Analyses the data to evaluate or anticipates business performances under a given set of circumstances. The BI answers the question “Why did it happen”
BI could consist of:
1. Spreadsheet Analysis – Enables basic analysis of data
2. Ad-Hoc query – Enables users to extract data themselves using customized queries.
3. Visualization Tool – Provides an understanding of data by creating a visual representation of it
BI could do either or both for your business:
1.Monitoring: What’s happening now – Analysis using
a. Dashboards – A centralized display of useful and actionable data/ metrics for the organization. The dashboards can be customized for specific users, manager or for business owners.
b. KPIs- Key performance indicators (KPIs) are the measure of performance, such a click-through rate, return on investment, etc.
c. Performance Management – Systems that are designed to ensure that all performance goals are being efficiently met.
2. Prediction: What might happen – Analysis
a. Predictive Modelling -Any model that attempts to predict the probability of an outcome
b. Data Mining – A way of extracting patterns and correlations from large amounts of data
More and more business users are demanding analytics and BI insights than mere reports. We know that analytics is no longer a function of a few specialists; rather sales, finance, logistics, marketing and other areas of the business are leveraging information to make better data-driven decisions.
Business leaders and professionals across the board now recognize they need software solutions that are easy to use, can arrange, access and analyze data, and are tailored to the business’ metrics, questions, KPIs and demands.
People want immediate answers because data analytics is now pinpointed. And as BI software becomes more industry-specific, organizations are gravitating toward them.
If you are not sure how to harness the power of Business Intelligence in your company or even where to begin, the team at PsiberTech can help
Srivatsan Aravamudan - Sri
Senior Solution Consultant
Call: +65 62689551