Big data visualization tools are changing the way businesses conduct business. It enables companies to visualize how their data has been used to provide business value. It is no longer enough to rely on hard, cold business intelligence or metrics. With big data, business intelligence is no longer just about how your business is doing in relation to its competitors; it is also about how it is seen by an objective observer.
How are big data used today? Today it is being used in customer service, e-commerce, supply chain management, health care, supply chain optimization and marketing. Big data allows you to leverage all of the pertinent data sets from a multitude of sources and gain a complete picture of how things are evolving in real-time. This gives businesses the flexibility required to conferences together, analyze how to best act and when to action and to take action at an even faster rate.
Big data is now transforming the way we analyze and interpret data sets and reports. Today’s managers and executives need more than simple metrics to understand what’s going on in the marketplace. They need real-time insights from huge volumes of data sets in order to make informed decisions. The quality and quantity of data needed to provide such insights are staggering, and that is why traditional data analysis methods are failing to deliver the necessary insights.
Traditional analytics methodologies have failed because they do not evolve with the market. Instead, they are stuck in trying to keep up with how customers are using digital tools today. They have become dinosaurs when it comes to big data and analytics. Companies built around legacy technologies need a modern digital transformation mindset. Transformative change in business needs to happen from the inside out, starting with developing an understanding for the importance of big data sets and how they can be leveraged for business success.
How is big data used today starts at the top. It begins with those in charge of strategic planning, innovation and execution. When it comes to big data and the analytics necessary to understand it, there are three main players in this story. The first two are well-known: Chief Executive Officers and other senior leaders, and suppliers and others who provide analytics and the right data sets, right tools and at the right volume.
But the key to big data analytics is in the third player. In particular, it’s important for suppliers and others in the supply chain to understand the value of accurate, high volume analytics coupled with accurate, high volume planning. How is big data used today really only begins at that point. Only then can supply chains begin to truly adapt and evolve in the digital age. And only then can real value and growth happen.
So how is big data used today? In all likelihood, as noted at the start of this piece, it begins with the top players. In order to truly understand and capitalize on the potential of accurate, high-volume analytics and the integration of smart data resources with operational and strategic thinking, suppliers must first develop and build relationships with smart data lakes. They need to be able to access and utilize this valuable information and tools without fear of their data lakes being hacked or manipulated. Only then can supply chain decisions and actions are made and progress made.
And the really interesting development now takes place at the second step beyond relationships – strategic decision making and implementation. At this juncture, suppliers must be able to transform raw unstructured data into structured, actionable intelligence. Only then can they truly take advantage of all the benefits and the significant savings inherent in unstructured and big data. At this point, suppliers must be able to provide actionable intelligence, which is the key to truly shaping and creating a strategic business intelligence picture. Only then can such intelligence be truly leveraged for company purpose and profit.