Business Intelligence 101

Business Intelligence 101 Why being "Data Driven" Matters As the year rolls onward, this much is clear: the availability of data is forever changing the wy businesses are run, but only if companies find a way to interpret and use it. Business Intelligence (BI) software enables executives and managers to harness data and steer their companies with fact-based insight rather than opinions and ideas. If you're unfamiliar with business intelligence,we explain its concepts and why your company should care. Business Intelligence Terminology In order to get started planning how you will use Bl, you'll need to understand the common terminology used in the field. BI terms can be sorted into four different categories. Reporting Analysis What happened? Why did it happen? REPORT STANDARD Reports SPREADSHEET Analysis AD-HOC Query VISUALIZATION Tools The analysis of data using standard productivity software to evalute or anticipate business performance under a given set of circumstances. Records of past activity and Software that enables the Software that helps users understand data. users themselves to create data better by creating a visual specific, customized data queries. representation of it. Monitoring Prediction What's happening now? What might happen? Dashboard KPIS Performance Management Predictive Modeling Data Mining A central display of all Key performance indicators (KPIS) of Any system designed to ensure that all performance Any model that attempts A way of entracting patterns and correlations from large A useful, actionable data and are particular measures to predict the probability metrics for an organization. performance, such as click-through goals are being efficiently met. of an outcome. amounts of data. rate, return on investment, etc. The Rising Popularity Of Business Intelligence Business Intelligence is nothing new. In fact, Bl tools have been in existence for over 20 However, the field has been experiencing a spike in interest in recent years. Aside from the sheer abundance of available data, there are two significant trends in business and technology that explain this. years. BI Consumerization Mobility Business users are demanding BI insight instead of just data analysts. In fact, business people now control roughly 40 percent of the BI software purchases. The mobile technology market has exploded in the past five years. In 2011, tablets sales in particular rose 260 percent. These devices are perfect tools for tapping Bl data wherever you are. THE ANALYST AGENCY, LLC 50 Fountain Plaza, Suite 1400 Buffalo, NY 14202 (716) 771-0620 [email protected] Get Our Updates: | /TheAnalystAgency |lanalystagency THE ANALYST AGENCY Our Eyes On Your Growth O/stevenczyrny source:https://i.pinimg.com