The less data needed, the better the information. And an information overload, i.e. something far beyond what is really needed, leads to an information blackout. It does not enrich, but impoverishes.
- Peter F. Drucker
Business Intelligence or How to turn a company's raw data into an information resource?
Before the computer, it took too long to compile business data and convert it into a usable format. Thanks to new technologies we have mountains of data at our fingertips, with more data coming in all the time. The problem is not so much collecting and compiling the data, but extracting only the valuable information.
Data collection through online questions, reports and analytical processes (OLAP)
If the data are very small, a simple spreadsheet can perform all the necessary analysis with a pivot table. OLAP can be described as a huge spreadsheet with several pivot tables, allowing you to reorder and add up your data based on different criteria. Ad hoc analysis manipulates the data in real time. It differs from static reports.
For example, it is possible to break down sales by region, product and sales employee. These groupings are not static, but can then be rearranged to include product categories, status and warehouse.
Statistics and quantitative tools are used to explain and predict probabilities in a given context.
4 questions you can answer with Business Intelligence
The correct implementation of a Business Intelligence software provides information about 4 key questions in the decision making process.
Reports or What happened
Collect data and activities that have already occurred. Building reports that answer a particular question or set of questions means taking raw data and converting it into information. This information is in a format that can be used to make smart business decisions
Analysis or Why it happened
Graphics allow you to visualize data in a way that allows a deep understanding.
Consultations. Customizable and specific to consult data.
Evaluation and anticipation of the company performanceunder a set of circumstances.
Monitoring or What happens now
The Dashboard or dashboard. It summarizes useful and actionable data and metrics.
KPIs are key performance indicators.
Performance managementAre all goals effectively met?
Prediction or What Can Happen
Prediction models about the probability of an outcome.
Data miningis the extraction of patterns and correlations from large amounts of data.
Next Resources for Business Intelligence
We understand by small data the process by which data from smaller size y complexityThese are the most common ones, which affect certain parts of a business and are part of the daily routine, allowing for a better understanding of the business.
A Business Intelligence solution aims to integrate and optimize the information available to the company. With the BI reports by department, we can differentiate the type of contribution, according to the type of department to which a type of report is directed
+ Digital Transformation Tools - ETL
ETL is a process that integrates the different types of data in a company. It is a key tool for digital business transformation.
Business intelligence is the use of strategies, techniques and certain BI tools to transform data into information and information into knowledge
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