Business Intelligence

Business intelligence: Make reporting, analysis or planning processes faster

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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.

Business Intelligence

Analytical Dashboard: Speeding up the decision making

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Decision makers have a crucial role to play in any form of business planning. Their judgments need to be based on proof and a solid foundation with relevant facts and figures. This is exactly why they need tools to transform data into information and information into a presentable business format that can provide them with the required information to back their decisions.

Dashboards are undoubtedly the most preferred Business Intelligence tools that are not only implemented because they are easy, but also because they provide accurately – at a glance analysis of the most complex data available.

Just getting a dashboard up and running doesn’t guarantee that it’s a success. Well, it’s essential to look deeper and see if the data and it’s visualization actually improves the decision-making process and how. It’s important to note that, successful dashboards are organized, useful and include targets that could enable businesses to have insights into trends and predictions.

Define the audience and type of dashboard

Dashboards need to be customized in order to make the decisions more effective. It’s important to know who will use the dashboard and collect the data. Dashboards can be strategic, analytical or operational. Any dashboard cannot be all three at the same time. So, organizations need to have a clear understanding of what data they need for decision making.

Dashboards help people engage with the data they have collected

A dashboard is a window into the data and can help you understand whether the information you have is good or bad or enough to base your business decisions on. These dashboards should be aligned with the indicators that link to the strategic goals and directions and stay focused. Dashboards should make complex data available to users in an accessible way to determine what is useful, productive and credible and leave out what is exciting but extraneous. IT should also give a deeper look into the outcomes and impact.

Analytical dashboards are not only a visual representations of data, in fact, but they are also the perfect tool – or a business solution to gain insights into the more crucial data that is required to make strategic business decisions. They provide a level of evidence that is required to make good decisions and have perfect data served up into a perfect visualization to make these decisions easy.

Big Data

Personal Data – Tracked and Mined By Mobile Apps

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While malware still remains to be a major concern for mobile devices a new study suggests that there are more severe threats lurking within your mobile apps. Data mining via intrusive mobile apps has become a topic of debate. There are a number of mobile apps that exhibit risky behavior when it comes to sharing personal information – that includes accessing user’s contacts, calendars, locations and more. The unwarranted data mining from apps is more of a threat to users than any malware. So, why should we care if any of the (seemingly innocent) app can access your contact list or look at your purchase history?

You should care because this unprotected flow of user data over unprotected networks could mean that more than just marketing companies are sniffing around for your personal info.

Have you ever wondered why a flashlight app might need your location, calendar or address book? In general, apps are collecting more information than required. This information may not always be created securely and may become the target for criminals and illegal activities.

Major risks that enterprises need to be aware of:

  • With the emerging trend of BYOD (Bring Your Own Devices), the problem of data mining is becoming even more important.
  • Enterprises need to be more careful when it comes to mobile device management.
  • Adequate security features can ensure that sensitive information does not get into wrong hands.
  • Strong passwords, network encryption and limiting the types of apps that can be downloaded on devices are some key measures to be implemented.

Above all, it is important to remember that data always flows two ways and it is important to keep your professional data separate from your private data. Never leave your devices open and be careful what you download on your mobile devices!

Business Intelligence

How Data Analytics is Disrupting the Business model?

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Along with the other technology forces such as social media, mobile, cloud, and unified communications – big data brings with it new opportunities for learning about customers and their requirements. The rise of big data is an exciting opportunity for businesses and brings the potential for disruption and realignment. Organizations that embrace big data have strategic opportunities for differentiation and those who don’t are truly missing out. A number of new business models are emerging – using three main approaches. The first one uses data to create differentiated offerings, the second one involves brokering this information and the third one is all about building networks to deliver data where it is needed – at the right time.

Big data brings new opportunities to improve customer satisfaction by providing contextual relevance. Brokering augments the value of the information available. It helps convert raw data into intelligent information that can deliver analytics and insights with structured data sources. Delivery networks enable the monetization of data. To be truly valuable, all this information has to be delivered into the hands of those who can use it, when they can use it. Content delivery networks offer the most intriguing opportunities, where information is aggregated, exchanged, and reconstituted into newer and cleaner insight streams.

By coupling new big data technologies and advanced data analytics to uncover new operational and market insights, new untapped customer segments, and new products they are disrupting and changing existing business models. Over 90% of companies consider big data and analytics a strategic priority.

Strategic Analytics includes a detailed, data-driven analysis of the entire system to analyze what’s driving certain behavior. You can analyze competitive advantage, enterprise analytics and gaining actionable insights to understand how to deal with certain recurring challenges and help focus on the answers to critical questions that have been persistently lowering the potential of any organization.

Platform Analytics is used to understand how analytics can be fused with decision making to improve core operations for businesses. The power of data can be harnessed to identify new opportunities. Platform analytics is more than just a stack of technologies. It should be incorporated into all the key decisions across the various functions of the organization such as sales, marketing, supply chain, customer experience, and other core functions.

Enterprise Information Management: Almost 80% of the vital business information is stored in unmanaged repositories, making it efficient and effective use – impossible. With Strategic Analytics and Platform Analytics, Enterprise Information Management will help organizations optimize their methods and significantly improve the way information is managed and leveraged.

Big Data Analytics helps build efficient and agile data management operations with capabilities that can capture information and help streamline your business practices and enhance collaboration efforts. It can also boost employee productivity.

Business Model Transformation:

Companies that embrace big data analytics and transform their business models in parallel with it will find new opportunities for revenue streams, customers, products and services.

Making Data-Centric Business: It’s important for businesses to treat data as an asset and leverage it as a source to analyze their core-competitiveness and progress. They focus on insights that could help mining, cleansing, clustering and segmenting the data to understand customers, networks, and influences as well as product insights. They use these analytics to optimize business functions, processes, and models. This helps to explore new and disruptive business models that foster evolution.

Data analytics is helping forward-looking companies to gain a competitive advantage and disrupt business models. For businesses, it’s going to be a bigger disruption that will create new opportunities. What’s crucial is, though, to have an idea of how to implement it. It’s important to understand which business model suits your organization best and you can make smart decisions on how to build, partner, or acquire your way into the next wave of big data analytics!