Defying Theory of Relativity: Why Business Intelligence should be faster than the speed of light, and how Data Analytics can help

Anyone that has been using the internet for more than a decade would know how painfully time-consuming dial-up connections were. The copper element used offered relatively low bandwidth, making it unviable to execute high-speed data transfers. It also experienced signal loss in long-distance transmissions and was more prone to abrasion. These copper wires were eventually replaced by optical fibre, paving the way for the high-speed broadband we today enjoy.

This can be extended to the current business ecosystem to illustrate the need for the greater agility of business intelligence.

Towards the light and beyond: Digital Transformation and its impact on Business Intelligence

Consumers have adopted a range of technological solutions to make their lives easier. This digital adoption has generated a treasure trove of data that can be actively leveraged by organisations to power their business intelligence operations and areas of the business such as marketing, customer service and engagement.

But business intelligence is only as good as data it is based on, and the value of the data is directly proportional to the speed and accuracy at which this data can be translated into actionable insights. In other words, when it comes to business intelligence, organisations need to be faster than the speed of light – and as accurate as lasers. The traditional, reactionary business intelligence approach is ill-equipped to do this, as it struggles with the challenges presented by the massive data influx that each organisation faces today.

Understanding the dynamics: The need for a shift from a ‘perception-based’ to a ‘data-driven’ approach

Navigating the various business challenges requires multiple dynamics to be thoroughly considered before arriving at a business decision. Here’s a real-life example to help understand this complex interplay better, it is often believed that lowering interest rates for home loans will increase the capital availability and, therefore, make residential properties more easily obtainable.

However, what is often neglected is the fact that, if the interest rates are lowered, more people are likely to avail credit. Higher credit availability increases the number of prospective customers in the market, without really adding to the inventory of available houses.

This will, contrary to prevalent beliefs, decrease the buyers’ bargaining power and make properties more scarce, increasing their actual cost without a relative increase in their value. The market development will also generate multiple ripples affecting individual stakeholders and the business ecosystem comprising direct and indirect suppliers, other market verticals, customers, and so on.

All this will have to be ‘analysed’ to better understand the true impact of such a move, its effectiveness, and its end result. Failing to make such analysis has time and again caused major economic events, including the Great Depression and the more recent 2008 Global Financial Crisis.

This is where cutting-edge data analytics solutions such as Qlik step into the picture. By making it possible to combine and analyse disparate datasets through a single, simplified dashboard, Qlik can empower organisations with all the insights that they need to make accurate decisions. It presents the data in the form of interactive visualisations, making it possible for business users to play around with the data and explore – in great detail – how various factors influence each other.

Qlik helps users in getting to the data that is most relevant to them, swiftly and with unmatched precision, and in finding the hidden value that would have otherwise been missed. Moreover, users, even those with little to no technical knowledge, can self-service their own data queries.

Such convenient and in-depth data discovery not only bolsters the decision-making process but also cuts down on the time taken to transition from analysis to action. It also increases productivity, decreases the scope of errors and omissions, and boosts employee satisfaction.

Today, data is not travelling at the regular dial-up speed; it is travelling at the speed of light. This presses today’s businesses, which rely heavily on data, to act faster than the rate at which data moves. Speed, accuracy, and in-depth personalisation – these are the true game-changers when it comes to business intelligence.

Leading players in the domain, such as Qlik, are providing this differentiation by delivering customised, cutting-edge data analytics solutions to organisations across the world. Those businesses which embrace data analytics as the future of business intelligence will thrive, while those that don’t run the risk of becoming obsolete and inefficient, sooner or later. And when things become inefficient and ineffective, they are destined to be replaced – just like the copper wires.

Authored By: Arun Balasubramanian, Managing Director, Qlik India