Businesses depend on data about what people are doing, thinking, feeling, saying, and buying. To achieve growth, industries need to rear-view understandings of business performance and customer behavior and become more proactive. These are real-time information of value that needs to be capitalized. Studying the data can help businesses detect patterns and trends, anticipate events, spot anomalies, and forecast using what-if simulations. If we are pro-active, success is almost predictive and it’s applicable to many areas including marketing and sales, operations management, finance, and risk management. Study conducted across industries show that only 12% of available data are constructively analyzed leaving 88% of it on the cutting-room floor. Repressive data silos and a lack of analytic capabilities are to be blamed.
Although we have been discussing many tools for decades, Business Analytics (BI) is a technology whose time has finally come to action. A variety of market forces have joined to make this possible, including an increase in computing power, a better understanding technology value, the rise of certain economic forces, and the advent of big data. Companies are looking to use technology to predict trends and understand behavior for better business performance. Forward-looking companies are using BI tool across a range of disparate data types to achieve greater value. BI is also being operationalized more frequently as part of a business process. It is evolving from a specialized activity once utilized only among elite firms and users to one that could become mainstream across industries and market sectors.
BI tools are available both in open source and industries specific developed product. Futurenet is associated with IBM – COGNOS.