Self-service Business Intelligence Tools For Measuring Linux Container Metrics – Companies need to continuously improve their processes to increase their efficiency. Learn how companies can use BI tools to improve their performance.
As a business owner or manager, have you ever wondered why your business has so many first-time customers but profits remain flat? Why doesn’t an increase in customer base lead to more profit? Could your business be suffering from a leaky bucket concept? Maybe it’s time to identify and seal the leaks before the bucket is emptied.
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Business Intelligence (BI) enables a company to analyze and process its data to identify inefficiencies and guide future process improvement decisions. Its purpose is to understand past data to determine the status of the company and create effective strategies for the future. Unlike before, companies can now use BI tools to aggregate data from various sources, organize data, and create data-driven insights.
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Unfortunately, very few companies have integrated BI tools in their operations. A recent study shows that only 20.6% of companies have a data culture and use data-driven processes. This shows that many companies are not taking advantage of the benefits and business applications of BI tools.
Business Intelligence (BI) is a technology-based process for collecting and analyzing data for decision making. The BI team receives data, often in raw form. They then organize, analyze and interpret the data. The BI team must then provide C-suite executives with actionable insight into strategy and policy.
Simply put, BI involves exploring the meaning of data. Getting confusing data is almost the same as having no data. A good analogy to understand BI is to use the example of a clock. Let’s say you give an expensive analog watch to someone who can’t read it. A watch can be just a bracelet for such a person. Only when they can tell the time will they discover the true value of the watch.
An example of a company that used BI to drive growth is UK luxury beauty brand Baylis & Harding. The company’s growth curve was flat. This is even after spending significant amounts on brand promotion.
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Baylis & Harding adopted BI tools to transform the way data is visualized. Senior executives now have instant access to business data. This enables them to proactively adjust their business strategies to make the most of customer and market trends.
Project managers and small business owners can use BI to improve performance. One way to improve performance is to identify and eliminate inefficiencies. BI teams can use descriptive analytics to identify a company’s strengths and weaknesses.
Descriptive analysis relies on historical or real-time data to explain past or current performance. The BI team can then identify business process bottlenecks. They provide opportunities for improvement.
A successful descriptive analysis phase lays the foundation for prescriptive analytics. It seeks an answer to the question: what should we do? The BI team can run simulations and decision models to evaluate the possible outcomes of different scenarios and make recommendations.
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Small business owners can benefit the most from using business intelligence. Generally, no two companies use BI in the same way. BI processes must be adapted to business needs. In general, companies can benefit from using BI tools in the following ways.
Businesses use executive reports to provide important information to senior managers and relevant stakeholders. Performance reports should be accurate and timely because they directly affect decision making. Likewise, management reports should only contain information relevant to the recipients or intended purpose.
Businesses can use BI tools to determine the decisions that deliver the best results. They can do this using predictive or prescriptive analytics. The BI team can also run multiple optimization and simulation models for different scenarios. They can then determine which improvements lead to the best success.
BI provides a reproducible way to compare business performance against predefined metrics and KPIs. Businesses can also use BI tools to measure their performance in specific areas. For example, the BI team can analyze the number of customers visiting a website. Analysis can also include how long visitors spend on websites and which pages they click on.
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Project managers and small business owners can implement BI-enabled resource management. The aim is to improve the use of resources and reduce waste. BI tools allow managers to monitor resource availability and utilization. They can also compare resource volume and demand.
Most companies deal with several projects or tasks at the same time. Not all tasks have equal business priority or value. BI enables companies to determine which tasks to prioritize based on urgency, impact and market dynamics. Companies can then allocate the most resources to the most important projects.
Many companies struggle to implement an effective BI function. Such companies do not take advantage of the integration of BI tools to analyze business data. Below are some possible explanations for why your company hasn’t yet experienced the benefits of BI.
BI reports are often goal-oriented. They are designed to inform senior managers or stakeholders about a specific issue. This means that an executive BI report may be important to one executive but not to another. Therefore, the BI team can create a separate report for each group, which can be time-consuming.
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The main advantage of BI is that companies can aggregate data from different sources. However, this is both a blessing and a curse. On the one hand, data consolidation provides a more comprehensive picture of the problem. This allows managers to see the bigger picture when making decisions. However, combining data from different sources has its own dangers. First, data can be in different formats. This can slow down the BI process as the team organizes the data.
Data quality is king when discussing business intelligence. Poor quality data often leads to inaccurate analysis. The result is distorted results that can lead to misleading decisions. Common causes of BI data quality issues include:
Understanding the concept of business intelligence is essential to managing a successful BI project. Unfortunately, most companies have not empowered their employees to use BI tools. According to a recent survey, 29% of employees said the data literacy training they received was not relevant to their responsibilities. Companies need to provide adequate training for rapid BI adoption and implementation.
Integrating BI into business functions is expensive. This is a big challenge for small businesses and explains why only large businesses can benefit from BI. Although expensive, small businesses should use BI for long-term benefits.
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There are at least a dozen BI tools on the market today. But not all BI tools are right for your business. Project managers and small business owners need to compare different BI tools and choose the best option for their business functions. Here are some tips to keep in mind when comparing BI tools.
Most companies already have existing systems and processes in place to suit their operations. Adopting BI tools often requires changing systems and redesigning processes to accommodate BI tools. Companies should choose BI tools that cause the least disruption to their business.
The primary goal of self-service BI tools is to provide decision makers with real-time business and market information. This feature allows users to run BI analytics tools and generate executive reports even without a data analytics background.
Implementing a BI function in an enterprise is often capital intensive. In addition, companies must consider both one-time and recurring costs. Companies must decide whether to adopt traditional or self-service BI tools. One of the advantages of self-service BI tools is that you don’t need to build a BI team to perform the analysis. This often saves the company money in the long run.
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With at least a dozen BI tools, small business owners may be wondering which option to choose. Let’s take a look at the top 5 BI visualization tools, highlighting their unique features, pros and cons. Let’s get to it!
Power BI is Microsoft’s data analysis and visualization software. It provides a centralized hub for data collection, analysis and sharing. Microsoft’s big selling point with Power BI is its seamless integration with other Microsoft products, including Microsoft 365.
According to research commissioned by Microsoft through Forrester Consulting, companies should expect to exceed even less than six months. The results also show that most companies using Power BI have an average ROI of 381% in the first three years of using the tool.
Dundas BI is data visualization software that provides customizable and scalable analytics. Businesses can customize the Dundas BI dashboard to include only the features they use. The main selling point used by Dundas is its BI tool compatibility. Companies can integrate Dundas BI with platforms such as Microsoft Azure, Google Analytics and Salesforce.com. In addition, Dundas BI can be used on Windows, Mac OS and Linux devices. Other notable Dundas BI features include:
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QlikSense is an artificial intelligence-based BI tool that helps companies gain insight into their operations and market dynamics. The company understands that cognitive bias is a huge obstacle to effective analysis and decision-making.
QlikSense’s big selling point is conversational analysis. It allows businesses to extract data from conversations with their customers or chatbots. Businesses can then use the BI report to identify the strengths and weaknesses of their customer relationships
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