New Analytical Model Transform Business Intelligence
Bangalore: Many business organizations have adopted Business Intelligence to ease up the work. It has been reported that activities that could take up to 18 months to complete, could now be completed in less than two days. Analysts have claimed this to be a dramatic transformation in business intelligence and data analytics practices in many business organizations.
Maryland based CareFirst supplemented its CA Technologies Project Management Product with a technology from Palo Alto, Calif. based QlikTech. This has saved the company a total amount of $10 million in various project costs apart from reducing the number of contractors by 25%.
PricewaterhouseCoopers (PwC) in its report said "[The] new analytics taps the expertise of the broad business ecosystem to address the lack of responsiveness from central analytics units. “ They further added, the new analytics "does that by giving access and tools to those who act on the findings."
Jaikumar Vijayan, in his article on infoworld.com stated that the transformation was initiated by two trends viz. the data explosion caused by cloud computing, mobile computing, and social media. Inexpensive hardware, memory, and storage technologies have made it easy for companies to collect large, varied, and fast-growing data sets and the other trend id the increasing availability of tools that allow companies to more easily aggregate and analyze large data sets.
CareFirst can obtain data from various sources in a fraction of time and run various analyses at a much faster speed which was not possible with a traditional BI approach. Carol Church, director of the project management office at Maryland-based CareFirst said that with the QlikView, analysts can compare data elements and look for associations between them on the fly and on an ad hoc basis.
The CementBloc, an organization that helps drug companies improve their marketing and communication strategies is another business organization that is taking advantage of the capabilities of BI by using the Tibco’s Sportfire analytics platform.
Ira Haimowitz, Executive Vice president, Intelligence and Analytics at CementBloc said, "With traditional BI tools, you have to know what you are going to predict. You need to know what you are going to predict by customer segment, or by geography, and map that out to a program, and then you generate queries and reports”
"Twenty years ago, there was this heavy emphasis on requirements-gathering because you wanted to precalculate all the answers. You needed to work with users upfront to get a feel for all the questions they would likely ask. It led to a service-heavy implementation model for BI projects," said Anthony Deighton, CTO at QlikTech.
PwC in its report also noted that the New Analytics "is about detecting opportunities and threats you hadn't anticipated, or finding people you didn't know existed who could be your next customers. It's about learning what's really important, rather than what you thought was important. It's about identifying, committing, and following through on what your enterprise must change most."
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