Imagine that you are going from a well-known location- Point A, to an unknown location- Point B. Along your journey, you are referring to a GPS based navigation system and deciding how to proceed in a particular direction. In this scenario, there are can be two possibilities:
- You might know how to reach Point C optimally (event though the GPS may be suggesting a longer route via Point-X) and then rely on the GPS system to reach the destination, i.e. Point-B.
- You might blindly follow the GPS based navigation system to take you to the destination (Point-B) through Point-X that it thinks at that time might be the best possible route for you.
While you are on your way, you might change your course in-between due to traffic jams, or road blocks. In that case, the online navigation system will re-calculate the route to pick up where you are and start guiding you.
In fact, navigation systems have become intelligent enough to find out whether there is a traffic jam at certain places and provide alternate efficient routes, all in real time. In addition to that, they are non-intrusive and they provide the driver with complete freedom to follow the navigation system or change the course- “Navigation system adapts to the change”.
The navigation system provide you insights on the traffic data/route and you as a decision maker take the input and act on that.
So, how is this relevant in the context of Business? Consider, a typical organization where, the CXOs know the current state of the business (Point-A) and are eager to accomplish business goals (Point-B) faster. They have enough data collected inherently (knowledge) and are progressing towards the goal (Point B). In the context of business, Point-B might be any of these depending on the CXO level within the company-
- Increasing the revenue by x%
- Increase product features as per the market demand
- Save cost by y%
- Increase customer base by z%
- Save inventory cost etc.
What is missing is a data driven analysis platform (GPS Navigation System) that can guide them to reach the desired destination faster and with the existing resources.
Why they need a platform rather than an application is that, one application may not be the silver bullet for all the requirements. An organization needs more than one application, custom built, for the business using the available data and resources to solve a particular business problem. The data driven analysis platform should inherently support that. The platform should be agile so that it can support multiple applications and adapt to the business requirement by doing all the heavy lifting of the repetitive and common tasks related to data analysis. In other words, it should quickly re-calculate the optimal path to the destination as and when there is a deviation from the earlier suggested path.
Can the current traditional Business Intelligence systems do that? It is challenging because the traditional BI systems are designed to work on structured data and are monolithic by nature. Moreover, the rate at which the data is being generated these days is much higher and mostly unstructured. The platform that can capture, store and analyze such data should
- Treat the unstructured data in the same rigour as the structured data
- Provide quick insights in as and when they are required (on-demand/real-time)
- Understand context, i.e. put forth the possible strategies to reach the wanted destination and based on the choice taken by the decision maker assist them optimally
FORMCEPT Big Data platform is designed just for that. It enables enterprises
- To gain business insights faster by leveraging the available data
- To respond faster to the ever changing Business Intelligence requirements
- To make “Dark Data” extinct by leveraging the historical data of the organization
FORMCEPT uses proprietary Data FoldingSM techniques to discover the relations and patterns that exists across the datasets and generates fact based unified views. What it means to business is that different business units can create their own virtual data in the form of unified data view and can write their own cognitive based data driven applications for the business problem.
For example, an e-commerce company’s marketing department can build their own Influencer Application which understands the customers holistically based on not only transactional data but also public data, like- social media, blogs, etc.. Based on this application, they can target a product promotion campaign effectively, thereby, increasing the revenue and customer base.
To learn more about FORMCEPT and how it can solve your business problem, please firstname.lastname@example.org