Business Intelligence and Data Analytics Software
Business Intelligence and Data Analytics software enables the process of viewing, purifying, and changing raw data into a usable form to gain business insights. Raw data needs review and purification for several reasons, primarily:
- Raw data in its original form would be too much information to review as-is regularly.
- Raw data may contain outliers, anomalies, poorly gathered data, and numbers that are statistically insignificant. Eliminating these cleanses the data so that it shows a truer picture.
- Data analytics can prioritize data so that you see the most relevant analyzed data first.
There are four types of data analytics:
- Descriptive Analytics – What happened? (e.g., Q4 revenues)
- Diagnostics Analytics – Why is it happening? (e.g., A closer review of why Q4 revenues declined 15% YOY)
- Predictive Analytics – What do we anticipate will happen? (e.g., Fall 2022-Women’s Clothing Trends)
- Prescriptive Analytics – How will X action impact the company? (e.g., Scenarios for Entering a New Market)
Business Intelligence (BI) takes data analytics to the next level, and businesses need both to get the most out of data analytics. BI combines data collection, analytics, data visualization, and data infrastructure to give a company a whole picture view.
Leaders throughout the organization use data analytics to stay the course, make the most data-driven decisions, and quickly adapt to changing:
- Customer preferences
- Supply chain
- Technology trends
Business intelligence and data analytics software helps a company increase inter- and intra-departmental efficiency, eliminate waste, and steer the company into the future.
Use Cases for Business Intelligence and Data Analytics
Organizations invest in data analytics and business intelligence to:
- Real-time useful information – Get information quickly, efficiently, and in a useable form (data visualization) – According to MIT, it takes 13 milliseconds for the human brain to understand a visual compared to the minutes or hours it might take the review data in a rawer form.
- Align KPIs with business strategies – Determine which performance indicators are most relevant and important (KPIs).
- More frequent performance communication – Empower members to improve their performance through access to their data on-demand–not just at performance review time.
- Save time – Noone has to compile data from multiple locations or create reports. Data analytics and business intelligence software do that for you.
- Get more useful customer insights – Enhance customer experience and increase revenues. Learn more about sales trends, your customer’s typical sales cycle, and the Buyer’s Journey to becoming a customer
- Protect the business from online threats – Yes, data analytics can identify suspicious network activity to take action and/or notify you.
Business Intelligence and Data Analytics Software – Features and Functionality
- Data visualization, Charts, Graphs, Mapping, Plots, etc.
- Customizable reports
- Automated running, analyzing, and delivering of reports to key leaders
- Competitor intelligence
- Tools for Sharing & Collaboration on an Analytics Report (especially important when some people work remotely)
- Integrate third-party BI tools and native apps to enhance data collection and analytics
- Available across devices and easy to view on any device
- Real-time data
The above is a summary of key features.