Business Intelligence

BI in the Age of Complex Data

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The world of business analytics offers many exciting possibilities which include data driven management, revealing hidden insights, and storytelling. Is your business Intelligence actually ready for complex data?

What makes data complex and why it matters?

There isn’t any way to determine whether you are dealing with complex data, but here are a few ways in which you can tell:

Big Data: Terabytes of data is still one of the biggest challenges and one of the biggest opportunities of today’s business world. The opportunities lie in the possibility of finding new patterns and correlations within seemingly unrelated data sets. The challenge is usually the difficulty in bringing it all together and the requirement extensive hardware.

Working with disparate data sources: So, even if you are not working with massive amounts of data, your business intelligence relies on several distinct data sources – analyzing this data will lead to some difficulties as the data is stored in various places with different formats and file types. Along with this, some data will be structured and some unstructured.

Well, in the world of BI, even if you aren’t dealing with complex data now, you can expect to be dealing with it soon. This is mainly because the ability to gather and store such data is constantly evolving. More and more industries move to digital and online business models, they also become more measurable and data-driven.

BI technology has taken great leaps forward in the past few decades and will definitely see businesses making use of it and will be able to handle increasingly difficult scenarios.

It’s important to note that the future of data analytics presents bright possibilities and a bundle of challenges. BI platforms will definitely be able to face complex data – head on!

Business Intelligence

How Startups can leverage BI to make better Business decisions

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Investing in BI is not a question of ‘when’ anymore – it’s about which one? Especially for startups, the faster you implement, the smoother the ride will be. With Business Intelligence tools, startups can use analytics for customer segmentation, knowledge management, workplace collaboration and optimize business processes with tactical decision making right from the beginning.

How Startups can leverage BI to make better Business decisions

  • It enables you to get accurate, instant and real-time reports that give actionable insights to help understand where you stand and make a decision of how to proceed.
  • It helps monitor all your essential KPIs with the help of intuitive dashboards
  • It makes data-driven insights available – on-demand.
  • It enables you to perform analysis within a few clicks.
  • There is no need for complex infrastructure to implement these solutions
  • With access to real-time, current and historical data, strategy decisions are easier to make.
  • Help understand customers and predict their needs to help the market better.
  • It helps optimize service levels and minimize costs, in turn, maximizing productivity.

Virtually, every startup can benefit from having relevant and insightful information at their fingertips. It’s essential to however select BI tools that are easy to use and is mostly automated.

It should be able to leverage all of your business data by connecting to all the data sources and give you in-depth, comprehensive and powerful data analytics for more profitable decision making. It is also essential to choose a tool that can scale as your business grows. It should also have the ability to allow all the stakeholders to see and share real-time data concurrently. To keep the costs down, you can even look for off the shelf BI tools that can be customized as per your business needs. Finally, check for security features. The platform should adhere to the highest industry standards of compliance.

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.