HOW DO BI AND DATA ANALYTICS REVOLUTIONIZE DECISION-MAKING

1. HOW DO BI AND DATA ANALYTICS REVOLUTIONIZE DECISION-MAKING? www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

2. Data has been the source of every possible business growth opportunity to expand horizons and grow beyond measure. With the nuanced surge in data generation and global consumers going online, businesses of all sizes were pushed to stretch their way into becoming virtual. This has brought a massive drift in how businesses and consumers interact and operate over time. As of 2024, there are around 2 Billion websites online, including 1.13 Billion on the World Wide Web. Of which, 82% were deactivated; that means around 200 million websites are actively maintained - Curate Labs Isn’t that a staggering number to look at when understanding the massive businesses' keenness to be on the web; that is considered the closest to their prospective consumers? Years have passed, and the world is getting used to working with humungous data like never before. This calls for an exceptionally talented data scientist pool who can help stakeholders make sense of it all. Statista goes on the reveal some big numbers for the most popular sites on the web that have earned their presence over these years; including Google, and YouTube, among many others. All this has been possible with the Data-driven decision-making; that has empowered today’s business guild to control and assess their consumer’s behavior well in time. ging further; it shall be imperative to understand the core behind business intelligence and how data pivots the growth trajectory for every business differently. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

3. ABOUT BUSINESS INTELLIGENCE Business intelligence is a process that utilizes data analysis and technology to help organizations make better decisions. It broadly involves data collection by identifying sources such as data warehouses, cloud, or CRM; and gathering and cleaning data. it goes further to analyzing data and looking for patterns and unexpected data results. Data visualizations such as creating graphs, charts, dashboards, and maps result in easy data analysis. Thereafter, it deploys an action plan to develop insights and actionable plans based on the analysis. BUSINESS INTELLIGENCE MARKET SIZE, 2022 TO 2032 (USD BILLION) 60 $54.9 54 $51.18 48 $47.72 $44.49 42 $41.48 $38.67 $36.06 36 $33.62 $31.34 30 $29.22 $27.24 24 18 12 6 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Source- www.precedenceresearch.com The graph above (by Precedence Research) showcases a staggering numbered growth in business intelligence market size over the years; that is stipulated to grow beyond measure when looking at the mass explosion of data generation around the world. ABOUT DATA ANALYTICS Data analytics is an interdisciplinary domain that involves analyzing data to gain insights and make informed decisions. It includes collecting, transforming, and organizing data to uncover patterns, trends, and correlations. Data analytics can be used in diverse business settings such as marketing, delivery, logistics, and government. Data analytics assist businesses to improve operations, enhance forecasting and planning, and drive massive innovation over time. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

4. UNDERSTANDING DATA MANAGEMENT With data growing at an astounding rate, it is imperative to make sense of it all to gain big business insights and future-proof your business. Data management is the practice of collecting, organizing, storing, and protecting an organization’s data so that it can be used to make decisions and take actions. Regulatory compliance, data security, digital transformation, and data-driven decision-making, are some of the reasons that make data management quintessential. WHAT IS BIG DATA? Big data is used for describing large, complex data sets that are difficult to manage and analyze using traditional tools. Big data can be structured, unstructured, or semi-structured; and can come from a variety of sources including social media, mobile devices, and the Internet of Things. HOW BUSINESSES USE BIG DATA? Businesses use big data to gather insights that can help improve their operations, understand their customers, and make better decisions. They improve customer experience by personalizing product recommendations, improving marketing, and advertising. Big data assists in gaining operational efficiency by reducing costs, improving delivery times, and improving quality. It also aids in quality data-driven decision-making. HOW BUSINESSES USE BIG DATA Service Delivery Customer Segmentation Budgeting Forecasting Internal Operations Management New product strategies Improvement of R&D processes Process automation Pricing The above image reflects the nuanced role of big data in growing businesses by leaps and bounds. From easy budgeting to hassle-free service delivery, forecasting, process automation, etc; big data assists and can deliver in more ways than what a business can imagine. Big data assists in expanding business intelligence manifold. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

5. CHALLENGES FACED BY BUSINESSES IN DATA-DRIVEN DECISION-MAKING Many organizations struggle to deploy data to their advantage; the reasons being: Misguided technology selection Over-customized technology Costly technology Lack of talent Managing expectations Over-customized technology Legacy ERP systems can be overengineered to fit an enterprise’s precise needs. This level of customization can become burdensome to maintain and scale. Costly technology Replacing the old with new, on-premise implementations can be a massive investment for organizations. Misguided technology selection Best-in-class enterprise applications and systems demand the integration of multiple technologies, and mistakes can be made in this important process, thus hampering business connections. Lack of talent Organizations must be eager to hire a data scientist who will assist them in navigating their data. It is a fact that Big data reigns higher in the current talent landscape arena worldwide. Managing expectations To deliver transformational analytical solutions, organizations require a seasoned data science expert; with niche skills in data science that can guide targeted business goals. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

6. These hurdles can be overcome by adopting a strategic approach to data-driven decision-making; that includes; Advanced analytical tools Continuous improvement Data collection and quality Empowered data operations Integrating a strong data strategy Cross-functional collaboration BENEFITS OF DATA-DRIVEN DECISION-MAKING Valuable insights Continual growth Improved program outcomes Optimised operations Prediction of future trends Actionable insights These invaluable benefits that businesses reap from making data-driven decision-making reflect upon the key role of data in business. Valuable actionable insights, uninterrupted growth, improved program outcomes, optimized operations, and trend prediction are everything that a business shall gain from astoundingly. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

7. BIG DATA ANALYTICS CONS PROS Data privacy concerns Expanded business intelligence High costs of implementation Enhanced user targeting Data quality issues Improved customer service Increased efficiency and reduced costs Complexity and skill gaps Scalability challenges Lower operational risks STEPS TO MAKE DATA-DRIVEN DECISIONS Identify goals Determine Business needs what do you want to achieve and what are your KPIs? what problems are you trying to solve? Target Data Analyze your data Identify relevant data sources, integrate data for a unified view and maintain data quality Develop stardardized procedure, use appropriate models and create visualizations Make Actionable insights Summurize what the data shows for decision-makers and how the insights can influence informed decisions Boosting sales by identifying your ideal customers, improving retention by focusing retention effort, increasing profitability by finding the most profitable customers, improving your pricing, gearing up your profit, identifying fraud to reduce losses, measuring profitability in real-time, and boosting profitability are a few seasoned benefits from big data in business. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

8. To reap these benefits, businesses must evolve with the right decision-making procedure; as explained below. 04 02 05 01 03 Determining Business Needs Identifying Business Goals Targeting Data Data Collection and Analysis Actionable Insights Determining Business Needs Ask Yourself: What are the critical areas in our business that can significantly benefit from deeper insights and decisions based on data? Identifying Business Goals Ask Yourself: What are our specific, measurable objectives for implementing DDDM, and how will we know we have achieved them? Targeting Data Ask Yourself: Which data sources are most relevant to our identified business needs and goals, and are we currently capturing this data? Data Collection and Analysis Ask Yourself: Do we have the necessary tools and skills to effectively collect and analyze this data, and if not, what resources are needed? Actionable Insights Ask Yourself: How can we ensure that the insights gained are effectively translated into actionable strategies, and who will be responsible for overseeing this process? www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

9. TOP TOOLS FOR DRIVING DECISIONS WITH DATA If you wish to know what you must look for when selecting the appropriate data-driven decision-making tool. Take note of the features such as data integration, data analysis, data visualization, collaboration, and scalability features. Let us take a closer look at the top data visualization tools for data-driven decisions. Tableau Looker Zoho Analytics Sisense IBM Cognos Qlik Sense Domo Microsoft power BI SAP Analytics cloud Yellowfin Klipfolio Whatagraph Dundus BI Gaining insight and a core understanding of these powerful data visualization tools is a must and can be mastered with the best data science certifications. On the one hand, Tableau provides you an ease of use and visual appeal, Zoho analytics allows affordability and centralized data management, and Sisense offers in-memory analytics and mobile-friendly dashboards. Gain complete access to master top data science skills with the most trusted data science certifications worldwide. FINAL WORD Data-driven decision-making is transformational. When visual analytics is embraced by everyone in an organization, data becomes a critical enterprise asset. With a modern business intelligence solution, data-driven decision-making becomes a company mission, more than a hassle. This leads to faster, more informed decisions. These decisions will generate a stronger bottom line, greater creativity and commercial success, and more employee engagement and collaboration. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

10. GET STARTED ON YOUR PROFESSIONAL DATA SCIENCE JOURNEY © Copyright 2024. United States Data Science Institute. All Rights Reserved