Explain the relationship between business intelligence and b

Explain the relationship between business intelligence and big data, including how they can be used when making decisions.

Solution

Business intelligence can be defined as a process of collecting, analyzing, implementing business related information for making crucial decision in day to day business management as well as taking the practices of immediate competitors in the industry. It may cater almost each type of information and reporting related to business operations.

Big data can be explained as a practice of recording huge data pertaining to every single move taken by a customer or an entity on any portal or platform used by a corporation. For example Amazon’s practice to store or record data for making better decisions in future worldwide. Big data is typically known for its complex variety, volume and velocity.

The relationship between big data and business intelligence is quite common as any organization cannot take any decision which will be based on guess and hunches only. The success of any business intelligence depends on big data as it provides a base for making strategic and more relevant decisions. For example: Amazon can classify the best products in many category via stored big data in the form of history of searches by the users, their purchase decisions, frequently purchased articles by the consumers. Companies can target their customers who have some association with purchase or any other way. Amazon can launch some discounts program for its loyal customers globally based on this big data. Even, competitor’s styles can be identified with the help of big data and intelligence. It can be used to know that whether current portfolio is good for us or not.