Self-service Business Intelligence Tools For Keeping Track Of Linux System Efficiency – It is increasingly important for companies to have a clear view of all their data to stay competitive, and this is where business intelligence (BI) tools come into play. After all, almost 50% of all companies already use BI tools, and forecasts show that growth will continue in the coming years.
But for those who haven’t adopted the tool yet or just want to learn more, it can be difficult to understand what BI is. We created this complete 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 comprehensive view of your organization’s data and use it to promote change, eliminate inefficiency, and quickly adapt to changes in the market or supply. Modern BI solutions prioritize flexible self-service analysis, managed data on trusted platforms, authorized business users and speed of insights.
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It’s important to note that this is a very modern definition of BI – and BI has had a suppressed history as a buzzword. Traditional Business Intelligence, all caps and all, was originally born in the 1960s as a system for sharing information between organizations. The term Business Intelligence was born in 1989 alongside computer models for decision making. These programs continued to evolve and turn data into insights before becoming a special offering for BI teams with IT-based service solutions. This article serves as an introduction to BI and is the tip of the iceberg.
Companies and organizations have questions and goals. To answer these questions and track performance against these goals, they collect the necessary data, analyze it, and determine what actions need to be taken to achieve their goals.
On the technical side, raw data is collected from business systems. The data is then processed and stored in data warehouses, the cloud, applications and files. Once the data is stored, users can access the data and begin the analysis process to answer business questions.
BI platforms also provide data visualization tools that transform data into charts or graphs and present them to key stakeholders or decision makers.
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Much more than a specific ‘thing’, business intelligence is an umbrella term that covers the processes and methods used to collect, store and analyze information about a business or operation in order to optimize performance. All these things together create a holistic view of the company that helps people make better and actionable decisions. Over the past few years, business intelligence has evolved to include more processes and functions that help improve performance. These processes include:
Business Intelligence includes data and business analytics, but uses them only as part of the overall process. BI helps users draw conclusions from data analysis. Data scientists dig into the specifics of data, using advanced statistics and predictive analytics to discover patterns and predict future patterns.
Data analytics asks, “Why did this happen and what might happen next?” Business Intelligence takes these models and algorithms and breaks down the results into usable language. According to Gartner’s IT glossary, “business analytics includes data mining, predictive analytics, applied analytics, and statistics.” In short, organizations do business analytics as part of their broader business intelligence strategy.
BI is designed to answer specific queries and provide at-a-glance analysis for decisions or planning. However, companies can use analytics processes to continuously improve follow-up questions and iteration. Business analytics should not be a linear process, as answering one question will likely lead to further questions and iterations. Rather, think of the process as a cycle of using, discovering, exploring, and sharing information. This is called the analytics cycle, a modern term that describes how companies use analytics to respond to changing questions and expectations.
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Historically, business intelligence tools were based on the traditional business intelligence model. This was a top-down approach where the IT organization controlled business information management and most, if not all, analytics questions were answered through static reports. This meant that if someone had a follow-up question about a report they received, their request went to the bottom of the notification queue and they had to start the process over. This led to slow, frustrating reporting cycles, and people were unable to leverage current data to make decisions.
Traditional business intelligence is still a common method for regular reporting and answering static queries. However, modern business intelligence is interactive and approachable. While IT departments are still an important part of managing data access, multiple levels of users can customize dashboards and generate reports on short notice. With the right software, users can visualize data and answer their own questions.
So now you know what BI is and how it works. But how does BI actually help businesses?
BI is more than just software – it’s a way to keep a comprehensive and real-time view of all your relevant business data. Implementing BI offers countless benefits, from better analysis to increased competitive advantage. Some of the key benefits of business intelligence are:
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Many different industries have embraced the company as a BI pioneer, including healthcare, information technology and education. All organizations can use data to transform operations. With as much information in this article as is available online, it can be difficult to understand the exact features of BI. Real-world examples can help, which is why we build case studies from our clients’ success stories.
For example, financial services company Charles Schwab used business intelligence to get a comprehensive view of all its locations in the US to understand performance metrics and identify areas of opportunity. Access to a central business intelligence platform allowed Schwab to bring industry information into a single view. Now branch managers can identify customers whose investment needs may change. And leadership can track whether an area’s performance is above or below average and click to see branches that drive area performance. This provides more opportunities for optimization and better customer service for customers.
Another example is meal kit service HelloFresh, which automated its reporting process because its digital marketing team was spending far too much time on it each month. HelloFresh saved the team 10-20 working hours per day and made it possible to create much more segmented and targeted marketing campaigns.
A BI strategy is your blueprint for success. You need to decide how the data will be used, gather key roles and define responsibilities early on. It may sound simple at a high level; However, starting with business goals is the key to success.
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There are three main types of BI analytics that cover many different needs and uses. These include predictive analytics, descriptive analytics and prescriptive analytics.
Predictive analytics takes historical and real-time data and models future outcomes for planning. Descriptive analytics is the process of identifying data trends and relationships using historical and current data. And prescriptive analytics takes all the relevant information to answer the question “what should my business do?”
We have covered many benefits of BI. But like any big business decision, there are some difficulties and drawbacks to implementing BI, especially during the implementation phase.
Many self-service business intelligence tools and platforms streamline the analysis process. This makes it easier for people to see and understand their data without the technical know-how to dig into the data themselves. There are many BI platforms available for ad hoc reporting, data visualization, and creating customized dashboards for multiple users. We’ve outlined our recommendations for evaluating modern BI platforms so you can choose the right one for your organization. One of the most common ways to present business intelligence information is data visualization.
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The key to successful BI use is choosing the right platform for the job. When choosing a tool, it’s best to keep in mind which key features are most useful for your business. Some of the key features of BI tools include:
Arguably one of the most useful tools in BI are dashboards, which allow complex data to be aggregated and viewed in one place. These dashboards can have different purposes, such as complex analytics or stakeholder engagement. The challenge is to build the best dashboard for your needs.
As the information environment grows and the collection, storage and analysis of information becomes more complex, it is important to consider the relationship between BI and big data. Big data has become an industry buzzword recently, so what exactly is it? Data experts define it in terms of the “four Vs”: Volume, Velocity, Value and Variability. These four define big data and set it apart. In particular, volume is what people usually cite as the main determining factor, as the amount of information is constantly increasing and relatively easy to retain for long periods of time.
As you can imagine, this is important for BI, as companies create more and more data every year and BI platforms need to keep pace with the growing demands placed on them. A good platform to grow
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