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Business Intelligence for Business (1/5): Why Being Data Driven Matters
Srivatsan Aravamudan Nemili / Oct 15, 2019
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| Business Intelligence for Business - Data-Driven Matters |
Welcome to yet another series in PsiberTech Blog. This is the first of 5 blog posts in which we would be discussing Business Intelligence aspects and how it can benefit businesses. So buckle up and get ready for the exiting roundup on Business Intelligence.
Business Intelligence for Business (1/5): Why Being Data Driven Matters
As we are traversing the disruptive data age, this much is clear: the availability of data is changing how business are run, only if the companies find a way to interpret and use it. Business Intelligence (BI) software enables executives and managers to harness data and steer the company with fact-based insights rather than opinions and ideas. Business Intelligence software such as Voyager or Microsoft Power BI would do that for your business.
BI software is nothing new. In fact, they have been around for the last 20 years. However, there has been a spike in interest recently due to the very fact that we are sailing in the data-driven century. In this article, we would explain about BI and why your company should invest in this technology.
Let’s say you want to know the effectiveness of your production or sales your X department has contributed during the last quarter.
A report from your existing software, or from your IT manager would give you an idea of what happened in the period. However, it will not provide you enough information about why something has happened or did not happen during that period.
The main difference lies in the characteristics of each.
Report
Records the past activity and data and answers “What happened”
Business Analysis
Business Analysis
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.
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
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
Mail: srivatsan@psibertech.com.sg
Call: +65 62689551
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