Business Intelligence
''Business Intelligence technologies are essential to running today's businesses ''
(Chaudhuri, Dayal and Narasayya, 2011)
Business intelligence involves data gathering and storage, it also works alongside business knowledge management, Together they can help your business understand the continuously increasing amounts of data you collect and receive.''(Chaudhuri, Dayal and Narasayya, 2011)
To put in place good and functional business management and business intelligence plan you must have the right systems in place to collect, organise and manage incoming data. A strong business intelligence plan will help you combine data across your business.
(Kendal, N., 2021)
The type of data that would be involved in business intelligence is usually the vast amounts of information about a company, from its operations and data collected on competitors in the same market.
The key objective for using business Intelligence is to speed up project timelines, the quality of work involved and allowing for easier decision making processes.
(Negash and Gray, 2008)
On-demand. : the methods that are used in business intelligence involve:
-Automated monitoring
-Online analytics
-Performance management
-Reporting
-KPIs and metrics.
The types of tools that are used in business intelligence are:
-Business analytics
-Data mining
-Data tools
-Data Visualisation
The types of tools that are available to businesses from self-services applications are dashboards and data visualisation. If you choose to implement the use of these tools it will make it much easier for creating large engaging data visualisations, this can help your team process larger amounts of information over numerical presentations.
The option of using data visualisations will make it more accessible to different levels of staff to understand complex data in your business.
The most commonly used self-service tools used by businesses are Microsoft Power BI and Google Data Studios. (Kendal, N., 2021)
So what are the benefits to your business, should you put the effort into placing a strong business Intelligence plan and system?
By focusing on a data driving approach, you could quickly learn new ways in which you could increase your profits, as well as a strong detailed analysis of your customer's behaviour.
The option to compare your data with your competitors would be available to analyse where your business is situated in the market place.
New and emerging trends can be found fast while also increasing efficiency in your current operation. (Kendal, N., 2021)
Microsoft Power BI offers cloud-based features, it is one of the most popular choices for business intelligence. It features both dashboards for data sharing and creates accessible and easy to read data visualisations.
Google Data Studios, offer is also a cloud-based service but a positive use for it, is the easy integration between other Google data sources such as Google analytics, and ads.
These services by Google are often used by smaller businesses and work seamlessly together. It is advised by industry experts that if you are already in use of Google Analytics for your businesses it would be a much simpler process to use Google Data Studios.
Google Data Studios will make it easy for you to share data visually for important team information such as current KPIs. While Power BI might be the better option for larger corporations that are looking for more in depth and complicated data visualisation.
(Insight Whale team2021)
There is so many more platforms and options out there for managing business intelligence. Whichever you choose is best for your business, by implementing a great business intelligence plan you are already getting your business ahead of competitors.
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Autor Deirbhile
References:
Chaudhuri, S., Dayal, U. and Narasayya, V., 2011. An overview of business intelligence technology. Communications of the ACM, [online] 54(8), pp.88-98. Available at: <https://doi.org/10.1145/1978542.1978562> [Accessed 31 March 2021].
Negash, S. and Gray, P., 2008. Business Intelligence. Handbook on Decision Support Systems 2, [online] pp.175-193. Available at: <https://doi.org/10.1007/978-3-540-48716-6_9> [Accessed 31 March 2021].
Kendal, N., 2021. On Demand Content, Digital Marketing and Analytics and metrics: Data Visualisation [Accessed 31 March 2021].
Digital Analytics, Conversion Rate Optimization and Business Intelligence. 2021. Google Data Studio vs. Power BI: A Comparative Analysis of Visualization Tools. [online] Available at: <https://insightwhale.com/google-data-studio-vs-power-bi-a-comparative-analysis-of-visualization-tools/> [Accessed 31 March 2021].
Author: Elizabeth Duffy
ReplyDeleteI agree with you about the experience being seamless between Google platforms. When using Microsoft Power BI, the excel sheets that it uses to create dashboards need to be structured in order for it to process it properly, after the raw data has been collected. Google platforms like Google Analytics structure the raw data automatically for you, saving time, effort and likely reducing errors. The data visualisation dashboards are relatively similar on both platforms, however as a business there is a key difference between the two. The software that would be chosen could depend largely on the source of the data being analysed. An analysis of a website or online shop is suitable in Google Analytics, Google Merchandise store and Google Data Studio. Whereas an analysis of employee data would be more suitable in Microsoft Power Bi. For example, some employee data would not be collected by Google software. For example, to calculate sales performance against set targets per employee or commission rates based on sales performance per employee. Firstly, the raw data would need to be structured into an Excel sheet if it had not been already. Then the data would need to be structured with things like pivot tables which indicate clear headings for groups of information. Excel formulas could then be used to calculate totals and percentages if there is a specific outcome to achieve. The outcome could then be visualised as a comparison between departments or employees. Microsoft Power Bi would easily understand the file because the data is structured and visualisation would be available immediately. As you can see there are some key differences between the two tools, and data source and outcome could factor significantly into which one is chosen.
Thank you for the overview!
ReplyDeleteBusiness Intelligence is an area of great personal interest to me, and another fascinating aspect of it is how it has become what it is today. Business intelligence used to be driven by IT departments and analytics questions were responded to using static reports, and left no possibility for follow-up questions, leading to an extremely frustrating process overall. It was too slow for real-time decisions to be made based on it. IT departments are still involved in the process of business intelligence today, but "multiple levels of users can now access and create reports when they need to" (Kendal, 2021). Users are now able to clearly visualise data and answer their own questions. Businesses have realised the importance of the process and have acted accordingly in allowing business intelligence to work much more effectively.
Reference:
Kendal, N., 2021. Asynchronous Content, Digital Marketing and Analytics and Metrics: Data Visualisation