The amount of data in the world was projected to reach 59 zettabytes in 2020. How big is a zettabyte? Well, one trillion gigabytes are equal to one zettabyte.
That’s a lot of data for businesses to have to sort through. For a business, big data is an invaluable tool for evaluating market trends and understanding your target customer base and demographics. Companies like Amazon, Google, and Netflix use big data to gain valuable insights into their customer base and increase the efficiency of their marketing campaigns.
Coupling big data with business intelligence allows companies to analyze the information big data provides. With so much information coming in from a variety of sources, it can be overwhelming knowing how to use them to improve your company’s workflow and customer relations.
Business intelligence tools are designed to keep up with how fast big data is produced. But what does it all mean for your company?
We will look at what big data is, how it works with business intelligence, and the ways it’s helped companies improve.
What is Big Data?
Simply put, big data refers to a large amount of data. It includes both unstructured and structured data. The volume of data a business gets isn’t important. How the data is analyzed and what businesses do with those insights is what makes the difference. You can use information gleaned from big data to make strategic moves for your business.
Big data is typically data that is so complex or large that it’s hard to process using traditional data processing software. In 2001, analyst Doug Laney broke big data into three sections:
- Volume: Data is gathered from different sources, such as industrial equipment, videos, social media, and business transactions.
- Variety: Big data has different formats – such as emails, videos, structured numerical data, and unstructured documents.
- Velocity: As the Internet continues to grow, data comes in at fast speeds and must be analyzed quickly.
In a nutshell, big data contains a larger variety of data and arrives in increasing volumes at a high rate. Businesses can use big data that comes in from any source to reduce time and cost spent on marketing campaigns, develop new products, and make smart business decisions.
What is Business Intelligence?
Business intelligence uses different services and software to turn incoming company data into actionable insights, such as how many customers you’ve lost or how a product is performing. This is different than business analytics, which uses techniques like statistical modeling to predict business outcomes.
With business intelligence, the insights you get will tell you how your business is currently functioning. Business intelligence software and tools include data warehouses, data visualization, reporting, and sales and marketing dashboards.
In the past, business intelligence reports propagate yearly or quarterly. Today’s business intelligence tools work nonstop and at a high rate, keeping up with the amount of big data produced.
How Do Big Data and Business Intelligence Work Together?
The need for business intelligence services and software has gone up as big data has become more prominent. Businesses need to track and compile data at a massive scale.
Big data is an element of business intelligence. Business intelligence tools provide helpful insights into your business, giving your company a competitive advantage.
These insights include:
- Understanding customers better by evaluating social media interactions and website visits.
- Detecting potential risks to their company and creating strategies to combat them.
- Identifying market trends to assist in product development.
Big data gives businesses valuable new information outside of a business’s internal data sources. With big data and business intelligence working together, companies can implement more effective marketing techniques, understand their customer, and locate opportunities and issues that come up in real time. Every decision a business makes is informed by the data they receive.
Examples of Big Data and Business Intelligence in Action
Knowing where to pivot your business strategies is vital to the success of your company. Thanks to big data and business intelligence, this is possible.
Below are businesses that have used big data and business intelligence to fine-tune their strategies.
The marketing reporting of HelloFresh was inefficient and done completely manually. They needed a central business solution to help their marketing analytics team save 10-20 hours per day.
By implementing a business intelligence solution, HelloFresh was able to do that. Their marketing team was also able to create individualized and regional marketing campaigns.
HelloFresh analyzed customer behavior and was able to create three different buyer personas. Since they were able to track the data in real time, the team could monitor customer behaviors and change their marketing strategies accordingly if needed. As a result, the marketing team saw increased customer retention and higher conversion rates.
Chipotle was unable to view its data sources from one unified location and compare the data across all their restaurants. With almost 3,000 locations and growing, being able to easily view data from each location was vital.
To enable this, Chipotle switched to a modern business intelligence platform. Their teams could now view and track the operational effectiveness of all their restaurants. Since they could now access the big data far more easily, their report delivery time increased to monthly from quarterly.
Use Business Intelligence to Make Better Business Decisions
Business intelligence gives you the tools to leverage that data and gauge the effectiveness of your strategies, adjusting in real time as necessary. Big data insights and business intelligence are invaluable for companies looking to understand their customers better and tailor their approaches to meet their needs.
Televerde is a global sales and marketing services company with experience in assessing data and creating actionable plans to target prospects and qualify leads.
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