Feeling a bit lost in the Big Data ocean? The ISF’s Steve Durbin provides a life boat by briefing the Big Chair about its security and risk management implications.
The promise of actionable insight from data isn’t new – business intelligence and other analysis capabilities have long been used by many organizations. What has changed is the rate at which data is growing, the way the data is changing and the demands being placed upon it by businesses of all sizes. This is leaving CEOs with the unenviable task of handling potential security risks associated with ‘Big Data’
Some might be surprised to learn about the types of organizations that make use of business intelligence and analytics, as it goes well beyond major corporations like Google and Microsoft. The fact that this data is useful in so many different industries shows just how important business intelligence training has become and how it is sure to grow in importance in the future.
A great example of how analytics work comes from universities. On the surface, it does not seem like universities would need to use these strategies, since students usually approach them to gain admission. However, these institutions use business intelligence to help them reach their enrollment goals, address problems like dropout rates and low GPAs, and analyze their student experience as a whole. By having the numbers readily available, these universities have the ability to make the necessary improvements immediately.
The food industry provides another example of how business intelligence works, as it allows CEOs to develop strategies on how to improve sustainability. This starts in the processing plants, as those in charge can focus on quality management, equipment efficiency, and yield management to ensure that the plant runs as smoothly as possible.
Even public transportation uses analytics to maximize the efficiency of these services by looking at route information, vehicle maintenance logs, and information on those who use transit. This allows decision-makers to create more efficient schedules, which improves profits and makes for an all-around better customer experience.
The business intelligence and analytics industry is growing rapidly because almost every industry on the planet can benefit by hiring people who can collect this data and understand what it means. The end goal is to turn as much profit as possible, and since the numbers do not lie, altering strategies based on the numbers can great improve organizational performance.