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…
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…
“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…
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…
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…
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…
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…
As humanity grapples with the global crisis of the coronavirus pandemic, urgent action is needed on multiple fronts. Equipping healthcare facilities, educating the public, implementing measures to prevent the spread, developing drugs, and allocating funds and other resources are some of the priorities for governments and other organizations. In order to make the right decision…
A vast majority of the data that is generated in the real world is unstructured and is vital to further our understanding of the world. While the analysis of structured data can help us to know what is happening, it is unstructured data that may reveal why. Because unstructured data doesn’t fit neatly into the…
While data is acknowledged as the basis for business strategy and competitive advantage, the storage of that same data is often overlooked, or treated as a commodity. It’s time to change that — because how data is stored has a profound impact on your business, affecting data security, productivity, and costs. Why the right data…