Self-service Business Intelligence Tools For Big Data Techniques – It is increasingly important for businesses to have a clear view of all their data to compete, and that is where business intelligence (BI) tools come in. After all, almost 50% of all businesses already use BI tools, and forecasts show continued growth in this area. next year.
But for those who have not yet used the tool, or are just looking to learn more, it can be difficult to understand exactly what BI is. We created this comprehensive guide to educate people about what BI is, how it works, and more.
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Business Intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more informed decisions. In practice, you know you have modern business intelligence when you have a complete view of your organization’s data and use that data to drive change, eliminate inefficiencies, and quickly adapt to changes in the market or offering. Modern BI solutions prioritize flexible self-service analytics, managed data on a trusted platform, powerful business users, and rapid access to data.
Business Intelligence Tools
It is important to note that this is a very modern definition of BI, and BI has had a history of being a buzzword. Traditional Business Intelligence, capitalization and all, originally emerged in the 1960s as a system for sharing information between organizations. The term Business Intelligence was coined in 1989, along with computer models of decision making. These programs have evolved further, transforming data into data before becoming a specific offer for BI teams with IT-based service solutions. This article will serve as an introduction to BI and is the tip of the iceberg.
Businesses and organizations have questions and goals. To answer these questions and monitor performance against these goals, they gather the necessary information, analyze and determine what needs to be done to achieve their goals.
In technical terms, raw data is collected from business systems. Data is processed and then stored in warehouses, in the cloud, in applications and files. Once stored, users can access the data and begin the analysis process to answer business questions.
The BI platform also offers data visualization tools, which convert data into tables or graphs, as well as present them to all key stakeholders or decision makers.
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More than a “specific thing”, business intelligence is a term that covers the process and methods of collecting, storing, and analyzing data from business operations or activities to improve performance. All these elements come together to create a holistic view of the business to help people make better operational decisions. In recent years, business intelligence has evolved to include processes and activities to improve performance. These processes include:
Business Intelligence includes data analysis and business analysis, but only use them as part of an overall process. BI helps users to draw conclusions from data analysis. Data scientists dig deep into specific data, using advanced statistics and predictive analytics to discover patterns and predict future patterns.
Data analysis asks the question: “Why did it happen and what can happen next?” » Business Intelligence takes these models and algorithms and breaks down the results into actionable language. According to the Gartner IT Glossary, “Business analytics includes data mining, predictive analytics, applied analytics, and statistics.” In short, organizations implement business analytics as part of their broader business strategy.
BI is designed to answer specific questions and provide concise analysis for decision making or planning. However, businesses can use process analytics to improve follow-up questions and continuous iterations. Business analysis should not be a linear process, as answering one question may lead to follow-up and repeated questions. Instead, think of the process as a cycle of information access, discovery, exploration, and information sharing. This is called the analytics cycle, a modern term for how businesses use analytics to respond to evolving questions and expectations.
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Historically, business tools were based on traditional business models. This is a top-down approach in which the business is driven by the IT organization and most, if not all, analytical questions are answered through static reports. This means that if someone has a follow-up question about the report they received, their request will go to the bottom of the reporting queue and they will have to start the process all over again. This makes the reporting cycle slow and frustrating, and users can’t use current data to make decisions.
Traditional business intelligence is still a common way of generating routine reports and answering static questions. However, modern business intelligence is interactive and accessible. Although IT still plays a key role in managing access to data, multiple levels of users can customize dashboards and generate reports without notice. With the right software, users are empowered to visualize data and answer their own questions.
So now you know what BI is and how it works. But how does BI actually help the business?
BI is more than just software: it’s a way to maintain a global, real-time view of all your relevant business data. Implementing BI offers numerous benefits, from better analytics to increased competitive advantage. Some of the key benefits of Business Intelligence include:
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Many different industries have already adopted enterprise BI, including healthcare, information technology, and education. All organizations can use data to transform their operations. With so much information in this article and available online, it can be difficult to understand the exact capabilities of BI. Real-life examples can be useful, which is why we develop case studies based on our clients’ success stories.
For example, financial services company Charles Schwab used business intelligence to gain a comprehensive view of all US branches to understand performance indicators and identify areas of opportunity. Access to a centralized business intelligence platform allows Schwab to consolidate its branch data into a single view. Now branch managers can identify customers whose investment needs may change. And administrators can determine if a region’s performance is above or below average and click to see which branches are driving that region’s performance. This leads to additional optimization opportunities as well as better customer service for customers.
Another example is meal kit service HelloFresh, which automates the reporting process because its digital marketing team spends too much time each month. With the help of , HelloFresh allowed the team to save 10-20 hours of work per day and create marketing campaigns with more groups and targets.
A BI strategy is your blueprint for success. You will have to decide how the data is used, bring important roles and define responsibilities in the initial phase. This may seem simple at a high level; However, starting with a business objective is the key to success.
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There are three main types of BI analytics, which cover many different needs and uses. These are predictive analysis, descriptive analysis and prescriptive analysis.
Predictive analytics uses historical and real-time data and models future outcomes for planning purposes. Descriptive analysis is the process of identifying trends and relationships in data using historical and current data. And prescriptive analytics uses all relevant data to answer the question: “What should my business do?” »
We have covered many benefits of BI. But like any important business decision, implementing BI comes with some challenges and drawbacks, especially during the implementation phase.
Many self-service business tools and platforms streamline the analytics process. This makes it easier for users to see and understand their information without having the technical knowledge to search for it themselves. There are many BI platforms available for specific reporting, data visualization, and creating custom dashboards for multiple levels of users. We’ve outlined our recommendations for evaluating modern BI platforms so you can choose the best one for your organization. One of the most common ways to present business intelligence is through data visualization.
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The key to a successful BI implementation is choosing the right platform for the job. When choosing your tools, it’s best to remember the key features that will be most useful to your business. Some key features of BI tools include:
Dashboards are the most useful tools in BI, allowing you to gather and visualize complex data in one place. These dashboards can have different purposes, for example for complex analysis or buyers in the stakeholders. The challenge is to create the best dashboard for your needs.
As the data environment grows and data collection, storage and analysis become more complex, it is important to consider the relationship between BI and Big Data. Big Data has become a buzzword in the industry recently, so what is it? Well, data experts define it by the “four Vs”: volume, speed, value and variety. These four elements define Big Data and set it apart. In particular, the volume is what people generally point to as the main determining factor, because the amount of information is constantly increasing and is relatively easy to store for a long time.
As you can imagine, this is important for BI because businesses are generating more data every year and BI platforms must meet the increasing demands placed on them. A good platform will grow
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