Business Intelligence tools for Managing and Visualizing your data
Growth of Data – Structured and Unstructured
Data is massive and multi-layered, which is ultra-complex and increasing exponentially!
What factors attributes to this explosion of data? Well, the fast-growing mobile data traffic, cloud computing traffic as well as the rapid development of technologies like IoT and AI.
Analyst firm IDC confirms estimates that over 5 billion consumers interact with data every day and this figure will rise up to 6 billion by 2025. Data has real business worth! But there is one pressing problem – data is mostly unstructured, and projections suggests that 80% of worldwide data will be unstructured by 2025. This is a real challenge!
Few major facts and figures:
• In 2020, every person will generate 1.7 megabytes of data per second approx.
• Big data analytics market is expected to grow by 20%
• Each day, over 2.5 quintillion bytes of data in generated world-wide
• Unstructured data is a problem for 95% businesses
• Estimated global data analysis growth is 5.2 zettabytes by 2025
• 97.2% of organizations are investing in big data and AI
• In 2020, big data market is expected to grow by 14%
• In 2020, data science and analytics jobs will reach around 2.7 million
• Automated analytics will be vital to big data by 2020
Businesses need targeted and meaningful data insights for earning greater profits and predictability. In order to achieve this, data needs to be analyzed!
Organizations failing to capitalize on data
Data is highly valuable; that’s why it is considered to be the essence of today’s digital economy. According to the McKinsey survey, organizations are investing trillions of dollars to become more data driven in order to yield the right business insights.
It has found that 75% of the business from all sizes, locations and sectors feel that they are making the most of their data but the reality is that only 8% successfully scale analytics to derive actual benefit. 43% obtain tangible benefit from their information. While the remaining derive no benefit whatsoever.
Principal challenges to become data-driven:
• People and process, the two major challenges in adoption of data analytics.
Solution: Making use of accessible and easy to use tools, which will remove the gap between employees and data insights.
• Another major challenge is lack of data focused organizational culture.
Solution: Encouraging team members to question, experiment with data and share their insights.
• Another challenge most companies face is unavailability of valuable data insights. Employees either do not have inclination or time to search for data and bring out valuable visions.
Solution: Search-driven analytical tools can help people find answers to their queries. Plus, using Artificial Intelligence (AI) and Machine Language (ML), will help uncover trends, outliers and business drivers automatically. Less effort, minimal time and effective outcome!
Why business intelligence needed?
Data needs cleaning and categorization in order to translate it into information for better and intelligent business planning. BI is the tool that helps produce accurate reports by extracting data from the company’s data source. With BI, a company can achieve the following benefits:
1. Faster and accurate reporting, analysis and planning
2. Improved business decisions
3. Better data quality
4. Improved employee as well as customer satisfaction
5. Enhanced working efficiency
6. Enhanced competitor advantage
7. Reduced costs and increased revenue
Despite of all these positive perspectives, BI project’s success rate is very low and inadequate.
• Lack of executive support
• Reliance on legacy systems and outdated technology
• Lack of business support and communication within the team
• Complex KPIs
• Improper requirement gathering techniques
• Unrealistic timelines
• Bad user experience
• Low user adoption rate
• Low data hygiene
• Inaccurate BI ROI
Some or all of these factors are the leading causes of BI failure.
Technoid as a BI solution provider
We at Technoid assist you in discovering and unravelling your data in an efficient and structured manner. We are cognizant with the data patterns and business trends to support your business model with our innovative ideas and advanced BI solutions. We influence your transformation journey by bringing together exclusive industry expertise and the latest IT practices. We recently received a glowing testimonial from Mr. Mobeen Anwar, IT Manager, Universal American School – “Extremely satisfied with the role, Technoid played in terms of steering our informational data landscape, aided with their valuable inputs and provided valuable solutions that we were able to leverage from.”
Let’s create value from your data with our corrective valuation and in-depth analysis and drive your business forward!