Business Intelligence: The strategy behind strategy
Human Genome Project:
Have you heard about Human Genome project of James Watson? James Watson and his British colleague Francis Crick discovered the double helix structure of DNA. Mr. James Watson not only made one of the most fundamental discovery in the history of genetics but also heavily involved in one of the largest biology project ever attempted, ”The Human Genome Project.” This project of Human Genome was highest funded project by US National Institute of Health. In 2000 that project cost was 2000 million Dollars. He took 10 yrs. to perform research in Human genome.
The first whole human genome sequencing cost roughly $2.7 billion in 2003. In 2006, the cost decreased to $300,000. In 2016, the cost decreased to $1,000. Now a days Dante Labs Whole Genome costs only $699.Within just 10 to 15 yrs. cost of business dropped down from $2.7 billion to $699.Retailing of genome changed the business cost within a very short span of time. What are the reasons behind? The same has happened with telecomm industry. Retailing in the industry hampered the returns on investments, the one who resumed in the business are the one who used the most advanced technology of fibre optics in telecomm.
Businesses Strategies and its technology dependence:
When things becomes accessible, when things become handy everybody starts doing it, using it and making it. Businesses are driven with strategies. As per Bruce Henderson (Founder of BCG) business strategy should give increasing returns whereas according to Michel Porter business strategy should be transaction cost dependent. Both the definitions of business strategies are failing due to technology dependence of businesses.
From 1986 to 2000 two waves in Web generated multi-folded data .In the third wave of Web, zeta bytes of data is giving rise to Big Data technologies and these big data technologies should be a part of designing a business strategies so as to make a balance between investment, profit and loss and to survive in this horizontal retail model of business.
Implementation of BI: Strategy behind Strategy
Is there any solution to above observed change? How organisations should modify their business model to not only sustain but achieve targeted goal of success? Is there any,” Strategy behind Strategy.” To improve returns on investments by optimising transaction cost? Implementation of Business Intelligence to provide valuable insights for continuous improvisation in the Business Model will be most efficient solution for the same.
Implementation of Business Intelligence provides relevant and reliable information to the right people at the right time in order to take better decision faster. For this purpose Business Intelligence requires methods and programs to collect and structure data to improve business decisions.BI collects all structural and unstructured data collected by businesses and present it to the meaningful concepts. BI analyst is one of the several ways out of data science professions.
Imagine your visit to grocery store. You need to buy Milk, Sari and Book. Do you need any employee from the store to guide you about the purchase? Grocery store is organised so well, that anybody can search required grocery items by their own. Business Intelligence s/w suit works in the same way. Companies may have data generation and storage source from any departments, like HR, Finance, sales, marketing and operations. These data may be in structures or unstructured format but suit organises this data in an accessible manner and which can be further used to derive valuable insights. Business Intelligence analysts is one of the most in demand data science professional .Securing a carrier as Business Intelligence analysts is one of the best choice cause of salary packages offered and availability of presence of huge number of opportunities. Many online institutes are assuring development of skills and academic background required to be a BI analyst, but online mode is restricting the essentials to be practiced resulting into deficiency of Skills.
Skillville View Point:
Emergence of Big Data Technology in a Business is forcing to change Business Strategies. The way of deriving Business Strategies is also becoming data driven. Business Intelligence S/W suits are helping businesses to provide valuable insights for continuous up gradation of organisation. Organisations are investing in BI and modifying their business strategies with data driven technologies. Business Analyst is one of the highly paid carriers in the domain of data science. Organisations are in need of people who can use business Intelligence S/W suit and provide guidelines to organisations to proceed further on the path of success. Are you ready to help organisations in strategy designing? Are you skilled enough to get hired by organisations as Business Intelligence Analyst?
If yes or if not…Stay tuned and don’t forget to visit www.skillville.in