Big Data & Business Intelligence

Global leaders like Amazon, NVIDIA and Google rely on data-informed business intelligence to make informed decisions in all aspects of the organization. From hiring and team placement to L&D methodologies and benchmarking competitors technologies. Big Data holds the answers to all the burning questions leadership and their teams are currently facing.

We all know that the way we do business has fundamentally changed thanks to the visibility data can bring. Consequently, it is overwhelming for many organizations that are expected to quickly understand and fundamentally change what are often quite large and previously well-established approaches.

Horsefly Analytics: Empowering Businesses with Big Data

Horsefly Analytics delivers on this need by providing a powerful platform that transforms vast amounts of labor market data into actionable business intelligence.

Our platform offers an in-depth analysis of external data sources, enabling leadership teams to uncover relevant insights effortlessly. By leveraging predictive analytics and competitive intelligence, Horsefly helps organizations understand current trends but also anticipate future shifts in the market.

Horsefly Analytics bridges this gap by ensuring that data-driven decision-making is not just a goal but an achievable reality.

Big Data & The Future of Business Intelligence

A recent report aimed at uncovering how organizations manage and prepare data discovered that both US and UK-based professionals were universally most challenged in the following ways:

• Understanding what data was most relevant.

• Knowing how to manage and blend the mix of internal and external sources.

• Moving insight into business intelligence

Data tells us that while 91% of organizations say that data-driven decision-making is important to their growth, only 57% of them said that they based their decisions on data research results.

In recent years, 84% of organizations have launched advanced analytics and big data initiatives to bring greater accuracy and accelerate their decision-making knowing that data-informed initiatives have the greatest success rate (69%).

Given this fact over a third of today’s businesses (36%) say data-informed business intelligence is their top priority and therefore investment. You can find more about our intelligence platforms here, Talent Intelligence Platforms.

Challenges data solves:

• Leadership: Find the location for your next office, where the talent you need is based and where your competition is not!

• Finance & HR: Find cost-effective ways to hire new talent and build ongoing L&D strategies for upskilling practices.

• Growth: Discover approaches to reduce employee churn and build employee loyalty and productivity.

Success Stories – The Stats

• Business Practices Changed: Nearly 50% of respondents to a recent survey say analytics and Big Data have fundamentally changed business practices in their sales functions, with 8-10% experiencing a profit increase and a 10% reduction in overall cost.

• Research & Development: More than 30% say the same about R&D, with respondents in the tech, materials, and energy sectors reporting the greatest number of functions being transformed by analytics and Big Data.

• Cost Reduction & Innovation: Big Data is delivering the most value to enterprises by decreasing expenses (49%) and creating new avenues for innovation (44%).

Data-Driven Sources

While 91% of companies say that data-driven decision-making is essential, only 57% of companies are actually doing it.

Going forward leadership and their teams will need to move to new, dynamic, and holistic talent intelligence platforms that can use big data and AI to identify patterns in skills, job fit, career pathways, team structure, and so much more. It’s like the shift from print to digital advertising: instead of using guesswork and a one-size-fits-all approach, leadership and workforce planners now have access to internal data that can optimize how talent is assessed and deployed within their organizations.

With analytics derived from secure and relevant 'Big Data' sources, businesses can identify opportunities, mitigate risks, and innovate faster, ensuring they adapt effectively to dynamic market conditions and maintain a strategic edge.

Here’s a five-step process to expand business Intelligence:

1. Look at your objectives and prioritize

Start by asking yourself: What challenge am I solving and what data do I need to understand to solve it?

2. Find & present relevant data

It’s important to stress the word “relevant”. Be ruthless about what you draw data from and about then utilize your team of experts in each field.

3. Draw your conclusions

Assess the data and its insights. Correlate them into categories and ensure you are addressing enough sources.

4. Plan your strategy

You’ve got your insights in one place, now plan what you’re going to do with them.

5. Measure success and repeat

Prove the process is valuable and continue to build on those successes, taking care to address any failings along the way. There is nothing shameful about failing, as long as you ‘fail fast’ as Amazon would say.

Horsefly can empower your teams with Big Data and business intelligence development. Contact us for a FREE no-obligation customer report.

We can help you understand what data you need and how to become data enabled across your organization.

Sources: ScienceDirect, Business.com, McKinsey Analytics survey Dec 2023, Harvard Business Review, Forbes ‘Using Big Data & Data Analytics for Better Business Decisions’, Horsefly Analytics, ‘New Vantage’ Venture Partners Survey. PwC: AI statistics 2024.