Back to the Future of Data
Updated: Jul 31, 2020
In these days, we face with a technological improvement chaos around the world. Actually, we are almost overwhelmed with upgrading ourselves and have difficulty to keep up with technology. Not only individuals, but also companies benefit from advanced technology. With the help of growing technology, the amount of data that we produce has increased enormously in the last decade. According to IBM, “Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.” Since companies want to use this gigantic data mass to improve their business, in other words, find ways to understand customer needs and wants better in order to increase their revenues, they have started to use mature information infrastructure and computer technology to enhance the decision analysis process.
Since companies want to be intelligent enough to make sense of the data, the term “Business Intelligence (BI)” has begun to appear. As Ronald K. Klimberg and Virginia Miori indicated in their article titled ‘Back in Business’, “Howard Dresner, former chief strategy officer at Hyperion, is widely considered to be the “father” of business intelligence since he used the term in 1989 and described the area as the “concepts and methods to improve business decision-making by using fact-based support systems.”
BI has three viewpoints as: Business Information Intelligence (BII), Business Statistical Intelligence (BSI), and Business Modeling Intelligence (BMI). Each viewpoint has its own functionality and use techniques to understand the data. For instance, BII has “data marts, databases, enterprise systems, OLAP”, BSI has “basic statistics, econometrics”, and BMI has “supply chain, OR/MS tools” techniques. Addition to that, they have also use common techniques with each other; “data mining, modeling, OLAP, and six sigma”.
In conclusion, these techniques are essential today for companies in order to understand and interpret the data that gathered with the help of the advanced computational improvements. Companies have to utilize these techniques if they want to stay in the marketplace by gaining competitive advantage.
· IBM. Available at: https://www-01.ibm.com/software/data/bigdata/what-is-big-data.html
· “Back in Business” by Ronald K. Klimberg and Virginia Miori (2010)