Artificial intelligence and machine learning occupy a wide area in each and every industry these days. In the process of digital transformation, the power of artificial intelligence and machine learning has brought a plethora of developments. Data intelligence is one of the developments every business adopts.
What is data intelligence?
Data intelligence covers a vast area of data processing, tools, and analyses that a company employs to have a better understanding of trends and insights. In other words, it is a one-stop-shop solution for a company to understand the market. Also, it provides new and future insights within the marketplace.
No modern organization can function without data in 2020. Can we agree on that? Good.
You see, when we talk about data, it doesn’t necessarily have to be external. It can very much be internal data being analyzed for the betterment of an organization. To be honest, data intelligence has a lot of applications in various fields. For instance, let’s take a look at the business development or sales field. That ecosystem literally thrives on data. Be it B2B or B2C, leads (data) is the key.
What’s interesting however is how can “intelligence” about data help the salespeople. We have discussed it in the latter part of this article!
The major components of data intelligence that are considered in healthy data analysis are:
- Descriptive Data – This data is exclusively for reviewing and examining to analyze business performance.
- Prescriptive Data – This data is for developing and analyzing the backup strategy.
- Diagnostic Data – This data is considered to know the possible causes of problems.
- Decisive Data – This data is for measuring the adequacy of data and recommend future action to adopt.
- Predictive Data – It is to analyze the historical data and it helps to make decisions.
Benefits of data intelligence
In the world of business, there are several benefits of data intelligence. Here are four primary benefits we have focused on:
- Adaptability
- Scalability
- Knowledge
- Vision
Adaptability
As the revolution of digitalization is constantly growing, the business should adapt to current changes. The smart feature of intelligence offers the ability to transfer raw data to future trends and insights. Consequently, you will be able to improve your business against frequent changes. Due to the power of data intelligence, your business will have the adaptability to all changes in order to have long term success.
Scalability
In addition to the previous point, data intelligence provides the ability to scale your business based on historical and current data. For example, mobile companies used it and found that selfies are going to take over the market. Instead of emphasizing other features of mobile, they focused on the front camera and quality of it. Hence, they managed to survive in the contemporary market but at the same time, other companies that didn’t emphasize the camera and its features failed to dwell in the market.
Knowledge
When you structure and align your data, dive into a big ocean of data, you will have a good insight into it. The data-centric intelligence provides you a level of knowledge that not only scales you internally but also makes you expert externally. Data intelligence provides the analytical skill to measure your business internally and study the market externally.
Vision
According to the blogging republic, business grows up to 25% higher with predictive analysis. This analysis provides a clear vision of the future market and demand. With a clear understanding of the prediction and its result, businesses can strategize their plan in well advance. The power of data intelligence offers the ability to discern the upcoming trends and challenges. There fore, businesses can prepare for it in advance to have a successful long term existence.
How is data intelligence different from business intelligence?
As explained above, data intelligence is the process of mining and analyzing huge data, the use of multiple tools and diving into a large dataset to discern the trends and insights. Whereas, business intelligence is the process of analyzing the data within the organization in order to develop the business. Through this, a business analyst can find out the lacking point and implement the new strategies to have the business grow.
There is a very thin line difference between these two terms. It helps to grow and develop business against the industry by determining future trends whereas business intelligence helps to grow business with help of tools such as Power BI by finding out the internal lacuna. BI always makes a business strong by providing the flaws and solutions for them but DI provides future trends and challenges to implement new ideas to stand out.
It is a one-stop-shop solution for a company to understand the market. In order to start with data intelligence, you have to pursue a machine learning certification and then go on deeper to learn about analytics, data science and other subjects.
What is the Difference Between Data Intelligence and Data Analytics?
Data analytics is more likely to focus on data science and building an algorithm to predict future happenings. It has the capability of predicting future trends whereas data intelligence helps to make a decision for the future based on past history.
Data analytics helps to optimize business performance to know the conclusion based on the data analysis. It focuses on more data collection, data organization, data cleansing, and data wrangling process to have an effective conclusion.
Types of data intelligence
There are different business metrics for different organizations. Based on the requirements, organizations collect the type of data for intelligence purposes. Those are:
- Big Data
- Data Mining
- Event Processing
Big Data
On a regular basis, a huge amount of data is collected for intelligence purposes by various organizations. The big data platform is used to store the data that will be used later for different analyses. This platform is used not only because of the massive data but to store it with the proper segment for later usage. Structural architecture is one of the major features organizations look for while collecting and storing data as unstructured data is not good for the decision-making process.
Data Mining
After collecting the data and storing it, the data mining process starts. The first step of the data mining process is data analysis. In the data analysis process, organizations categorize the data and put it in different groups for the purpose of building a new pattern. This is another data intelligence platform that benefits organizations by predicting consumer behavior in order to have the rapid growth of the business.
Event Processing
Once the data is collected, stored and mined, this is the time to move forward to the conclusion. Here event processing comes into the picture. This process tracks the important events that can be predicted through the collected and analyzed data.
Important events can be positive or negative. Positive events like any new business opportunity and negative events like any kind of threat in the realm of business, etc.
Data Intelligence Platform
There are different data intelligence platforms that help the business to grow with different aspects. In the realm of sales and marketing, intelligence helps in many ways to improve sales and revenue growth. Ampliz Salesbuddy is one of the most efficient B2B data intelligence platforms that offers businesses an opportunity to grow with enriched data.
Ampliz Salesbuddy is a chrome extension where you will get your preferred company’s data once you install it. It provides two types of data: one is company data such as employee size, the revenue of the company, their budget, etc. and the second one is individual contact information. The individual contact information includes email address, LinkedIn profile, phone number, etc. of senior-level managers and CEOs.
For example, you need to boost your sales that is not going great. You can choose the URL of your target company and login to Apmliz Salebuddy to obtain the data. Through the acquired data, you can directly contact your target audiences instead of manually searching the information. If you are a new user, you will get a few data for free.
This tool consists of data of 26 countries, 21,730,869 email addresses, 3,218,586 phone numbers and a plethora of LinkedIn addresses. The unique selling point of the tool is contextual intelligence. While setting a persona, you can customize your request and send it to receive customized data.
There are different data intelligence throughout the world but Ampliz Salesbuddy has the unique feature of offering data that is structured and filtered data which makes the decision-making process easy.
This is the overall summary of Ampliz Salesbuddy. In order to have detailed information regarding intelligence, please watch our demo.
Data is everywhere and no one needs only data these days. When data is combined with the intelligence to represent meaningful data in a different way to add value, it is called data intelligence. It helps every business as per their requirement as the business metrics differ from business to business.
