You may have heard of the terms – business intelligence (BI) and Data Analytics According to Forbes, they are 23 billion dollar and 21 billion dollar markets respectively. The foundation of both these technologies is data intelligence. Data intelligence enables businesses to work smarter, instead of harder, to drive meaningful organizational change.
What is Data Intelligence?
To put it very simply, data intelligence is the ability of a business to gather and meaningfully process data from multiple sources to gain insights to lead business decision making processes. It combines the more traditional forms of metadata management, data quality, data governance, master data management, data profiling and data privacy to optimize outputs and hone business processes for efficiency.
The Foundation of Data Intelligence
Data intelligence involves gathering complex data, processing it, and presenting it in an easy-to-understand fashion. Data intelligence combines a number of different types of analyses to give businesses a holistic view of its processes and is built on five main pillars:
- Descriptive data: A picture of historical and real-time data is gathered to understand consumer behavior and business performance.
- Diagnostic data: This describes ‘how’ or ‘why’ a particular situation occurred.
- Decisive data: It helps businesses make decisions to implement using real-time data and offers outcomes and various possibilities.
- Predictive data: It describes future possibilities and the various courses of action that businesses can take.
- Prescriptive data: It helps businesses to understand what to do in case of a particular occurrence using historical data and analytics.
Why Data Intelligence is Important for Businesses
The use of cutting-edge tech and services is no longer reserved for digitally progressive or ‘techy’ companies. True data intelligence gives businesses the ability to unlock the magic that vast information sets contain and using it as a strategic asset, no matter what their field of operations. Various benefits include:
Consumer profiling is among one of the best-known benefits of data intelligence. Understanding consumer habits and behaviors allows businesses to use this information to offer better products and services as well as learn how best to market them to their particular clientele. It also reduces risk while taking new products to market.
Management of Data (Infrastructure):
Various data mining processes, including data integration, have made it easy for businesses to gather vast amounts of data. Data intelligence cleans and transforms this data, weeding out excess data and keeps what is trustworthy and reliable, thereby resolving the increasingly common ‘garbage in, garbage out’ problem.
Data intelligence restructures data by organizing it into a usable form. As the ‘garbage’ has already been sorted, data analysts can locate the information they need easily and so increases operational efficiency can be gained.
Advanced simulations can make sense of large complex data sets and create visualizations of complex scenarios. Businesses can use these predictive and prescriptive analytics to predict potential outcomes and make changes as necessary.
Protects Your Business:
Data intelligent products and services ensure that data is stored in a secure and compliant manner. They can protect a business’s intelligence from breaches helping prevent regulatory fines and penalties.
Digital maturity is the only way forward. Data intelligence maximises the benefits data offers, to help your business achieve strategic growth while improving operational efficiency.
At Fastloop, we believe that better information enables all levels of a company to make better, faster decisions for the business. Get in touch with us to know how we can help you optimize your business performance and drive growth.