Business intelligence is a vital process in which organizations use a combination of strategies and technologies that would help with the analysis of the businesses’ current and past data. The importance of these data analytics will not only help make more effective and efficient business decisions but also allow the prediction of any future challenges that may affect the flow of the business.
Therefore, allowing businesses to make improved strategic decisions that put them in a more advantageous position to compete in their market .
What is Business Intelligence?
Data collection – Extract, transform, and load (ETL) is the BI method tool used to gather all the company data collected from multiple sources. Such data are stored in a centralized location called a data warehouse for easy data management and analysis.
Data analysis – Data mining is accomplished using data management tools that provide insights to the patterns and outliers found within the company data allowing in depth data exploration and predicting future trends.
Data visualizations – For ease of understanding and sharing, BI reports contain data visualizations (such as charts, maps, and graphs) that are interactive to provide quick and easy to understand data analysis.
The fourth step can then be implemented.
Data-driven decision making – By viewing and understanding the BI report, companies can compare current and historical data to make strategic data driven decisions that can help with adapting to any changes within the market/financing industry, resolve problems with customers, anything that can help with the growth and reputation of the business.
Checkout this example dashboard we have developed using publically available data from across the internet:
The above dashboard analyses data from ships coming into port in Tees Port. We are able to analyse the data multiple ways such as:
- The count of ships per day
- The origin of ships on a map
- Agents who the ships are assigned to
- The number of tugs used
Dashboards like these can be used to drive decisions and spot patterns in data that could not be identified otherwise.
The Value of Business Intelligence
Dashboards can be customized to display the specific information that is most relevant to the user, and they can be accessed from any device with an internet connection, allowing users to stay up-to-date with the latest information even when they are on the go. Overall, business intelligence dashboards can help organizations to improve their decision-making processes, increase efficiency, and gain a competitive advantage.
A world class team to help you get the most out of your data
Our team of data scientists/data analysts are here to help you understand your data, get the most value out of it and make your organisation as good as it can be.