Big data refers to large data sets that exist typically within organizations while Business intelligence refers to the utilization of this data for analytical purposes from which actionable information can be derived to make more informed business decisions.

Within big data is structured data and unstructured data. Structured data is what you would typically expect to find in formal databases and is often understood as quantitative data while Unstructured data refers to virtually everything else, but can be thought of qualitative in nature. Big data is largely unstructured and its rapid growth poses a significant hurdle to organizations and this discrepancy will only persist in the future. As a result, leveraging tools to utilize this data is now even more important to businesses as effective use of big data becomes the competitive differentiator between organizations.

Business intelligence refers to digital tools which are used to analyze data, both structured and unstructured, into actionable insights to inform decision making. BI combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions.

Application areas of Big Data

Product development

Big companies use big data to anticipate customer demand. They categorize crucial characteristics of previous and current products or services and model the relationship between those characteristics and the commercial success of the offerings to create prediction models for new products and services.

Predictive maintenance

Organizations may deploy maintenance more cost-effectively and increase the uptime of their equipment and components by monitoring their structured and unstructured data and analyzing any warning signs of possible problems before they arise.

Customer experience

Big data makes it possible to collect information from social media, web traffic, call records, and other sources to enhance the interaction experience and increase the value provided.

Fraud and compliance

Big data makes it easier to spot patterns in data that point to fraud and can consolidate a lot of data to speed up regulatory reporting.

Machine learning

Teaching machines instead of just programming them is made possible by the availability of massive data to train machine learning models.

Operational efficiency

With big data, you can analyze and assess production, customer feedback and returns, and other factors to reduce outages and anticipate future demands. Big data can also be used to improve decision-making in line with current market demand.

Drive innovation

Big data may assist you in innovation by examining how people, institutions, entities, and processes are interdependent with one another, and then coming up with novel applications for those findings.

Advantages of Big Data

✓ You can get more comprehensive answers thanks to big data because you have access to more data.
✓ More thorough responses increase data confidence, which calls for an entirely different strategy for approaching issues. More thorough responses increase data confidence, which calls for an entirely different strategy for approaching issues.

Advantages of Business Intelligence - The business value

Businesses that use BI begin to experience notable gains in productivity and profitability as a result of being able to use big data to make better decisions. Some of the benefits of organizations utilizing business intelligence solutions are:

✓ Data clarity increases efficiency
✓ Better customer experience
✓ Improved employee satisfaction