How to Get the Biggest Bang from Your BI DataThe key point of the article is how business intelligence users are maximizing value of their data collected from different sources. Data is collected in many forms for example internal sources, external sources, business systems, social networks. As per the report, most commonly used data is 70% Internal data, 59% Business system, 58% Structured, 38% Social networks and 37% Unstructured data. These days, every company is investing into business intelligence systems to get outputs from their data and use these outputs for the business improvement.
The techniques which are used for get these outputs include statistical analysis, data management and visualization. Statistical analysis system is a platform which allows users to perform information retrieval from different sources and data management. It also includes report writing and graphics to make reports more appealing. Statistical analysis is a part of data analytics. In relation to business intelligence, statistical analysis mainly is collecting and pulling information from every data sample in a set of items.
Data management is the first step in unlocking the potential of data collected from different sources. Data management includes many steps for example data access, determining data quality, data integration i.e. combining different types of data and data streaming (applying logic and understanding the patters). Thirdly, data visualization is a method to understand outputs retrieved from a set of data. Results can be used to understand patters, trends and correlation that can be unnoticed when the data is in the form of simple text. Companies are investing in developing preferences to determine which data is more useful like internal data over external data. Data collected form every source holds importance in context to different aspects of business.
External data holds equal importance as that of internal data. Companies need to make investments, right acquisitions and by hiring the right specialist, they can determine that external data also holds equal importance as that of internal data. Out of people who took survey, 65% said that internal data is more valuable over external data. It is very clear that businesses and companies prefer to use internal data because its easily accessible and it gives results which can be used for the betterment of internal company processes. One of sources of internal data is performance metrics and results from this data can be used to improve the performance of business. Performance metrics mainly includes company’s activities, behavior and performance. One of the main aspect is to measure employee’s performance and whether or not they are meeting stakeholder’s needs.
Another reason to prefer internal data over external data is that collecting external data takes more efforts. However, its holds great important if a company want to work on the customer satisfaction and growing its audience. In order to achieve these two goals, companies need data like demographics, buying habits of customer, characteristics etc. and all this data can be collected only from external data. This is the only way to target potential customers in future. This article dives deep to make readers understand what it takes to extract knowledge from data and how data reaches stage to perform intelligence over it.
Today Business Intelligence is a boom and as a MS student of Information Systems it is important for me to have knowledge about BI and how companies are performing BI. This interests me in this article. There are numerous stakeholders involved from right from tech to business users and it’s amazing how BI is having huge impact on success and failure of these stakeholders.This article has direct connection with our course curriculum. There has been discussion about business intelligence in the chapter Business Intelligence Systems.The article includes best BI practices which are used by many managers and employees who use BI tools as a part of their jobs.
These were 290 BI tools users who took part in the survey and they claim that their company maximizes the value its BI data. The article was helpful to understand the basic trends in market in terms of data usage, BI tools and strategies.