Now that we have arrived at the various reasons for the need of a Business Intelligence tool in our previous blog, let us take a look at what kind of business intelligence technologies is needed for decision makers who want to improve business.
A data warehouse (DW) or an enterprise data warehouse (EDW), useful if a big picture of a business is needed, to keep historical data, to improve the quality of your data, or to combine all data from different sources into a single data model. Data warehouse comes in handy for company that uses multiple sources to keep track of transactional data. To view order data from the past 5 years, exporting these lists and going through them results in a big confusion. It is the turn of a data warehouse to integrate data from one or more contrasting sources, which creates a central repository of data. Basically, this manages a copy of information from the source systems so that only a single query is needed to view the data that is required.
An informative, easily readable, usually one page, real-time user interface that shows a visual portrayal of data using graphs and charts without running multiple reports is called Dashboards. By real-time, it simply means that most dashboards can be pulled up on a web page that is linked to a database that is constantly updated and refreshed. Dashboards show key trends, comparisons and exceptions in both current and historical data which enables us to see at a glance the performance and status of different parts of an organization to make better business decisions. Many dashboards have a capability allowing us to instantly explore more detailed information or view the data from another approach.
Predictive analytics is a form of advanced analytics that uses both new and historical data to foresee future activity, performance and trends. It is extremely important to reveal the changes in user behaviour in time, relation between products, or changes in sale contracts based on marketing promotion. Predictive analytics brings together advanced analytics capabilities spanning statistical analysis, predictive modelling, data mining, optimization, real-time scoring and machine learning. The organizations are benefited extremely with these tools to discover patterns in data and go beyond knowing what has happened to predicting what is likely to develop in the future.
A primary intention of data visualization is to communicate information distinctly and efficiently via statistical graphics, plots and data graphics. To visibly communicate a significant message, the numerical data may be encrypted using dots, lines, or bars. A methodical visualization helps users scrutinize and conclude on a logical reason about data and evidence thus making complex data more accessible, coherent and usable.
An apt online business intelligence data service is essential for supporting a company determine the possibility of development. This is in fact the first step in accomplishing the position of the company. Data mining tools will help you gain knowledge about your company’s market trends as well as help you determine how you are faring with competition. Data mining techniques are used in a myriad of ways: shopping basket analysis, measurement of products consumers buy together in order to promote other products; in the banking sector, client risk assessment is used to evaluate whether the client is likely to pay back the loan based on historical data; in the insurance sector, fraud detection based on behavioural and historical data; in medicine and health, analysis of complications and/or common diseases may help to reduce the risk of cross infections.
Design, schedule and generation of the performance, sales, and reconciliation and savings reports are an area where Business Intelligence tools help business users. Reports generated by Business Intelligence tools skilfully gather and render information to support the management in decision making process. Once the reports are designed it can be automatically sent to a default distribution list in the appropriate form presenting daily/weekly/monthly statistics. The varied reports can be listed out as Adhoc Reporting – generates reports that facilitate the meeting of individual information requirements and Operational Reporting – can formulate business decisions based on the real-time data generated by companies on a daily basis for the operational tasks.
On-line Analytical Processing (OLAP)
OLAP – online analytical processing, systems are a type of business intelligence software that can allow users instant manipulation of business data in an unlimited number of ways in order that it can be reviewed and interpreted from multiple perspectives. OLAP systems are a real-time combination of the benefits of both multidimensional business data modelling & relational tables and are the latest type of software in business intelligence world. It maintains a constant connection with current back-end systems and at the same time, delivers at a fast pace many responsive reports and analytics in the form of Excel, query tools, dashboards and other front-end BI tools. The choice of the best OLAP systems for your business lies with the good reviews of business intelligence software.
Statistical analysis involves collecting and scrutinizing every data sample in a set of items from which samples can be drawn. A sample, in statistics, is a representative selection drawn from a total population. The goal of statistical analysis is to identify trends. Statistical analysis uses the mathematic foundations to qualify the significance and reliability of the observed relations. The most interesting features are distribution analysis, confidence intervals (for example for changes in user behaviours, etc).
Data cleansing or data cleaning is the process of detecting and removing incomplete, faulty or irrelevant parts of the data and then replacing or modifying the coarse data. Data cleansing may be implemented interactively with data merging tools.
Cloud Data Services
Cloud based services are the most sort out services whether it’s for business or personal purposes. This is due to the new efficiency and capabilities they can offer for a business process. Since management and security activities are no longer bound to physical bodies, it gives easy access to IT resources, customer relationship management, enterprise resource planning and data storage from anywhere at any time, providing remarkable speed, reliability and security. There are private, public, or hybrid clouds available, given the type of data integration and data quality maintenance needed.
Every modern, data-driven organization needs some type of business intelligence tool to help shift from running business on intuition, to running it with intelligence.