There is no denying it – we live in the age of the customer. Consumers all over the world are now digitally empowered, and they have the means to decide which businesses will succeed and grow, and which ones will fail. As result, most savvy businesses now understand that they must be customer-obsessed to succeed. They must have up-to-the-second data and analytical information so that they can give their customers what they want and provide the very best customer satisfaction possible.
This understanding has given rise to the concept of business intelligence (BI), the use of data mining, big data, and data analytics to analyse raw data and create faster, more effective business solutions. However, while the concept of BI is not necessarily new, traditional BI tactics are no longer enough to keep up and ensure success in the future. Today, traditional BI must be combined with agile BI - the use of agile software development to accelerate traditional BI for faster results and more adaptability - and big data to deliver the fastest and most useful insights so that businesses may convert, serve, and retain more customers.
Essentially, for a business to survive, BI must continuously evolve and adapt to improve agility and keep up with data trends in this new customer-driven age of enterprise. This new model for BI is also driving the future of data warehousing, as we will see moving forward.
As valuable as older BI applications and deployments have been over the years, they simply cannot keep pace with customer demands today. In fact, decision-makers in IT and business have reported a number of challenges when they have only deployed traditional BI. These include:
So how can combining traditional BI, agile BI, and big data help businesses grow and succeed in today’s market? Consider that big data gives businesses a more complete view of the customer by tapping into multiple data sources. At the same time, agile BI addresses the need for faster and more adaptable intelligence. Combine the two, along with already existing traditional BI, and efforts that were once separate can work together to create a stronger system of insight and analytics.
Through this new BI strategy, businesses can consistently harness insights and create actionable data in less time.