Business Intelligence
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Business intelligence (BI) is the analysis of raw data to provide useful information for business decision-making. BI tools transform large amounts of data from various sources into insights through data management, discovery, and reporting. Data management tools prepare data for analysis. Data discovery applications like data mining, OLAP, and predictive analytics help users find patterns. Reporting tools such as visualizations, dashboards, and scorecards present analyzed data to convey insights easily. There are many categories of BI tools from various vendors that organizations can use to transform data into strategic information.
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Business Intelligence
- 1. “Business Intelligence” Overview (version 1.0) flipNsee Labs PRESENTATION
- 2. What is Business Intelligence? flipNsee LABS Set of theories, methodologies, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. Over the past few decades, companies that have deployed Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and other applications are now sitting on a mountain of data that can be analyzed. In addition, the growth of the Web has increased the demand for BI that can analyze large data sets. Business Intelligence Tools BI Tools provides, True insights in order to improve decision making & social collaboration Better company results Efficient Reports, Statistics and Analysis of Big Data Dashboards displaying key indicators Brings your company data to life (you can understand the success factor more quickly / indicates where things go wrong and you can make adjustments / platform for employees and managers to improve business process on daily basis)
- 3. BI Tools - Categories flipNsee LABS Data Management Tools Data Discovery Applications Reporting Tools
- 4. Data Management Tools flipNsee LABS Better decision-making starts with better data. Data management tools help clean-up “dirty data”, organize information by providing format and structure, and prepare databases for analyses. Functionality Description Data Quality Helps organizations maintain clean, standardized and error-free data. Standardization is especially important for BI implementations that integrate data from diverse sources. Data quality management ensures that later analyses are correct and can lead to improvements within the business. Extract, Transform, and Load (ETL) Collects data from outside sources, transforms it and then loads the compiled data into the target system (a database or data warehouse). Because primary data is often organized using different schemas or formats, analysts can use ETL tools to normalize data for useful analysis.
- 5. Data Discovery Applications flipNsee LABS The ability to sift(filter) through data and come to meaningful conclusions is one of the most powerful benefits of adopting business intelligence tools. Data discovery applications help users make sense of their data, whether it be through quick, multivariate analysis during OLAP or via advanced algorithms and statistical computations during data mining. Functionality Description Data Mining Sorts through large amounts of data to identify new or unknown patterns. It is often the first step that other processes rely on, such as predictive analytics. Databases are often too large or convoluted to find patterns with the naked eye or through simple queries. Data mining helps point users in the right direction for further analysis by providing an automated method of discovering previously-neglected trends.
- 6. Data Discovery Applications flipNsee LABS Online Analytical Processing (OLAP) Enables users to quickly analyze multidimensional data from different perspectives. It is typically made up of three analytical operations: Data consolidation, Data sorting and classification (drill-down) Analysis of data from a particular perspective (slice-and-dice). For example, a user could analyze sales numbers for various products by store and by month. OLAP allows users to produce this analysis. Predictive Analytics Analyzes current and historical data to make predictions about future risks and opportunities. An example of this is credit scoring, which relies on an individual’s current financial standing to make predictions about their future credit behavior. Semantic and Text Analytics Extracts and interprets large volumes of text to identify patterns, relationships and sentiment. For example, the popularity of social media has made text analytics valuable to companies with a large social footprint. Understanding semantic trends is a powerful tool for organizations evaluating purchase intent or customer satisfaction among users of these channels.
- 7. Reporting Tools flipNsee LABS In the words of John W. Tuckey, “The greatest value of a picture is when it forces us to notice what we never expected to see.” Reporting applications are an important way to present data and easily convey the results of analysis. BI users are increasingly business users--not IT staff--who need quick, easy-to- understand displays of information. Functionality Description Visualizations Helps users create advanced graphical representations of data via simple user interfaces. The ability to visualize information in a graphical format (as opposed to words or numbers) can help users understand data in a more insightful way. In addition, new interactive tools can provide teams the ability to both analyze and manipulate reports in real time. Dashboards Dashboards typically highlight key performance indicators (KPIs), which help managers focus on the metrics that are most important to them. Dashboards are often browser-based, making them easily accessible by anyone with permissions.
- 8. Reporting Tools flipNsee LABS Report Writers Allows users to design and generate custom reports. Many CRM and ERP systems include built-in report writing tools, but users can also purchase stand-alone applications, such as Crystal Reports, to create ad hoc reports based on complex queries. This is especially helpful for organizations that continually modify analyses and need to generate new reports, quickly. Scorecarding Scorecards attach a numerical weight to performance and map progress toward goals. Think of it as dashboards taken one step further. In organizations with a strategic performance management methodology (e.g., balanced scorecard, Six Sigma, etc.), scorecards are an effective way to keep tabs on key metrics. For example, a scorecard might establish a grade of “A+" to 40% year-over-year growth if the goal was set at 14%.
- 9. BI tool types in Market flipNsee LABS Enterprise BI platforms Databases or packaged BI tools Visual Data Discovery tools Pure reporting tools Pure dashboard tools Pure OLAP tools Innovative or niche tools SAP BusinessObjects IBM Cognos Series 10 JasperSoft Microsoft BI tools* MicroStrategy Oracle Enterprise BI Server (OBIEE) Oracle Hyperion System Pentaho BI Yellowfin BI QlikView SAP NetWeaver BI SAS Enterprise BI Server Style Intelligence Tableau Software WebFOCUS BizzScore Board Management IntelligenceToolkit BI tools in Market