Muriel Cooper a pioneering book designer, digital designer, researcher, and educator was said, Information is only useful when it can be understood.
In the term of business, all decisions and actions are correspondingly based on previous data. In any organization analyst analysis, previous data and the future decisions come only when analyzing process has completed, which is a very time-consuming process. For to develop and gain benefits from that business, any business data should be accurate and also at the right time. Because once the right time has passed, then most important and useful information is not more than garbage data.
With the context of business is that organizations that leverage their information quickly are more agile. Allowing them to respond faster to market trends, giving them an upper hand over their competitors.
Think once before dealing with Big Data: – That you are investing your time or just wasting your time on bulks of data.
We have to understand that big data is not a trend. It has been referred as the Management Revolution because of the impact it has on doing business in this era. By now, organizations understand the importance of information for data visualization, data management and business management, decision making. So this is why so much effort is exerted to gather data from all business channels and departments. In fact, it is estimated that 73% of organizations have already invested in Big Data as of last few years.
Now if you want to manage your big data in effective way, you have to remember that You can’t manage what you don’t measure. It means until you don’t know insights of your data, till you are not able to manage your big data effectively. So if you also want to invest your precious time on informative data and don’t to waste it on analysing bulks of data. Then we Finacle IT are here to represent all the BI solutions for your business data, for to make it easy to understand and control. You can also contact us on our social media links, which are at the end of the article.
Here we are talking about Data, then who we can forget about Data Driven Companies. Let’s take an example that how data driven companies perform their work.
The question might pose is this: Where is the evidence that using big data intelligently will improve business performance. The business press is rife with anecdotes and case studies that supposedly demonstrate the value of being data-driven. But the truth, we realized recently, is that nobody was tackling that question rigorously. To address this embarrassing gap, we led a team at Finacle IT for Digital Business, Business Intelligence, Cloud services and CRM services, working in partnership with idashboards & Tableau and we are headquartered in Chicago. We set out to test the hypothesis that data-driven companies would be better performers.
Not everyone was embracing data-driven decision making. In fact, we found a broad spectrum of attitudes and approaches in every industry. But across all the analyses we conducted, one relationship stood out: The more companies characterized themselves as data-driven, the better they performed on objective measures of financial and operational results. In particular, companies in the top third of their industry in the use of data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors. This performance difference remained robust after accounting for the contributions of labour, capital, purchased services, and traditional IT investment. It was statistically significant and economically important and was reflected in measurable increases in stock market valuations.
The evidence is clear: Data-driven decisions tend to be better decisions. Leaders will either embrace this fact or be replaced by others who do. In sector after sector, companies that figure out how to combine domain expertise with data science will pull away from their rivals. We can’t say that all the winners will be harnessing big data to transform decision making. But the data tell us that’s the surest bet.
Look how we transform data into Information: –
It’s obvious; that your organization does not need to analyze the whole world’s data. However, with the amount of time and money invested in gathering data, you need to make sure you are putting that data to good use by transforming it into meaningful analysis.
Business intelligence usually comes to mind when navigating this area of expertise. The term business intelligence is actually an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.
There are several types of IT systems that take part in the ecosystem of transforming data into meaningful information. Organizations usually use a combination of tools which they curate based on their priorities and goals. Normally, the chosen tools should be able to pull and consolidate data, allow users to create analytical models, and display results for sharing and collaboration. With these three basic functions, organizations can create a comprehensive data management strategy to gather data, transform it as needed and analyze it.
Following is a list of BI tools with brief description of its purpose: –
- Data Mining – The process of discovering patterns in large data sets.
- Integration – The process of combining data from multiple disparate data sources.
- ETL – Extract, Transform, Load pulling data from one dashboard to another.
- OLAP – Online Analytical Processing Tools that enables multi-dimensional analysis.
- Predictive Analysis – The process of using data to make predictions about future.
- Reporting – Presentation of organized data for a specific purpose to a particular audience.
- Data Visualization – Presentation of data in a visual graphical context.
This article conducted by Finacle IT for Business Intelligence, want to learn more about our services.