Suppose you are running a “main-road” side shop and fortunately there is a high growth of customers in your shop, say at the minimum 50 customers per minute and everyone is willing to pay in cash. Your cash box contains different sections for keeping 100 rupees, 500 rupees, and 1000 rupees and etc separately. Answer the simple question as follows:
Will you make your customers wait so that you can arrange your cash box before they pay or will you collect all the money and arrange them at the end of the day?
A passionate business will obviously favor the second choice, isn’t it?
Nowadays the business scenario is actually identical to the above scheme.
Think Business Intelligence, the first thing that comes to our mind is graphs and charts that reveal valuable data about the customers, profits, and operations!
Nowadays, as the businesses are expanding, getting only the insights and acting upon them by just trusting these “raw” analytics may not be effective enough to stay in the competition.
What if we could simplify our data more?
As the business grows, the data inflow also expands. The storage cost, processing costs and development cost also horizontally scales up thereby increasing the need and use of non-relational databases.
But, not only collecting, storing and generating analytics from the data is important, nowadays the term “Good Data” is equally important for the businesses.
I would define “Good Data” as the information that would guarantee a business to take such decisions that would ultimately lead to profits and higher return on investments.
Though businesses may have different data warehouses storing “Big Data”, but instead of just generating insights from these “Big Data” if further simplification is applied to generate “Good Data” (defined above), the insights generated after these data shall be more reliable and highly valuable. This is already proven by certain organizations who worked on this concern and are successfully leading the competitive market.
Therefore, not just the Big Data, but the Good Data in the real sense, makes the business intelligence systems to be more brilliant and perceptive.
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