Business Intelligence Explained – All business is made up of data – data generated from your many internal and external sources. And these data channels act as a pair of eyes for managers, providing them with analytical information about what is happening in the market. Therefore, any error, inaccuracy, or lack of information with incorrect situations and internal operations – can lead to wrong decisions.
Making informed decisions requires a 360° view of all aspects of your business, even the ones you don’t consider. But how do you turn unstructured data into something useful? The answer is business.
Business Intelligence Explained
We have already discussed about machine learning strategies. In this article we will discuss the actual steps of implementing a business into your existing company’s infrastructure. You will learn how to set business strategies and integrate tools into your company’s workflow.
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Let’s start with a definition: business intelligence or BI is a set of practices for gathering, constructing, analyzing and converting raw data into business insights. BI takes into account the methods and tools of data collection, compiling them into easy-to-grasp reports or data dashboards. The primary purpose of BI is to provide insight into operational activities and support data-based decision making.
The most important part of BI implementation is the use of tools that perform data processing. Different tools and technologies form the business infrastructure. Most often, the infrastructure includes the following technologies that store, process and report data:
Business intelligence is a technology-driven process with massive data input. The technology used in BI to inform unstructured or semi-structured data can also be used for data mining, as a tool for front-end big data processing.
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. This type of data processing also describes analysis. With the help of analytical explanations, businesses can investigate the conditions of their marketing industry, as well as their internal processes. Historical data overview helps to find business pain points and opportunities.
According to the achievements of MGE. Instead of producing forecasts of historical events, they provide predictive analytics to predict future business trends. These estimates are based on analysis of recent events. Therefore, both BI and predictive analytics can use the same techniques to process data. To some extent, predictive analytics can be considered an advance in business intelligence. Read more in our article on analytics maturity models.
Prescriptive analysis is the third type that aims to find business solutions and recommend actions to solve problems. Currently, prescriptive analysis is available through advanced BI tools, but the entire area is not yet developed to a certain extent.
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So, this is the point when we start talking about the actual integration of BI tools into your organization. The whole process of introducing the concept of business intelligence can be divided for a group of employees and the actual integration of tools and applications. In the following sections, we’ll walk through the basics of integrating BI into your organization and cover some of the issues.
Let’s start with the basics. To start implementing business in your organization, first, explain what BI is to all your stakeholders. Depending on the size of your organization, the term table may vary. Mutual understanding is important here, because employees of various businesses will be involved in data processing. So make sure everyone is on the same page and don’t confuse business with predictive analytics.
Another goal of this phase is to put the concept of BI to the key people who will be involved in data management. You will need to identify the real problems you want to work on, set KPIs, and appoint the experts needed to implement your business initiatives.
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It is important to remember that at this stage, you, technically, will make assumptions about the source of the data and the signals that flow to the government data. You can define your principles and design your information later. Therefore, you need to be prepared to update your information across channels and your team.
The first big step after setting a vision is to define the problem or group of problems that you will solve with the help of business intelligence. The proposed objectives help define additional parameters for BI such as:
With the objective, at that stage, you will have to think about possible KPIs and evaluation indicators to see how the work is performed. Those metrics can be financial (terms applied to development) or performance indicators such as query speed or reporting error rates.
An Overview Of Business Intelligence, Analytics, And Decision Support
At the end of this step, you should define the basic requirements of the future work. This can be a line item in the product backlog that contains user stories, or a simplified version of this requirements document. The main point here is that, based on your needs, you will be able to understand the type of architecture, features, and capabilities you need from your BI software/hardware.
Compiling the requirements document for your business system is key to understanding the tools you need. For large businesses building their own BI ecosystem can be considered for several reasons;
For small companies, the BI market offers numerous tools available in both embedded and software (Software-as-a-Service) technology versions. It is possible to find scenarios that cover almost any industry-specific analysis with flexible possibilities.
Business Intelligence Maturity Model
Depending on the requirements, industry type, size, and needs of your business, you will be able to understand whether you are ready to invest in a BI tool. Alternatively, you can choose a vendor that will carry the burden of implementation and integration for you.
The next step is to gather a group of people from different departments of your company to work on Your business plan. Why do we need to create such a group? The answer is simple. BI helps teams bring representatives from different departments together to make communication easier and gain a unique understanding of the data they are looking for and its sources. Therefore, your BI team should include two main categories:
These people will be responsible for providing the team with access to data sources. They will also contribute their knowledge to select and interpret information. For example, marketing professionals can determine whether website traffic, current rates, or subscription numbers are the most valuable financial information. While your sales representatives can provide meaningful insights into customer interactions. On top of that, you will have access to marketing or sales information by one person.
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Depending on the type of people you need in your team, there are special BI members who will lead the development process and make architectural, technical and strategic decisions. Therefore, according to the correct standard, you must define the following functions:
Chapter 2 This person must be armed with theoretical, practical, and technical knowledge to implement your plan and actual tools. This can be an administrator with business knowledge and access to information sources. The head of BI is the person who needs to drive the plan to implementation.
A BI engineer is a technical member of your team who specializes in building, implementing, and managing BI systems. Usually, BI engineers have a background in configuring software and databases. They should also be well versed in data integration methods and techniques. A BI architect will guide your IT department in implementing BI tools. Learn more about data professionals and their role in our article.
A Simple Guide To The Three Stages Of Business Intelligence
A data analyst should be part of a BI team that provides expertise in data validation, processing and visualization.
Once you have a team and have considered the data sources required for your specific problem, you can create a BI plan. You can document your strategy using a traditional strategy document such as a product roadmap. A business strategy can include different parts depending on your industry, company size, competition and business model. But the recommended parts are:
This is the source for the channel you selected. They should include all types of channels, whether it’s stakeholders, general industry analysis, or information from your employees and departments. Examples of such channels can be Google Analytics, CRM, ERP, etc.
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Documenting your industry standard and specific KPIs can reveal the most complete picture of your business growth and losses. Finally, BI tools are created to help monitor these KPIs with more information.
In this step, you define the type of report that you want to conveniently extract valuable information from. In the case of a custom BI system, you may consider displaying images or text. If you have already selected a vendor, you will be limited by the terms of the notice, as they set up their vendor. This section can also include information about the procedures you want to deal with.
The end user is the one who will observe the data through the intervention of the reporting tool. Depending on the end user, you can also consider the relationship
Agile Business Intelligence Explained
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