What can we do with all this data?

Data-based service economy: decision making through intuition, experience and data

According to an IDC study, the volume of data generated worldwide every year is set to increase from 33 zettabytes to 175 zettabytes by 2025 (source: SeagateTarget not accessible). IP traffic is also growing at a similar rate. A Cisco study states that annual, worldwide IP traffic will increase by 2022 to 4.8 zettabytes (source: CiscoTarget not accessible). The question is: how will this data be used? Both big-data analyses and traditional data analyses will have a significant role to play. From a commercial perspective, a number of possibilities for using this data are opened up by modern business intelligence, which will enable responses to operative and strategic questions. It’s fundamentally possible to respond to these questions on the basis of intuition and experience. People and processes remain highly significant and there are specific tools and concepts that can be used. Ultimately, the data and analyses are key. Ideally, all four of these aspects can be responded to jointly, especially when it comes to strategic questions. Underpinning this intuition and experience with concrete, specific data adds value in this area. Business intelligence supports decision makers in responding to questions and asking new ones on the basis of analyses. What’s important is that results are always critically reviewed. After all, thinking is one of our main tasks as humans.

Business intelligence is nothing new. It has gained significance in everyday corporate affairs thanks to the enormous amount of data generated, acquired and linked to, as well as various data analyses over past years. There are also simpler methods, instruments and software for data analysis and visualization that play a part, such as PowerBI and Tableau. Both from an operative and strategic perspective. They support decision-making processes, especially through reports and interactive dashboards. At its core, it is about efficacy (doing the right things), such as developing new business models or adapting existing ones. But it’s also about supporting decisions for initiatives aimed at increasing efficiency (doing things right) as well as shaping and optimizing an organization, e.g. marketing and HR. Business intelligence is no longer just a tool for “IT specialists”; it’s increasingly significant to regular specialists from all areas in an organization.

Are you already looking into this topic? Give it a go. PowerBI and Tableau, for example, can provide simpler access to data analysis and visualization, including for your company.

Prof. Dr. Kim Tokarski speaks on this topic at Connecta Bern.