25 Aug 2017Previous Page
In the modern world, data is critical in helping organisations expand and adapt to changing marketplaces. However, because there is so much data relevant to your business that you can collect, the high volumes can become an issue in itself. Big data, although highly useful when used right, can leave many companies trying to figure out a way to structure it properly so that actionable insights can be distinguished. This is where Business Intelligence (BI) becomes the core element of any long-term business strategy, turning the copious amounts of data into a clear course of action for the organisation to reach their goals.
Astonishingly, 72% of business leaders in the USA highlighted in a study that they did not own the necessary tools to manage their data effectively. However, this problem is not isolated to the USA alone, with issues in BI stressed across many countries.
To help alleviate this issue, technology companies are looking towards bringing more integrated solutions onto the market. CEO of USEReady, Uday Hedge, expands this point further: “We expect to see a confluence of data, cloud technology, and the internet of things (IoT), helping to make data more user-friendly. This will help companies develop technology solutions that can improve our lives in significant ways.”
In the early days of BI, spreadsheets and human input were the norms. In more recent times, BI encompasses so much data that human resources are just not able to manage the work in this way. BI software allows specialists to collate data more quickly and in a more manageable way, but even then, there is still a lot of work for specialists to do in terms of turning data into usable insights. Hedge highlights: “Companies frequently have to navigate the impact of the four Vs of data: namely, volumes, variety, velocity and veracity. As such, they need effective BI solutions to maintain any kind of competitive advantage…”
Companies, regardless of their size, benefit from having specialist professionals within their organisations to look over the data collated, as well as managing the software used to help other departments make important business decisions. Previously, data was managed by the department that was researching this area or the data that it directly applied to, some of which are not properly trained in data analysis; however, businesses are realising that lumping useful data into only one department isn’t effective for business development. Now, businesses are organising their infrastructure, incorporating a Business Intelligence department who are solely responsible for the collection and distribution of data and insights. As a result, Business Intelligence Consultants are becoming highly sought-after.
An important part of data analysis is data visualisation as Hedge explains: “Creating effective data visuals enables business owners to evaluate the health of their organisations in a meaningful way with real insights. Meticulously presented data helps them ask critical questions and make better-informed decisions about leveraging limited resources.”
Whilst data visualisation is not a new part of business analysis, it has recently become a vital element of presenting data in a user-friendly format that everyone can easily digest and understand. It is therefore important that Business Intelligence Consultants can utilise these specialist skills.
Cybersecurity has also become a fundamental part of an organisation’s IT infrastructure, and those with specialised skills in this area are also invaluable assets to organisations across Ireland. Experts within this area of IT can expect a lot of their work to focus on the protection of data, and they will work closely with those within Business Intelligence, as Hedge explains: “Companies are realising that democratising data comes with unanticipated security concerns. It is vital that organisations evaluate their data infrastructure and make appropriate decisions.”
We can expect the definition and responsibilities of BI to shift to match the emerging trends in data analysis and the evolving needs of the market; organisations will, therefore, have to adapt the way they work to stay current in the market in comparison to their competitors, or risk failure. The importance of data has never been so vital in ensuring business leaders are encouraging success for their businesses.