Countless articles have been written about the growth of data analytics and business intelligence and their impact on countless companies, from small businesses to large enterprises. But, just like in any other area of a business, the only thing that really convinces anyone is hard, measurable facts. A picture is worth a thousand words as they say, and in business, the same could be said about visual data. So here are a few "pictures" of what BI can do.
1. BI can put palm-readers out of business.
A group of researchers from the University of Rochester and Microsoft found that, using data from 32,000 days of GPS readings taken from 703 people driving 396 vehicles, they could predict where someone would be with 80% accuracy, wait for it... 80 weeks into the future.
Below is a screenshot of a visualization from their research. The colored triangles represent the likelihood of the subject being in that location at a given time.
While this seems a little bit like showing off, forecasts like this could have valuable business applications. Knowing a customer's location in the future could allow travel companies to offer custom-tailored deals or promotions for that destination, putting them miles ahead of the competition. The same would be true of knowing clients' buying habits during a given time of year. Read more…