1. My Question Again: “How Prepared Is Corporate Ghana today for the
Supposed BIG DATA Analytics Take-off?”
Author: Bernard Tetteh Narkotey
The discussion is open and still ongoing on the fact that for today’s businesses and
especially Start-Ups/SMEs to make their way into the “newly defined market space” and
thrive in the temperate tides ofthis modern day business dynamics, then there is the
conspicuous need for an early move to embrace the transition wave from the mere
use of “traditional” Business Intelligence (BIs) tools to the BIG DATA Analytics Era.
I am very sure that it cannot be disputed that from experience today, "Big Data
Analytics" is used to identify advanced analytics such as predictive/prescriptive
analytics, real time decision, modeling,
data mining, text mining and affinity
analysis, while Business Intelligence (BIs)
are usually used to refer to "traditional"
analytics such as reporting, OLAP
analysis, financial statementconsolidation,
historic views, performance management,
KPI planning and monitoring, etc.
(revisiting the thoughts of Calva).
The very interesting thing thoughabout both sides ofthe options is the fact that they
can be performed on any “data set sizes”. Hence, the most likely
understatements/discounts/concessions that CEOs/CFOs/FCs/Financial Analysts
could make in today’s modern business decision support undertakings is to remain
complacent on the use of existing BIs that serves the existing needs for financial
statements consolidations and reporting.
Note that smaller data sets can be easier to predict trends sometimes; but the good
sides of the BIG DATA form of analytics that pulls on all forms of available data,
internal and external, to make business meanings cannot be discounted.
“………Well, maybe in my next post we could consider the potential difficulties that Data
Scientists are likely to face overcomingthe much more powerfulforces that can fight against them using
“BIG DATA Analytic Tools”.
Again, how prepared is corporate Ghana today….....? To be continued in my nest
episode……..END