With the exponential growth of data, there is a new concern in the data analytics and Business Intelligence world: how to achieve the best data visualization. We need to present data in a way that can communicate insights to decision-makers and benefit any employee. The trend is to create more digestible and user-friendly dashboards and reports.
Data analytics in the retail industry is not something new. Retailers have been tapping into data for years now, gaining what is called consumer or shopper insights to improve their performance. They have access to loads of data that comes from multiple data sources: purchase transactions, CRM data, customer loyalty programs, etc.
Now, in the age of the consumer, achieving customer satisfaction and engagement is more challenging than ever. This is an era where consumers are super informed. They want to know everything, and in real-time. They expect companies to provide solutions immediately. That’s why smart data discovery and BI tools are being used by retailers to get a much better understanding of customer behavior and preferences. In this new consumer era, smart data analytics is no longer a plus, it’s a must-have.
To justify why it’s a must-have, we’ve put together a list of 10 very cool things retailers can do with BI. Continue reading
We generate around 7 and a half sextillion gigabytes of data worldwide every day. The amount of data we generate is growing exponentially. We know that 90% of the world’s data was created only in the last 2 years. And the Internet of Things is already a reality, and one that grows at unprecedented pace. Around 30 billion objects are expected to be connected to the IOT by 2020. Everything will be connected, from sensors in soil and oceans, to street lamps, to wearables, cars, and even dog collars. This means that the billions of sensors in devices will be generating tons of data. If this data is processed and analyzed correctly, the possibilities for finding insights are endless.
We live in times of immediacy. There is so much information available that we can know things almost instantly. We are getting spoiled, as our grandmothers would say (we don’t even have to remember phone numbers anymore because our smartphones do it for us). They are right, technological advances have simplified our lives, making us more practical, more “spoiled”. Since this is our reality, we expect to have things ready and NOW.
Last week, our partner Keyrus UK hosted their annual Driven by Data Summit. This year’s theme was Harnessing Disruption in the 4th Industrial Revolution. One of the main topics discussed were the increasing rate of change and disruption in business nowadays. Another key topic was how data analysis supports disruption in business. According to Keyrus, businesses need to embrace and harness disruption to create new revenue streams and opportunities. The first steps towards achieving this are effectively storing data, becoming data driven with BI, expanding the types of data stores, expanding into analytics, and increasing the amount of data users.
20/20 vision—in 2020 we will know a world where we can actually see everything. The first big change I’ll go for is IOT. With the Internet of Things generating tons of real-time data, we will know what everyone does, when and how. Around 30 billion objects are expected to be connected to the IOT by 2020.
Choosing the perfect chart to display your data can be a tricky task. There are so many options! But there’s always one that’s a perfect fit, transforming your data into visual insights. Your goal is to make your charts as easy to understand, clear, and attractive as possible. We are sharing this infographic with you to help you achieve effective visualization in a minute.
Organizations face a big challenge today as they want to include all the right stakeholders and at the same time achieve more agility in their decision making processes. They are constantly striving to provide clients with more agility, while trying to give partners and employees the empowerment they expect. It is very hard to deliver both things.
Business Intelligence transformed the way we do business, but there is still unleashed potential within it. We are analyzing only a part of our data, not all of it. The insights we get are limited and in consequence, so are our decisions. This is mostly because of Dark Data and how hard it is to analyze. And also because of human bias that doesn’t exactly allows us to see outside the box, so to speak. Now, imagine if you could get insights on all of your data. Your use of BI would be much more meaningful and your decisions would be insight-driven. In order to get there, we must take a couple of things into account.