Business intelligence software has grown beyond its roots analyzing straightforward data. It has taken on a new life in many, varied departments. With the advent of systems such as big data analytics, there are no longer limits on the size and type of data sets that can be stored, analyzed and used to help make decisions. Therefore, companies with creative IT leaders can improve nearly any process. According to TechTarget, analytics tools have given wide-ranging assistance to both a high-tech wind farm operator and a commercial blinds seller. The connecting thread between the two is a need to use more data than ever.
Wide range of usage cases
TechTarget reported that wind turbine firm Vestas has found a use for big data analytics as a climate measurement tool. Rather than simply examining the current weather patterns at a site, developers with the company can create a suitability model based on over a decade of data. Since an important criterion for a wind farm site is how it has consistently performed over time, a company with access to historical models has a distinct advantage.
“Sometimes we help customers find undiscovered resources,” Vestas vice president Lars Christiansen told the news source. “The data we have is the digital equivalent of a map of gold mines.”
The source also investigated a more typical BI application in retail. Rather than adopting historical modeling as Vestas did, Hillarys Blinds needed to develop a high-speed model that would collate data from a variety of sources, break down performance by region, and do it all on a model that would constantly update to reflect the current state of the market. Before adding modern analytics, according to TechTarget, the firm’s information was spread widely through its structure in conventional spreadsheets.
Business intelligence shows strength
The possible application of big data in a wide range of fields could be one contributor to its impressive growth as a market. IDC recently reported that, despite a period of stagnation brought on by the global financial crisis, business intelligence software has bounced back to the tune of nearly 10 percent year-over-year growth.
According to the source, a positive image in the media could be helping more companies engage with business intelligence. IDC noted that executives are consistently receiving positive reports concerning big data analytics from news reports, giving the systems a good reputation in boardrooms and budget meetings.