Written by GoodData Author |
Big Data is good for business, right? As more companies compile and analyze Big Data and unlock business insight, advantages are uncovered, innovations are created, and competition increases—life is good. We love Big Data, but soon everyone will have it. What happens next?
Forward-thinking companies are discovering that when they turn to GoodData All-Data Business Intelligence , they are equipped to unearth new insight beyond what’s possible by mining Big Data alone. By combining Big Data sources with ‘core’ data sources and once-overlooked data sources in one cloud-based BI platform, GoodData is creating the next wave business advantage—Unified Data.
How Can Unified Data Improve Business?
Unified Data both broadens and sharpens your line of insight. When data sources are united, new relationships can be found between more types of data sources. These relationships can be studied and explored—and trends can be discovered. As Blue Hill Research phrases it:
“Organizations that recognize these interrelationships have the potential to gain a competitive advantage built upon more effective decision-making.”
What types of new insight are we talking about? The kind that impacts business.
Increased Insight through Unified Data
When you are able to explore Unified Data with GoodData BI, you can:
1. Broaden the context in which you understand key metrics.
All-Data analytics look beyond traditional metrics to include Big Data as well as social media feeds, machine sensor logs, weather patterns, and other alternative data sources. When you examine all data in context of each other and causal relationships emerge, you’ve hit gold. The interrelationships can inform your decision making and help you create competitive advantage.
According to recent Forrester research, “The most innovative firms use data in ways that were not conceived of when it was generated. For example, telecommunications companies use mobile call detail records to mine for customer behavior insight. And financial services firms are mining point-of-sale transaction records for social relationships that may help improve marketing efforts.”
2. Uncover relationships between new data sources and your business performance.
By unifying data and exploring relationships between data, you may learn details of your business you wished you knew earlier, like how weather conditions impact retail store performance. Seeing this relationship clearly for the first time could cause you to change your business strategy and staff stores differently during inclement weather. In turn, that decision could save you a whole bunch of money.
A recent report, Forrester researchers stated that one of the best ways to turn Big Data into insight is to “find opportunities where exploding data meets inefficient resource allocation.” Again, by unifying data into one BI platform, relationships may emerge that you previously could not see.
3. Clearly see how external events impact customer buying decisions.
When all your data is unified, as can only be done with GoodData cloud-based All-Data Business Intelligence solutions, you can easily analyze how external influences such as major sporting events or election days influence customer behavior. Based on this additional insight, you can easily design business strategies that help you compensate for anticipated customer behavior and positively impact revenue performance.
Two other examples from the Forrester report include notable examples of when external conditions influenced companies to make internal decisions to more efficiently allocate resources:
- Conoco-Philips used weather data to predict iceberg flows and extend its drilling season.
- Clorox used flu incidence data to increase sales of cleaning products.
Next Steps: Your All-Data Future
Remember, not only will you want to unify current transactional and customer data with data stuck in data silos and legacy systems with new external data like social media, but there are other, new data sources always on the very-near horizon, like shared industry knowledge about current and upcoming trends and incoming data from the growing Internet of Things.
By expanding the boundaries of what you can capably and strategically analyze, you will increase your insight. And in today’s competitive world, insight equals advantage.
“Before GoodData, it was more about ‘I think’ rather than ‘I know’. Now we are making true data-driven decisions.”
Director of Business Analytics, Redbubble
Be confident you have one trustworthy view into ALL your data. GoodData unites more data sources than any provider, so your teams can collaborate and move forward with confidence. Contact GoodData to learn more about the one solution that unifies all your data sources into one, accessible, scalable, and popular cloud-based BI platform.
Written by GoodData Author |