Big Data presents a lot of opportunity for the organizations that have it and can make use of it, but big data also presents a number of challenges as well. In a recent article for FICO Labs, Benjamin Baer, explores some of the challenges and how we can over come them:
Analytics is becoming a competitive necessity to businesses. Knowing what decisions to make, when to make them, and how to optimize them for maximum impact is the difference between an industry leader or an also ran. Whether the decision is about pricing, packaging (it’s only within the last ten or so years that technology companies have considered the color of the new PC or consumer device), new market penetration, or new products, it’s about making business decisions consistent with well-articulated and understood strategies backed up by data.
Today, many businesses are turning to tried-and-true Business Intelligence (BI) software to solve their analytics challenges. BI is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. As a discipline, BI is made up of several related activities, including data mining, online analytical processing, querying and reporting.
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