In today’s fast-paced business world, it is imperative for
the Top executives to have the insight and data they need in order to make the
right calls. Business Intelligence is the key to making those correct
decisions, as it joins data, technology, analytics, and knowledge to help
business professionals make the optimal decisions that drive their enterprise’s
success.
In our day-to-day operations Data is generated from
various streams like social media (YouTube, Twitter, Facebook), Mobile phones,
smart watches, smart TV’s, online e-commerce portals like Amazon etc. It shows
that internet population has risen globally by more than 60% and there is more
usage of mobile devices by the people.
Most businesses have the ability to capture data from
customer transactions and day-to-day operations, and through research. However,
the significant problem after accumulating data is how to turn the data into
intelligence. The solution to streamlining the data-analyzing processes
involves in deeper knowledge on Business Intelligence, which makes it
possible to analyze and share information very quickly and collaboratively.
How Business Analytics model works?
There are certain skills
that is required to develop and build analytic models. There are steps to
followed at each process level:
·
Define the Problem
Ø Knowledge
on how the business works
Ø Find
answers to the questions – Who, when, what and where?
·
Get the data
Ø Data
Acquisition
Ø Data
profiling
Ø Data
Quality assessment
·
Prepare the data
Ø Data
cleansing and quality improvement
Ø Data
Sampling
Ø Data
Structures, migration
·
Choose the modeling technique
Ø Knowledge
on statistical methods
·
Build the model
Ø Define
the purpose of the model
Ø Structure
the model – Spreadsheets, visualizations etc.
·
Evaluate the model
Ø Model
testing with test cases
Ø Precision,
accuracy, reliability
·
Deploy the model
Ø Production
implementation for execution
Ø Change
monitoring and model maintenance
Modules in BI
·
Dashboards
BI
dashboards can provide customers a snapshot of daily operations and helps in
monitoring activities that assist the user in identifying problems and the
source of those problems. It provides up to date info on financial results,
sales and their critical info.
·
KPI
(Key Performance Indicators)
KPI
management helps in tracking with powerful features, formulae and expressions,
and flexible frequency and threshold levels. It gives concise definition and
tracking of performance indicators for a period, and measures performance as
compared to previous period.
·
Graphical
OLAP
Graphical
Business Intelligence(BI) OLAP technology makes it easy for the uses to find,
filter and analyze data going beyond numbers and allowing users to visualize
the information with eye-catching, stunning displays, valuable indicators and
gauges.
·
Forecasting
Our
Predictive analysis uses historical product, sales, pricing, financial, budget
and other data and forecasts the measures with numerous time series. Options, e.g.,
Year, quarter, month, week, day, hour or even second to improve your planning
process.
·
Graphical
Reporting
BI
reports delivers web based BI reports to anyone in the organization. It is
simple to use, practical to implement and affordable for every organization.
With this we can create a report to summarize your performance metrics and
operational data.
How BI is effectively used in smartphones?
There
are 6 factors to be considered to make mobile BI successful. Or when an enterprise
tries to enhance mobile capabilities to it.
1.
An
app’s purpose
Take
time up front to map your standard BI processes and queries to the groups of
employees that most frequently use them, and then make those functions easily
accessible – thumb-size onscreen buttons work best, if possible. That way, all
employees don’t have to scroll through long lists or click through multiple
links to initiate BI tasks.
2. Development models
BI can be built as native app, meaning the app is completely
device- and platform-specific: one version for Android, another for iOS, plus
any other platforms. It can be deployed as a mobile web app,
a web-based app that runs entirely on your servers and is accessed via a mobile
browser using HTML5.
3. Connectivity
Even
with today’s speediest networks, it’s tough to give mobile users true
interactive data exploration. Downloading large data sets takes too much time,
and visualizing data of any great volume can choke even the most powerful
mobile devices.
4. Security
BI systems hold some of your company’s most valuable data, so
CSOs worry about making that data accessible via hundreds or thousands of
pocket-sized, lo-sable, steal able devices.
5.
Device Features: Mobile
devices enable your users to do more than just consume information.
With
a camera, GPS, and other features, mobiles can also feed data into your BI
systems. The camera can scan bar codes (or faces), and the GPS can help users
locate nearby resources, both human and physical.
Look at where your BI processes collect data – or where you wish you had more
data – and see if you can leverage your employees’ mobile devices to collect
it.
6. Feedback
Track
who’s using your mobile BI apps and learn from what they do. You can automate
some of this process, but it’s also important to actually talk with users to
hear their frustrations and success stories, collect their suggestions, and ask
about new features you’re considering. That’s why your chosen development model
is important.
Conclusion:
There are some top IT investors,
CIO’s of big organizations are predicting good reviews about the future of BI.
Cloud services, Predictive analytics, Big data each plays a substantial role in
feeding data to the BI systems. Business
intelligence (BI) sits at the center of many organizations’ efforts to enable
data-driven decisions and actions through their enterprises. Some suggests that BI will become personalized that means reports
are developed once and used by many today simply because too many technical
resources are required to personalize them. The hard limits of a
"report" will fade away and be replaced by personalized data
presentations showing the data you like to see in the format you like to see it
in.
References:
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