How to set priorities and take cost-effective decisions in the Digital realm?
Companies often underestimate the importance of Data and Analytics for decision making. Sometimes they lack the leadership vision, sometimes the internal capabilities or coherent systems. Machine learning, deep learning, Big Data, Artificial Intelligence seem to be everywhere, their application to business problem solving is growing in leaps and bounds. Data, and information management, play an increasingly crucial role in any strategic decision and competition is Darwinistically raising the bar. Companies need to be prepared for the upcoming revolutions by making better use of their valuable information and applying adequate Business Intelligence techniques. Owning data is like sitting on a gold mine. In many situations, companies sit on a huge amount of data but too often they are not capitalizing on it.
This chapter purveys concrete ideas to make the most out of data. It delivers a simplified, non-technical, overview about how data is stored, retrieved and how it should be used.
By reading this chapter you will understand the basic concepts related to data warehouses, cubes, and lakes, Big Data and be able to choose the right Business Intelligence option for your business.