How Big Is the Digital World?
You might be amazed at how fast the digital world has become over the years. More data is being created than ever before. In particular, about 90% of all data in the world has been created in just the last two years. IBM also says that about 2.5 exabytes, which is equal to 2.5 billion gigabytes, was generated on a daily basis in 2012. Considering how dependent people are on technology and data, that number has more than likely grown in the past few years.
Data can be collected in a variety of ways. Data can come from computer portals, customer inquiries, and inputs and even from transaction records at various businesses. For instance, when a person signs up for a charge card at a particular retail store, data is being collected. This includes data on a particular person including financial data and contact information.
While the data that can be collected might be important, it is even more essential for businesses to take a closer look at how data is managed. Business intelligence is needed when collecting and interpreting data.
What Is Business Intelligence?
Business intelligence is a process where data is properly analyzed. This is to generate solutions that can help a business to improve upon its performance while helping to make the right decisions.
Although business intelligence sounds similar to analytics, it is actually a different concept. Business intelligence focuses on what has happened in the past rather than that might happen in the future. Business intelligence relates to looking into what has happened in order to create a proper reactive response. This is different from analytics, a concept that focuses more on what will happen in the future and create proactive solutions.
What Makes Data Valuable?
Data is critical to your business in that it helps you to see trends within your business. These include trends relating to what’s popular and what needs to be worked upon. You can also learn more about your customers and how they behave or what types of customers you’re more likely to bring into the fray.
How To Make the Most Out of Your Data
When it comes to business intelligence, you need to think about how you’re going to collect data. You can invest in business intelligence software to help you out with acquiring information as needed.
Board offers a full dashboard to help you review your business intelligence in real time while also using geo-mapping to gather information as required. Visual analysis is especially critical to how it works as it makes data easier to figure out.
Dundas BI can also be used for your business intelligence needs. This offers call center, HR, and operations sections to help you learn about how different departments in your business are working.
Sisense also helps with your business intelligence needs by offering lead generation and revenue reports. This is also a fully customizable program that can be adjusted in accordance with various parameters.
Salesforce is an especially useful program that can make a real difference. This is a fully customizable business intelligence program that will help you analyze data directly off of a cloud network. It can work from any device and will give you direct access to your information through either a desktop or cloud interface.
Don’t Store Your Data – Use It!
While storing data can be useful, you need to make sure you actually use what you store. Stored data that isn’t analyzed is nothing more than wasted data. In fact, only about 1 percent of the world’s data is actually analyzed. The rest of that data is never actually used.
You must make sure that you analyze your data to make it work well. A program like the Salesforce business intelligence platform can help you to not only record data but also organize it and review it in a way that makes perfect sense.
How Can You Analyze That Data?
You can analyze your data through a business intelligence program by using one of these four strategies:
- Prescriptive analysis entails a look at what actions should be used based on the data you collect.
- Descriptive analysis entails a look at what is happening now based on the data that is coming in. This works with a more real-time approach.
- Predictive analysis lets you determine what you feel may happen based on what’s going on in your business.
- The diagnostic analysis takes a look at past performances to help you take in an idea of why such data might be relevant.
Reporting Is Critical
Reporting can make a real difference in your business. A proper report will help you with solving problems, figuring out trends and understanding where your business is at when compared with other entities.
Machine Learning Helps As Well
Machine learning can also make a difference. This is a process that refers to data analysis that helps to create new predictive models. This helps businesses out through your cognitive computing needs. This refers to how you are able to generate new pieces of information based on trends that are gathered automatically. As you use the information you collect, you will find it to be rather easy to get more out of your work.
Training Your Employees
As great as business intelligence data support can be through a great program, you need to train your employees to know how to make it all work. You can use these tips to educate people on how to use business intelligence data to their advantage:
- Educate your employees on how to use different business intelligence tools. This is to help people learn more about how to analyze information that comes about.
- Encourage people to create their own analytical plans for how they are going to use their data.
- Get your employees to work with hypothetical example if possible. Let them know how to read trends and how to sort data.
You need to make sure your business works hard to take advantage of the data it collects. About 89% of all American businesses are investing in data and data analytics processes including through business intelligence programs. Are you ready to get your business to take that next step and use its data with care?