We’re not in an information age anymore. We’re in the information management age.
– Chris Hardwick
The most cliché definition you might have heard about Business Intelligence is that “it refers to
the processes, technologies, and tools needed to turn data into information, information into knowledge and knowledge into plans that drive profitable business actions.” But in actuality,
it is much more pervasive in its scope.
Before understanding it further, we need to understand its context. Decisions based on factual or personified information are the most vital component of any business, no matter the size or scale. But these decisions aren’t taken randomly. A whole process of data extraction, its conversion to relevant information, comprehension of the past studies to draw conclusions takes place.
Finally, the end goal is to provide access to data that helps users to gain insights and make better fact-based decisions. This entire process is called business intelligence(BI).
The number of Business intelligence professionals being hired every year has increased significantly. Over the years their eminence has been personified by the numerous advantage they bring to the table. To list a few :
Understanding the customer is the most vital merit derived from BI. It not only helps you detect your target audience but also comprehend the underlying reasons behind customer behaviour or their response to your product. Like, what are the core reasons behind some users reordering the product or even deducing the possible enhancements to the product based on the analysis?
Becoming aware of the money laundering activities that might be existing internally or externally.
To be able to discern warranty related issues to reduce the effects of product design deficiency.
BI aids you to understand the dynamics of the market. The market never remains static. Analysis being the core component of BI enables you to gain Market Intelligence as well. To remain updated with the sensitivity of the market in today’s time is of utmost significance. Through BI you can have genuine estimations about latest trends, potential areas to hike your profit, re-strategizing the current plans to adapt to the market situation etc.
This point is of maximum significance for startups. Using certain high-grade BI tools a person with adequate business know-how, can convert their knowledge via the analytic intelligence and thereby resolve many business complications. To understand the positioning of the company in comparison to others.
Why Business Intelligence Professionals Should use DaaS?
The work of a Business Intelligence Professional can be defined as constantly dealing with a two-way process. Firstly they need to extract an enormous amount of data and then further process it. Secondly, they are required to make strategic plans or draw analysis based on the data collected in the first step.
The first step of data extraction can be really exhausting and almost never-ending if done manually. Though we have come a long way from keeping paper-based records to computer-based systems, even these are the advancement only in storing the data, what about extraction of the data. In the current era, it’s the internet that has become the most widely used platform for data extraction. But, the ever-broadening need of vast data extraction as a part of the everyday analysis and strategizing has led to an overflow in the amount of data extracted. This enormous amount of data isn’t manageable on a manual basis. To sum it up, the traditional methods of data extraction needs to change!
And yes! we have a solution. The solution lies in automating this process. Data as a Service (DaaS) has completely revolutionized the entire process of data extraction. DaaS enables people to get data in a ready to use format. This is the best option for those who want to focus on using the data rather than wasting their time on the data extraction. You can directly plug data streams into your analytics tools or your apps.
Though it’s obvious that DaaS is a smarter option to go for but we will still list out the reasons for you to ponder about it again-
Saves Time– Why to employ days or maybe months of doing something which can be done in just a few hours. Manually performing data extraction requires a lot of time, by going for Daas you bring in efficiency.
Focus on Data– When you let the automation extract the data for you, you get the merit of focusing on the extracted data and further utilize it for the desired purpose.
Cost Effective– It is by far the most cost-effective option to extract data. So you save your time and money at the same time
DIY tools Vs DaaS
In situations of automated data extraction services, BI professionals are often confronted with two choices. They can either go for DIY tools or go for hosted data web scraping service (DaaS).
There are various DIY tools available for web scraping like Octoparse, ParseHub, Feminer etc.
Most of them are browser-based tools or maybe a software that helps you fetch information in real time.
Although DIY tools might appear attractive due to their ease of use. But in actuality, they are no match for a hosted data service(DaaS). Here’s why-
It’s not free – Many times the DIY tool’s website advertises that the service they offer is absolutely free of cost. But as it is said “life doesn’t offer free lunches”, well it doesn’t offer free data services too. They might offer you free data extraction services that are very fundamental in their nature. But as you will go for some superior data services requirement, they will either charge you or the efficiency of the service suffers.
Inefficiency – This is an escalation of point number one. Let’s make you understand this point explicitly. When you opt for free DIY tools for data extraction, it means the web server of the company is being shared and used by many users. Hence, it results in slow processing. As a result of this division, the efficiency of data extraction suffers.
So, whatever you choose i.e. Data as a service or DIY tools you will end up paying anyway.
Then why not invest your money in a smarter way? When you go for (DAAS) efficiency comes
as a guaranteed aspect and obviously, you can use it for any specialized data service you desire.
Drawbacks of using DIY tools
Scale of Use – This drawback is one of the major demerits of DIY tools. DIY tools can never become an all-purpose data extraction tool. There are certain limitations to its scale of use i.e. if your scale of data extraction is pervasive or large, then DIY tools will fail to fulfil your requirements. Also, when you want to scrape data from an intricate or complex website, you can’t rely on DIY tools. In such situations, only a hosted service or (DAAS) can be used and relied upon. DIY tools can be used only for moderate data requirements or when the websites are simple.
Can’t be customized – Many times your data extraction requirement might require custom based setup. In such a scenario only a hosted data service can fulfil your need. DIY tools offer you almost no help in case of customized data extraction requirements.
Yes, it’s hard to do! – In theory, a guy with basic computer skills should be able to configure DIY tools. But in most cases, you’ll end up hiring a developer to modify the data and write scripts to get the data the way you need it. It can take anywhere from a few hours to a few days to get it done properly.
So, it can be explicitly concluded that Data as a Service is a much more superior form of data extraction process than DIY tools. It is efficient, customizable and an automatic all-purpose data extraction service.
At Datahut we offer high-quality data extraction services. Our goal is not to offer you a service but an experience of complete satisfaction. Let us know about your data needs!