Big
Data: A Boon to Business Intelligence
The purpose of the article is to show that collected data
along with sophisticated software can be used to answer questions that have yet
to be asked. Dashboards, Cubes and other data analysis tools can be used to
trend and present data in ways that we have yet to consider. The current
paradigm of financial and data reporting is backward-looking. That is, current
models report on what has happened in the past. The idea is to get a current, “24-7”
model that makes data and financial reporting current. This is important
because if managers dwell on the past, they may miss what is happening now. “The
purpose of computing is insight, not numbers.”
The findings of the article suggest that through BI
(Business Intelligence), business decision-making runs through a top-down model
(1 to 4) while reporting processes rely on a bottom-up approach (4 to 1).
- 1. Scorecards & Dashboards
- 2. Reporting & Analytics
- 3. Storage & Integration
- 4. Data Sources
The assumption is that the authors came to this
conclusion through their experiences as managing principals at KPMG.
The implication for practicing managers is to embrace EIM
(Enterprise Information Management) not only for what their needs are today,
but what it can be for tomorrow. “The paradigm shift to data as a platform and
analytics as a utility holds the potential of enhancing the IQ of an organization,
enabling greater agility and enhanced
performance.”
Ohata, Michael & Kumar, Arun. Big Data: A Boon to
Business Intelligence. Financial Executives. September 2012
Today, many companies are implimenting BI, because of the speed at which executives and mangers can access the updated data. The firm, I work for is implementing Oracle Business Intelligence.It really show the speed of the data processing. Before OBI, managers get a daily update of the firm activities. With OBI, they are now able to get an update every 4 hours. It really helps for business decision making, that's why we see a boom.
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