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Business always includes a never-ending series of questions and decisions-making; this is where a BI tool comes into play. Business intelligence tools are designed to store and retrieve data from multiples sources, transform it into comprehensible reports, and analyze it to generate insights and patterns.
What can your business data tell you?
Big data is a collection of business information that flows with unknown speed, has extremely large volume and comes in different forms and sizes. This collection is too complex to be analyzed and understood in traditional ways. Superficially, it would seem more like a problem than an asset. But there is treasure in big data and that’s what a business intelligence tool will find for your company.
How can I understand my data?
A business intelligence solution or tool offers several ways in delivering information in presentable visuals that allow your company to easily understand it and present it to others. Following ways can get your business data delivered.
All other ways of information delivery in this list can be considered a subset of reporting. BI reporting is the merging of big data from different sources and reclassifying it i.e. presenting it in efficient and concise visualizations.
- Ad hoc report:
In ad hoc query, your company can identify a certain problem in the business and then formulate specific questions that are not answered by the dashboard. Though this feature is case-dependent, it actually requires effective analyzing capabilities from your BI tool.
This is a popular BI tool element and one of the things people highlight when making reviews of BI tools. Dashboards give real-time report of stats, performance metrics, insights through interactive visuals –lines, tables, charts, graphs and other creative diagrams.
What can I get out of this?
From this large dump of information, your company see patterns like,
- the mistakes your company kept on making,
- the decisions your company were right to make,
- The reasons behind the sudden turns of business, etc.
These are just examples of the specific questions your business get answers to.
- How much did you spend before and how much cost can you reduce in the future?
- Why did that project take too much time and how can your company save more time?
- Why did they like this product and how do you improve it?
- Where did you go wrong and how can you make it right?
Your company gets that information from just looking at the visual presentations a BI tool makes so your company can understand the data. By digging deeper using advanced analytics, your company get deeper insights. Big data analytics tools, provided by BILYTICA, lets your company calculate the risk before taking it.