Having worked in the business intelligence at Microsoft and RealNetworks, I strongly believed actionable analytics will drive our world forward. I have focused on exploring the topic of business intelligence and data analytics at the company I have found. Over the years, I have read a lot of different thoughts on the importance of data, but only a few really resonated with my experience and even fewer made me want to share my thoughts in response.
The article by Jedidiah Yueh and Randy Bean “Every company is a data company” has sparked my interest. It explains in great detail why every successful business today has to be data-driven and how Artificial Intelligence (AI) is influencing the way companies operate.
1. The Dot-com boom of the 90s was the primary catalyst to the changes and improvements we see and experience today.
2. Over the last decade, nearly three-quarters of Fortune 1000 companies have been replaced by their data-driven competitors. Regulatory constraints and outdated systems still burden the ones left behind. Tech companies, on the other hand, continue to aggressively leverage data as their core assets and drive returns by experimenting with information.
3. We are at the point where AI is becoming a major influencer of our decision-making processes. AI programs drive operational efficiency, impact revenues, and drive industry transformation.
4. Giants like Apple, Amazon, Google, and Facebook rewrote the rules of nearly every major industry. They use AI services not only to run their businesses but sell these services to other companies around the globe.
Data Analytics at the Heart of Every Successful Business of Today
The amount of data we can access is growing at an unprecedented speed. It is easy to imagine how data can help you improve your business but it is much harder to actually make use of it. Companies have been trying to keep up with the data boom by applying various data mining and analytics tools, but that is not always enough.
Advanced analytics solutions can transform a vast amount of data into something meaningful and actionable. By eliminating unnecessary information, data is used to help businesses make well-informed decisions. Data analytics was a narrow field operated by data scientists but technological developments have broadened the expert-only territory to a wider business community.
Business Intelligence (BI) became a powerful tool when the need for multiple data sets assessment arose. New systems have the capacity to go over a huge amount of information and answer specific questions. Self-service BI provides basic analytics by letting users make infographic – visual aids like graphs and charts. Since it’s just a visualization of historical data, it does not automatically provide actionable results.
The adoption of artificial intelligence has fueled another shift in data analysis. With AI, complex data analysis can now be performed autonomously. New systems can clean up data, find patterns that have gone unnoticed, and provide valuable insights. There are even tools that can save you from making poor decisions based on misleading information.
We are really going to feel the impact of this technology when even the smallest businesses will be able to make the most of the powerful data intelligence tools. The moment when we will all trust our findings and the context behind them will let us take the most beneficial actions to achieve the desired outcome.
Leveraging data has to be at the heart of every company’s strategy because whether we want this or not, data-driven companies will redefine the world. I believe that advanced technologies and data analytics will lead the world to a better and more productive future.