differ? We can appreciate the difference better if we use an example from art. The brush strokes and colors used by Leonardo da Vinci to paint the Mona Lisa are data. The image of a woman that’s visible to us is information. The understanding…Read More
What makes big data ‘big’ and how does it differ from our traditional understanding of data? The difference is not really in size. In other words, there is no clear demarcation — you can’t say that data which is larger than “x” size becomes big data. Although we have been storing and processing data for…Read More
Is big data always better data? In other words, is it always helpful to have more data? Not necessarily — and here’s why. From the time we first got excited about big data, we were told that the magic lies in the ability to find meaningful insights from large data sets, or data so voluminous…Read More
In recent years, a large number of enterprises planned and implemented projects based on big data analytics with the aim of gaining insights that would further their business objectives. Unfortunately, not all those initiatives succeeded in delivering tangible business value. It’s not surprising that a 2019 survey by NewVantage found that 77% of businesses reported…Read More