What Is Business Analytics And Business Intelligence Solutions – Every business runs on data – data obtained from multiple sources both internal and external to your company. And these data channels act as a pair of eyes for the executives, providing them with analytical information about what is happening with the business and the market. Therefore, any misunderstanding, misunderstanding or lack of information can lead to a bad impression about the market situation and internal operations – and bad decisions.
Making data-driven decisions requires a 360° view of every aspect of your business, even the things you may not have considered. But how to turn unstructured data into something useful? The answer is business intelligence.
What Is Business Analytics And Business Intelligence Solutions
We have already discussed machine learning techniques. In this article, we’ll discuss the basic steps involved in bringing business information into your existing partnerships. You will learn how to establish a business intelligence strategy and integrate the tool into your company’s operations.
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Let’s start with the definition: business intelligence or BI is a set of activities to collect, organize, analyze and transform raw data into actionable business insights. BI considers methods and tools that transform unstructured data sets, combining them into reports that are easy to understand or understand. The main purpose of BI is to provide actionable business insights and support decision making based on data.
Most of the implementation of BI is the use of real tools that manage data. Different tools and technologies make up business intelligence tools. Usually, infrastructure includes the following technologies that cover data storage, processing and reporting:
Business intelligence is a technology-driven process that relies heavily on input. The technology used in BI can also be used to transform unstructured data or structured parts for data mining, and being the first tool to work with big data.
. This type of data processing is also known as profiling. With the help of comparative analysis, entrepreneurs can analyze the market conditions of their industry, as well as their internal processes. Historical data analysis helps to identify hot spots and business opportunities.
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In relation to the processing of information about past events. Instead of looking at historical events, predictive analytics makes predictions about future business conditions. These predictions are based on analysis of past events. Therefore, BI and predictive analytics can use the same techniques to process data. To some extent, predictive analytics can be considered the next step in business intelligence. Read more in our article about analytical maturity models.
The third type is theoretical analysis which focuses on finding solutions to business problems and suggests actions to solve them. Currently, theoretical analysis is available through advanced BI tools, but the entire field has not yet been developed to a reliable level.
So here’s the point, when we start talking about actually integrating BI tools into your organization. The entire system can be broken down into the implementation of business information as a concept for your company’s employees and the actual combination of tools and applications. In the next sections, we’ll walk through the basics of integrating BI into your company and cover some of the pitfalls.
Let’s start with the basics. To start using business intelligence in your organization, first explain the meaning of BI to all stakeholders. Depending on the size of the group, the frame may vary. Mutual understanding is important here as employees from different departments will be involved in data processing. So, make sure everyone is on the same page and don’t waste business intelligence with predictive analytics.
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Another goal of this step is to communicate the concept of BI to the key people who will be involved in data management. You need to define the exact problem you want to work on, set KPIs, and organize the right professionals to launch your business strategy.
It is important to mention that, naturally, you will make assumptions at this stage about the data source and the rules set to control the data flow. You can confirm your assumptions and calculate the performance of your data in the next steps. That’s why you need to be prepared to change your data access channels and your workforce mix.
The first step after setting a vision is to define what problem or group of problems you will solve with the help of business intelligence. Creating goals will help you determine more high-level parameters for BI, such as:
Along with the goals, at that stage, you need to think about possible KPIs and metrics to see how the project is completed. These may include low budget (budget used for development) or performance indicators such as query speed or report error rate.
How To Choose The Best Business Intelligence Software?
At the end of this step, you should be able to set the initial requirements for the next product. This can be a list of features in a product backend containing user stories, or a simpler version of this requirements document. The key point here is that based on your requirements, you should be able to understand what kind of architecture, features and capabilities you want from your BI software/hardware.
Compiling the requirements document for your business information system is an important point in understanding the tools you need. For large businesses, building their own custom BI environment may be considered for several reasons:
For small companies, the BI market offers a large number of tools available as types of cloud-based technologies (Software-as-a-Service). Offers covering almost any type of industry-specific research can be found with flexible opportunities.
Depending on the needs, the type of your industry, your size, and the needs of your business, you can understand if you are ready to invest in a custom BI tool. Otherwise, you can choose a vendor who will handle the implementation and integration for you.
How Business Intelligence Can Help Finance Professionals
The next step is to gather a group of people from different parts of your company to work on your business strategy. Why do you even need to create such a group? The answer is simple. The BI team helps to bring together representatives from different departments to facilitate communication and get specific information about the required information and its source. Therefore, the composition of the BI team should consist of two main types of people:
These people will be responsible for providing employees with access to information. They will use their domain knowledge to select and interpret different types of information. For example, a marketing professional can determine whether your website traffic, bounce rates or newsletter subscription numbers are valuable types of data. While your sales representative can provide insight into meaningful customer interactions. In addition, you can access sales or marketing information through a single person.
The second group of people you need on your team are specific BI members who will lead the development process and make architectural, technical and strategic decisions. Therefore, as an important parameter you need to determine the following functions:
Head of BI. This person must be armed with the theoretical, practical and technical knowledge to support the implementation of your strategy and your actual equipment. This can be an executive with knowledge of business intelligence and access to databases. The head of BI is the one who will decide to drive the implementation.
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A BI engineer is a professional member of your team who specializes in building, implementing and configuring BI systems. BI engineers often have software development and data systems backgrounds. They must also know how to integrate data and logic. A BI engineer can guide your IT department in implementing your BI tools. Learn more about data professionals and their services in our exclusive article.
Also, the data analyst should be part of the BI team to provide the team with expertise in data quality, control and visualization.
Once you have a team and you’ve considered the data sources needed for your specific problem, you can start developing your BI strategy. You can write your strategy using traditional strategy documents such as roadmaps. Business intelligence strategies can include different components depending on your industry, company size, competition and business model. However, the recommended items are:
This document is based on the information you have chosen. These should include all types of channels, whether stakeholders, industry-wide analysis, or information from your employees and departments. This can be Google Analytics, CRM, ERP, etc. as examples of such channels.
Top 15 Benefits Of Business Intelligence Software In 2022
Writing down the correct KPIs for your industry and your specific industry can reveal a complete picture of your business’s growth and losses. Finally, BI tools are created to track these KPIs supporting them with additional data.
In this step, define what type of report you need to extract important information in a convenient manner. In the case of a traditional BI system, you can consider visual or textual representation. If you have already selected a vendor, you may be limited in terms of reporting standards, as the vendors set their own. This section can include the types of information you want to interact with.
The end user is the one who will view the data through the reporting tool. As for end users, you may want to consider reporting
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