The fate or future of your business no longer depends on market forces and successful strategies. In a world where consumers seem to have the last word, these aspects always come second to customer preferences and choices. When it boils down to determining business returns and profits, consumers emerge as the ‘all-powerful’ force. Potential consumers can make or break a company and its growth objectives. As rightly pointed out by Ronald van Loon, Big Data Global Influencer, all of us are living in “The Age of the Customer.”
As consumer-oriented business approaches continue to grow, entrepreneurs across the business landscape are striving to ensure optimum client satisfaction. It is here that the concept of data analytics and business intelligence enter into the scenario.
The Rise and Growth of BI
With the increasing demand for effective business solutions, business owners devised a unique strategy to offer that. Data analytics and data mining came up as highly effective strategies and could be leveraged to create effective business solutions. However, conventional BI strategies are no longer relevant, and businesses will need to consider agile and innovative methodologies.
In a nutshell, the entire lifecycle of a business depends on Business Intelligence and Big Data Analytics. BI should undergo changes, developments, and evolutions, thus keeping up with changing market trends. That will be your key to serving, retaining, and converting numerous customers.
Identifying the Drawbacks of Traditional BI
When it comes to successful data warehousing, traditional BI strategies are failing to deliver targeted results. In a world, where every business is trying to carve a distinctive niche in the market, conventional BI solutions won’t be the right choice. Thought leaders, decision makers, and IT influencers have already pointed out at the bottlenecks.
- Inability to quantify BI ROIs: Traditional BI systems don’t have provisions for calculating your BI investment returns. However, the new solutions can prove to be highly useful in this regard.
- Disruptive Communications: Conventional BI systems also give rise to disruptive communications. The IT and project management teams will fail to engage in meaningful conversions.
- Improving Scalability: Business Intelligence and Big Data Analytics is the key to scaling up your venture. Your BI system should grow along with your business thus ensuring optimum scalability. However, that’s not what happens in reality as traditional BI fails to offer the desired support.
- Migration and Integration: Conventional and old BI solutions don’t support platform integration or migration. Quite naturally, that creates the need for a more comprehensive, cohesive, and robust BI solution.
These are some of the potential challenges that can bring business growth, scalability, development to a standstill. On that note, it’s high time to find the right alternative.
Good News Comes Your Way
The emergence of brand new BI systems and solutions will bring some great news for business organizations. These systems will leverage existing data thus helping you achieve actionable insights into enterprise performance. Ronald van Loon describes the situation in a unique way when he says, “businesses can consistently harness insights and create actionable data in less time.”
There’s no denying the benefits of new and innovative data analytics, and none other than modern BI systems can make that happen. It’s here that we come across a crucial question. What are the crucial factors leading to the growth of such innovative data analytics? Here’s an answer!
- Agile Process: Every business today understands the importance of agility and flexibility of operations. Take a look into the professional arena, and it will reveal some amazing facts about the entire scenario. According to trends in the current business landscape, businesses believe in collaborations and meaningful partnerships. Whether it is with potential customers or other departments within the organization, agility turns out to be a prime requisite.
- The Cloud: With more and more businesses embracing the cloud infrastructure, new-age data analytics have become the need of the hour. Cloud computing is a crucial necessity for numerous businesses today, which creates the need for targeted data analytics.
Assessing the Benefits
Gone are the days of traditional data warehousing. The presence of new methodologies and open-source technologies has changed the scenario to a great extent. Here are some benefits of open-source data warehousing:
- Data pools: You no longer need to rely on traditional and hierarchical data storage resources. You can store unlimited amounts of raw data in data lakes.
- Swift data collection: With the new data warehousing strategies, you can perform effective data analysis across various departments in the organization along with successful data collection.
- Internet of Things: Ever-increasing popularity of enterprise mobility gives rise to the concept of IoT or Internet of Things. The new-age open source warehousing software will offer the most effective solution.
Businesses need to grow and scale up with time. As of now, the new-age open source data warehousing techniques seem to be highly crucial necessities and Enterprises looking for alternatives to proprietary and traditional data warehouses may find big benefits in open source solutions.