Big data is a popular term used to describe the exponential growth and availability of data, both structured and unstructured. And big data may be as important to business – and society – as the Internet has become. Why? More data may lead to more accurate analyses. More accurate analyses may lead to more confident decision making. And better decisions can mean greater operational efficiencies, cost reductions and reduced risk.
The last few years, business intelligence has been among the top priorities for many succesful companies all over the world. But there’s more to it than just analyzing data from the past. And that’s exactly where business analytics comes in. Because business analytics allows companies to predict what’s going to happen based on the data they have collected in the past.
There are three main reasons for the rising popularity and accuracy of business analytics:
So, now we’re able to predict the future? Sure, we are. And we should, because with the increasing complexity of global business, decisions based on ‘gut feeling’ and ‘common sense’ no longer suffice. Succesful responses to threats and opportunities now depend on rapid and smart execution.
Data scientists represent the new age of IT, where employees will not only contribute to a company’s business goals, but help identify them in the first place. A data scientist represents an evolution from the business or data analyst role. What sets the data scientist apart is strong business acumen and analytical & data skills, coupled with the ability to communicate findings to both business and IT leaders in a way that can influence how an organization approaches a business challenge. Good data scientists will not just address business problems, they will pick the right problems that have the most value to the organization. If information is used well, trends and opportunities can be spotted far faster than you could in the past.