Business Intelligence

Business intelligence: Make reporting, analysis or planning processes faster

Any data is of no use to anyone, if it cannot be analyzed and used for decision making. Business Intelligence (BI) is essentially technologies that help convert raw data into useful information. BI technologies can handle large amounts of structured as well as unstructured data and help identify, develop and create new business opportunities. BI involves recognizing patterns in the data and using those patterns to make proactive, data-focused decisions.

Business intelligence Make reporting, analysis or planning processes faster

Here’s how BI techniques can make reporting, analysis, and processes faster:

Data Visualization: This includes gathering visualization methods of looking at data such as charts, graphics or dashboards. It makes it easier for people to understand and interpret.

Data mining: This is a way in which known or unknown relations among the data entities are revealed.

Reporting: BI tools help businesses in designing, scheduling generating reports and these reports can efficiently gather the present information to support the management, planning and decision-making process. Once the report is designed, it can be automatically run at set intervals and can be sent to a predefined distribution list. In this way, key people can see regularly updated numbers.

Historic data can also be used to extrapolate and try to predict future trends, outcomes and results.

Statistical Analysis is used for analyzing the results from data mining. Some of the very first considerations for BI is to automate the process of data ingestion. This data should be reliable so that your reporting is always up to date. Data mapping is used when multiple applications store data for the same entity and applications. It greatly helps when the applications are unfamiliar and poorly documented. Data cleansing is also required as the data quality is inconsistent and this could lead to improper data handling leading to complex issues and software bugs.

BI in data analysis, processing, and reporting is essential as without that, decisions would be made based on presumptions or with raw data, decision making and predictive analysis could be erroneous.

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