The technology industry is currently booming, and in this age of big data, business intelligence (BI) is becoming increasingly important for companies within this industry. BI allows businesses to make better decisions by analyzing large amounts of data and providing insights that can help improve operations, marketing efforts, product development, and more. A question that’s continually asked is, with the growing interest in big data, “how would the technology industry use business intelligence tools to work with big data?” Keep reading to learn more about how big data is impacting a couple of areas of the technology industry and how BI is working to understand it.
Big Data in Healthcare
The healthcare industry is beginning to take advantage of data and the wealth of information that big data contains to improve patient care. Hospitals are using big data to predict patient outcomes and identify trends in patient health. They’re taking advantage of the useful information that can be pulled from big data in recent years to improve their predictive analytics skills. This information can be used to develop better treatments and protocols for patients.
Big data is also being used to improve medical research because within the raw data there is actionable information. Researchers are using large databases of patient information to study diseases and develop new treatments. Big data has the potential to revolutionize the way healthcare is delivered especially now that business intelligence tools are making advancements to dissect big data for its valuable insights at a more efficient rate.
Big Data in Marketing
For marketing, when businesses seeking a competitive advantage look to big data, they’re pulling from customer reviews, social media, and different areas of the internet to make sure they’re reaching the right audience. They use the raw data sets that are so large or complex that traditional data processing applications are unable to handle them without business intelligence to capture, clean, and analyze the data to make better marketing campaigns and bring in customers.
Another way big data is being used in the technology industry is to improve product design to market. By studying how people use products and using business intelligence processes that are specific to marketing and customer growth, companies can get a better understanding of what features people want and need. This information can be used to create better products and improve customer satisfaction. This allows the technology industry to improve its marketing efforts by analyzing customer behavior, looking at what people are sharing on social media to gather insights on what people are engaging with most in recent years, and developing business strategies based on these valuable insights. They can then target their advertising more effectively and increase sales in turn.
Big Data’s Overall Impact
Overall, big data is having a major impact on the technology industry. It is helping businesses improve their products and marketing efforts, thereby increasing profits and competitiveness. As big data continues to evolve, so too will its impact on the technology industry.
Many businesses in the technology industry are already using BI to great effect. For example, Google uses BI to track search engine trends and optimize its search algorithms accordingly. Facebook uses BI to track user engagement and target ads more effectively. And Amazon uses BI to determine what products to sell and how best to market them. Business needs are being met by BI teams and their efforts to understand big data from all its different areas of information. Improving business performance with big data and a business intelligence system is absolutely on the rise.
The technology industry is poised for continued growth in the years ahead, and as it grows, so too will the importance of business intelligence. With BI, businesses in this industry can capitalize on new opportunities and forecast better business performance and advanced statistics.