Data Analytics and Business Performance

The world today is driven by data, that is being collected every second in every way possible. The profitability of any Organization is determined based on the revenue and customer value generated, which requires a deep understanding of the current market scenario and consumer needs which can be achieved through collecting of data, perform various type of analysis on it and use it to optimize the Business model and improve decision making, the whole process of enhancing business performance is termed as Business Intelligence.

The Business Intelligence is an umbrella that comprises of variety of statistical and decision making processes. It can be divided in to 3 stages, 1) Data 2) Analysis 3) Reporting Business decision and service Optimization and Visualization 4)Business Decision and service optimization, that comprises of various aspects of each starting from collection of data from various sources, cleaning the data, structure the data, running analytical algorithms on the data, analyze the generated data as the output from algorithms, extract information out of it and based on it create visualizations and reports which can be used for product/service optimization and Business decision making . In the current day scenario, the data is being collected from millions of sources and the Business Intelligence is being compromised at different levels, from collection of data to deriving a business optimization strategy, due to multiple factors. In these paper, we will try to understand the four stages of Business Intelligence domain with different industry use cases to see how various problems faced in the industry currently during implementation and execution of business intelligence strategy.