The Power of Business Intelligence with Visual Analytics: Insights from Rutgers Experts
Business Intelligence (BI) is the capture, integration, and analysis of business information to support better decision-making. Visual Analytics (VA) is the science of analytical reasoning supported by interactive visual interfaces. Combining BI with VA helps businesses extract key insights from data. Businesses no longer need to rely solely on static reports; instead, they can use interactive tools to gain more profound insights.
Why Is Business Intelligence with Visual Analytics Important?
The increase in the volume, velocity, and variety of data has made it difficult for businesses to extract meaningful insights from data. BI and VA bring the necessary tools and frameworks to help businesses understand and effectively leverage their data. A study by Gartner showed that only 15% of data is being analyzed by businesses even though access to data is widely available. By leveraging BI with VA, companies can uncover insights they never knew existed, enhance their decision-making capability, and identify opportunities to grow.
The Benefits of Business Intelligence with Visual Analytics
Business Intelligence with Visual Analytics leads to several benefits for businesses by:
- Improved decision-making: With timely and accurate data, businesses can make better decisions.
- Learning customer behavior: Businesses can use BI and VA to understand customer behavior, preferences, and sentiments.
- Finding new revenue streams: By analyzing data, businesses can identify new products, services, and revenue streams.
- Better resource allocation: With insights gained from BI and VA, businesses can allocate resources efficiently.
Successful uses of Business Intelligence and Visual Analytics:
One example of successful BI with VA is Amazon’s recommendation engine, which uses algorithms to recommend products that customers might like, based on their past purchase history. This personalized experience has led to Amazon’s enormous success.
Another example is Coca-Cola’s BI visual tool, which has transformed how the company analyzes data. The company’s system provides real-time data on sales, marketing campaigns, and other important metrics, allowing the company to make decisions quickly.
Conclusion:
Business Intelligence with Visual Analytics is critical for businesses today. BI with VA helps businesses make better decisions, understand customers better, and identify new revenue streams. There are many successful examples of BI with VA in big companies like Coca-Cola and Amazon. With the right tools, businesses can become more agile and better positioned for success.
