In this competitive world, keeping up with technology and the LATEST business models is necessary in order to adapt to better working strategies and higher performance. It is observed that industry is becoming more and more customer-centric and for that, advanced and improved business models are needed. Industries have huge amounts of incoming data that needs to collected, stored, managed and ultimately analysed to drive insights. Here comes in the role of Big Data.
role of big data
Now, different companies are using Big Data tools like Hadoop, Spark, Hive, Cloudera, Cassandra among others to process
data and make decisions for businesses.
“Business Intelligence is a collection of systems, software and products, which is used to apprehend the
inter-relationships between processed data and generate meaningful insights that point towards the desired goal.”
Business Intelligence helps businesses to make better and refined decisions based on the analysis done by Big Data
technologies. Programmers/BETTER WORD use various decision-making algorithms namely hypothesis testing, random forest,
gradient boosting and AdaBoost, market basket analysis (Apriori algorithm), logistic regression etc depending on the
requirements.
Business Intelligence technology is very useful only if businesses know how to incorporate it. It helps to understand
customer behaviour, improve company efficiency, gain competitive advantage, improve products, improve sales, gain user
visibility, improve marketing, turn data into actionable information and so on.
