Saturday, June 15, 2013

Getting Business Intelligence in real time before its value gets expired

Business Intelligence too becomes irrelevant or its value diminishes with time (every seconds minute/ by next hour/ by next day) 

In this era of BIG Data which is growing at an exponential rate, getting timely data driven insights is getting highly difficult and costly.... BIG data is often defined using Volume, Variety & Velocity dimensions.

While industry has provided many solutions to address large data storage, fast data retrieval & processing issues in form of hardware appliance, efficient integrated enterprise data warehouse data models, in-memory processing engines, massive parallel processing algorithms, getting relevant insights in a time when it holds business value continue to be a challenge.

Many BI & Data Analytics solutions have delivered capabilities for custom data visualization, self service business intelligence and outcome based problem simulation modeling. Most of these solutions provides post mortem like analysis to tell why it happened and how it was correlated to many other events happened in past which you can use to prevent future problems or design new more effective products/ services

Large part of BI solutions provides reporting & data analysis capabilities. There is a need of solutions which can help business to know what risks & opportunities are presented by transactions happening at this hour. Business can then take actions to prevent or to accelerate certain transactions to safeguard their interests.

Business operating on digital infrastructure globally manage millions of transactions every hour from customers across the globe and a batch mode post mortem intelligence solution can't help for decisions/ actions which need to be taken now manually or system triggered.

CEP (Complex Events Processing) Technology (enabling real time operational intelligence) is providing solutions which can deliver Real Time Business Insights & help triggers actions which are needed NOW. CEP is often  referred as new best friend of BIG data solutions.

Business transactions are streaming data packets flowing all across the organization and among multiple organizations which need to be correlated to spot exceptional business situations (posing threats or offering opportunities) to trigger required actions in real time. Sequence of events may even provide predictive analytics what may likely happen in next few seconds/minutes thus allowing business to act proactively.

Not all decisions demands Real Time Business Insights but ones which needs should be evaluated for business values against solution costs. Industries such as Banking, Healthcare, Transportation have many opportunities to deploy Real Time Business Insights solutions.

Ability to identify business situations which require instant decisions can provide competitive advantage for any business to sustain and grow their business in real time.