of raw data to help analysts make datainformed decisions.
Data mining technology enables sifting through mountains of information to reveal valuable insights. It acts like an investigator, examining raw data to unearth gems that can shape strategic decisions. Data mining employs clustering, classification, regression, and association rule mining techniques. These methods enable organizations to transform raw data into actionable intelligence, providing a competitive edge in a data-driven world.
The other big data technology is data visualization tools which help to turn complex data into interactive charts, graphs, and dashboards, making it easy to understand and act on insights. With data visualization, you can identify trends, spot patterns, and make data-driven decisions with confidence.
Artificial Intelligence( AI) has also brought a new dimension and new solutions to big data and business intelligence, and it is time for businesses to evolve and embrace it.
Unlike traditional social listening vendors, AI-enabled business intelligence platforms harness data from multiple sources( social, search, survey, and more) and apply advanced AI and data-mining algorithms to uncover predictive and
prescriptive insights. Most critically, these smart solutions operationalize AI and extend its value beyond just market research and customer insights groups.
In this era of AI technologies, any AIgenerated data needs to be humanized to make it more relevant, representative, and timely. It is the humanizing aspect that will determine innovation success.
The most valuable data of all is real human data, which tells us about who we are, how we live our lives, and what we need to make us safe, comfortable, healthy, and happy. We buy because we are humans. We have needs, insecurities, and care what others think of us. We make choices driven by emotions and are not always rational.
AI applications in market research that fail to capture the true essence of being human will not perform well.
With big data, businesses are well positioned to better understand the market and bring more appealing and successful innovations. Data can play a crucial role in maximizing the appeal of various business innovations, be they product, process or model oriented. It has the power to help organizations create new opportunities, new services and products, and fosters innovations.
By leveraging big data, business can offer personalized experiences that can significantly enhance the appeal of innovations. Personalization can be applied to product recommendations, marketing messages, user interfaces, and customer support, creating a more engaging and relevant experience for users.
Implementing big data solutions requires strategic planning, the right tools, and a skilled workforce to manage the unique challenges and opportunities.
With so many potential applications for data, more and more people within an organization want access to data to build workflows, products and better customer experiences. Companies collect data, but their teams often lack the expertise to clean, transform and properly store data for broader use. Even data scientists and engineers can struggle to wade through the massive amount of data that gets dumped into data lakes and warehouses.
Building a data-driven culture that encourages employees at all levels to embrace data-informed decision-making is crucial for success.
Business Intelligence backed by data also helps create robust reports while slicing data to uncover hidden insights and trends. These insights help organizations make better decisions and gain an advantage over their competitors with ad hoc reporting capabilities. You can monitor key performance indicators by leveraging financial, operations and sales data from different sources.
Big data can be leveraged to ask questions about why things happened through making comparisons across various dimensions, identify sales weaknesses, get customer feedback, analyze competitors and improve operations with the help of business intelligence to boost revenue.
This is why at Ipsos we are supporting our clients to use big data to develop smarter programs that connect to business impact and build a social intelligence practice that will move you past the data- to action, optimization and return on investment.
Chris Githaiga, is the Ipsos in Kenya Managing Director and the Country Manager, East Africa Cluster. You can commune with him on this or related matters via email at: Chris. Githaiga @ ipsos. com.