Self-service Business Intelligence Tools For Determining Cryptocurrency Market Volatility – Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores, and analyzes data produced by a company’s activities.
BI is a broad term that encompasses data mining, process analysis, performance benchmarking and descriptive analysis. BI parses all data generated by a business and presents easy-to-digest reports, performance metrics and trends that inform management decisions.
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The need for BI arose from the idea that managers with inaccurate or incomplete information will, on average, tend to make worse decisions than if they had better information. Creators of financial models recognize this as “garbage in, garbage out”.
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BI attempts to solve this problem by analyzing current data that is ideally presented in a dashboard of quick metrics designed to support better decisions.
Most companies can benefit from incorporating BI solutions; Managers with inaccurate or incomplete information will, on average, tend to make worse decisions than if they had better information.
These requirements mean finding more ways to capture information not already recorded, checking the data for errors, and structuring the data in a way that allows for extensive analysis.
In practice, however, companies have data that is unstructured or in different formats that do not make for easy collection and analysis. Software companies thus provide business intelligence solutions to optimize the information gleaned from the data. These are enterprise-level software applications designed to integrate a company’s data and analytics.
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While software solutions continue to evolve and become increasingly sophisticated, data scientists still must manage the trade-offs between speed and reporting depth.
Companies scramble to capture everything in some of the insights that emerge from big data, but data analysts can typically filter sources to find a selection of data points that might represent the health of a process or business area as a whole. This can reduce the need to capture and reformat everything for analysis, saving analytical time and speeding up reporting.
BI tools and software come in a variety of forms. Let’s take a quick look at some common types of BI solutions.
There are many reasons why companies should adopt BI. Many use it to support functions as diverse as recruiting, compliance, manufacturing and marketing. BI is a core business value; It’s hard to find a business area that doesn’t benefit from better information to work with.
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The many benefits that companies can experience after adopting BI in their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, lower costs, and increased revenue, and the ability to make better business decisions.
BI arose to help businesses avoid the “garbage in and garbage out” problem resulting from inaccurate or inadequate data analysis.
If, for example, you are in charge of the production schedule of several beverage factories and sales show strong month-to-month growth in a certain region, you can approve additional shifts in near real-time to ensure your factory can meet demand.
Similarly, if a colder than normal summer starts to affect sales, you can quickly shut down that same production. This manipulation of production is a limited example of how BI can increase profits and reduce costs if used correctly.
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Lowe’s Corp, which operates the nation’s second-largest home improvement retail chain, was one of the early big-box adopters of BI tools. In particular, it leans on BI tools to optimize its supply chain, analyze products to detect potential fraud, and resolve issues with combined delivery charges from its stores.
Coca-Cola Bottling had a problem with its daily manual reporting processes: They limited access to real-time sales and operations data.
But by replacing the manual process with an automated BI system, the company completely streamlined the process and saved 260 hours a year (or more than six 40-hour work weeks). Now, company teams can quickly analyze metrics like delivery operations, budgets, and profitability with just a few clicks.
Power BI is a business analytics product offered by software giant Microsoft. According to the company, it allows both individuals and businesses to connect, model and visualize data using a scalable platform.
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Self-service BI is an approach to analytics that allows individuals without a technical background to access and explore data. In other words, it allows people across the organization to have control over data, not just people in the IT department.
Disadvantages of self-service BI include a false sense of security for end-users, high license costs, lack of data granularity, and sometimes too much accessibility.
One of IBM’s flagship BI products is its Cognos Analytics tool, which the company touts as an all-inclusive, AI-powered BI solution.
Authors must use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also cite original research from other reputable publishers where appropriate. You can learn more about the standards we follow in creating accurate, unbiased content in our editorial policy Blockchain and crypto analytics tools provide deep data insights for real-time analysis; It can help you with your crypto research and help you understand the blockchain ecosystem better.
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Blockchain and crypto analytics tools are, in fact, incredibly useful. You don’t get real alpha in influencer accounts but through blockchain analytics tools.
For those who don’t have time to read, here is a list of the top 20 blockchain analytics tools and companies:
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But already provides a ton of fantastic resources. This breakdown of CMC products and features provides a great overview of what CMC covers:
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And last but not least, our Knowledge Library of Alexandria, which explains the crypto revolution day by day in a way that anyone can understand.
If you want to go deeper into crypto, you’ll still need some other tools, but CMC gives you a nice introduction to crypto!
DeFiLlama calls itself “the largest TVL aggregator for DeFi”. And it does a pretty good job of being the Swiss Army Knife of Defy analytics tools. Here is a list of things you can find there:
And probably many more. Every respectable crypto investor knows DeFiLlama and has used it for anything related to DeFi.
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Very useful for fundamental analysis of projects. Yes, fundamental, schmundamental… Scams are the hardest in crypto, as they say. But it’s another essential tool to be aware of and refer to during times of volatility (and not only).
Dunn Analytics is a powerhouse when it comes to blockchain research. As Dune explains in its docs, it “provides all the tools needed to discover, explore and visualize massive amounts of blockchain data.” They are not lying! A selection of what Dune can do for you:
Dune is perhaps the largest data dump in all of crypto and an absolute staple in every analyst’s toolbox.
Messery is one of the largest crypto research firms in the game. They cover almost everything you need with their Massey Research and Massey Data products. What you can find:
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One caveat of Messery is that most of its research is not free. You need to sign up for a Pro or Enterprise account to get the most in-depth analysis
The Block is another crypto research firm with a research and a data arm. Block publishes research reports and Block Data aggregates useful data. What you can find:
Like Messery, some reports are free and some are paid. Block’s data dashboard is free, although they have a more granular paid version. Another useful resource is to have your bookmarks.
Delphi Digital is another crypto research firm. They do not provide information but very high-quality research. Some examples:
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And this is free! Sure, there’s a paid section, but even some free stuff is nice.
Glassnode is an on-chain analytics tool that provides research and data on Bitcoin, Ethereum, and more. Anytime the fan hits and needs to analyze on-chain data, such as when FTX or Luna goes down, Glassnode will be among those who “check the chain”. What you can find on Glassnode:
Glassnode’s on-chain newsletter is free and a good read to keep up with the state of major blockchains. Its studio products are provided.
Nansen is another on-chain analytics company that provides data and research into the crypto sector. It is a favorite in the crypto scene to track wallet movements and decode large fund movements on chain. What Nansen does:
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Some of Nansen’s research reports are free and some are gated. Analytics tools and dashboards are paid products, although some can be accessed with a free account.
Chainlysis is a leading on-chain blockchain analytics company. It provides various services and is used by crypto and non-crypto parties alike. Chainlysis products include:
Chainlysis is considered one of the biggest players in on-chain analytics, whose business extends beyond crypto companies to policy and investment.
Coin Metrics’ research report is free. Most data feeds and analytics tools are paid products.
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