Data is the new trending word, and getting insights from the data is the only need of the hour. In the current era, where an immense amount of data is generated at every second, the only thing we cannot ignore is the data. Business Intelligence, Analytics, Big Data, Machine Learning, Data Science, etc. are the most searched and discussed terms everywhere. Data is not coming from one source, and in one form, it is occurring in all possible types and stored at different places. The challenges companies face to store and analyze these data that come in the form of numbers, texts, images, audios, or videos. The data can be structured or unstructured. Sometimes the source is known and sometimes it is unknown. Data is collected from so many sources such as surveys, reviews, online clickstreams, social media feeds, internal servers, etc. which required a verity of hardware inside the company or on the cloud in the form of distributed computing for storing, maintaining and accessing information.
Therefore, the need for Business Intelligence tools that can generate required insights from these data using analytics has become essential. Digital technology is connecting people, sensors, and devices to the number of people every day. It is creating a new social ecosystem for generating new businesses for the organization. The leading companies such as Google, Facebook, Amazon, Microsoft, and Apple are coming with the latest tools and designing algorithms for data mining and business intelligence and providing infrastructure for every type of user.
Effective use of business intelligence and Analytics changes how an organization can create values and generate the Return on Investment for its stakeholders from the customers. The new business models are transforming into the data-oriented model, and they are driven by analytics. Data visualization provided by new Business Intelligence tools can show real-time data, and machine-learning algorithms generated real-time insights for business decisions.
(The above article was published as an Abstract at ICMIT2018 Conference in April 2018)
(Image courtesy and source :medium.com)