Steps to develop a Big Data & Business Intelligence project

In the Era of Digital Intelligence, data is probably one of the most important elements of analysis and decision-making in business.

Big data projects are not only used to collect large volumes of information; they are also designed to look for patterns, look for averages, and use filters and statistics to provide relevant results that can help decision-making in the business world.

What is big data?

Big data is a term that describes the large volume of information, both structured and unstructured, that floods businesses every day. This data can come from public and private sources relevant to a company or industry. These data sets are usually larger than the data that a company can gather and are also collected faster since the information "flows" to the processors that work with artificial intelligence and machine learning.

In other words, big data comprises large and complex data sets, especially from new data sources. These data sets are so large that conventional data processing software cannot handle them. However, these massive volumes of data can be used to address previously unsolvable business problems.

Why is big data essential for business?

Big Data is predominantly used in the business world and can help address many business activities, from customer experience to analytics. Here are some examples.

Product development:

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Large companies in sectors such as technology or entertainment use big data to forecast their products' demand. They build predictive models for new products and services, classify key attributes of past and current products, and model the relationship between those attributes and the commercial success of offerings. All this aims to plan, produce and launch new products that are successful and do not represent losses.

Machine learning:

Machine learning is usually an add-on to big data projects. Now, instead of being programmed, machines can learn. These machines generate answers to problems thanks to processing large volumes of information and obtaining results or solutions according to the data analyzed.

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Operational Efficiency:

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This may not be the biggest headline hit, but it is where big data has the most impact. Big data allows you to analyze and evaluate production, customer feedback, returns, and other factors to anticipate future demand or needs of the business. Big data can also improve decision-making based on the market at any given time.

Drive innovation:

Big data can help you innovate by studying the relationships between stakeholders, entities, and the market. Subsequently, by determining new ways to use said information, it offers insights to improve your financial decisions and planning considerations for the future of your business.

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Companies know what indicators are critical when making decisions. A big data project is not going to change those parameters. Instead, with the project, you are going to achieve greater access to information in greater volume and quality so that decisions can be made more quickly and eliminate human error and uncertainty due to a lack of reliable information.

It is a mistake to believe that you know where everything is. There are always sources of information your human team cannot find or process. In a big data project, it is important to find all these sources and scale the number of your business processes. This increases the chances of finding patterns that put you ahead of the competition when making decisions.

In this stage, all the information from the different sources arrives. However, it is not yet organized, nor does it meet any pattern for analysis.

The information is processed and separated into the parameters that have been previously established. At this point, the data begins to be classified to separate it and be able to analyze it. Depending on the project, it can be presented organized in tables to be analyzed by a person, or it can pass to other machines to learn from it and make decisions accordingly.

When the client sees the information, it has already gone through a complete analysis process to comply with the established parameters. Furthermore, the information he sees will be renewed with a certain periodicity since all the previous operations are automatic, allowing the client to constantly update the data.

Conclusions

Big data projects are not just another step your company takes to enter the Age of Digital Intelligence. Instead, they are a competitive advantage that can be obtained to be at the forefront of your sector and have the upper hand over your competitors. Use big data and business intelligence projects to help your business have privileged information, make better market analyses, make informed decisions and reduce human errors.

Start your Big data and business intelligence project today, schedule a free consultation, or talk to an expert and put innovation within your reach.