Thursday 24 March 2016

Introduction to Business Intelligence Techniques

Analytics and business cleverness systems incorporate data, data, technology and business strategy in a format which intuitive and simple for finish users to connect to. A best practice is to produce and implement analytics and business intelligence systems utilizing a balanced scorecard approach.

Well-balanced Scorecard Approach
The well balanced scorecard (written about by Kaplan & Norton) is a performance management system that links non-financial and financial performance metrics and organizational goals. Strategic goals are documented in business terminology and associated with metrics. Goals and metrics are broken out and organized into four categories: financial, customer, internal process and human resources.

Software/ Technological innovation
Business Intelligence is a broad concept with several functions including management reporting, ad hoc evaluation, alerts, forecasting, segmentation and optimization. There are a number of business intelligence (bi) software/technology offerings on the market industry with price tags ranging free of charge to six figure. Good examples of common business intelligence software are: Excel, SAS, IBM SPSS, Tableau, Spotfire, Rapid Miner, R, etc. Sometimes the best software to use is the one which you already have. Buying new software won't guarantee success with stats and business intelligence (bi). A thorough financial and technology space analysis should be done before investing in a new software.

A new key component to a good business intelligence system is a collection of dashboards that visualize and make sense of a vast array of corporate, public and third gathering data. Highly intuitive, aesthetically appealing, information packed agile dashboards permit managers and end users to quickly understand the most relevant facts pertaining to business performance.

Core dashboards in the business intelligence system should be built around the balanced scorecard strategy and display key metrics for visual analysis by customers. Through a series of linked dashboards, end users can take a strong dive into the key performance metrics to understand how they changed over time, how they are related and how they are predicted to do in the future.

Supporting dashes show the how specific projects, initiatives or functions relate to the general performance of the company. Get more information about consultant then you can always consider Tableau Consultants.Through data cubes and models, end users can drill into the cause and result relationship that every business decision has on a wide range of interconnected components of organizational operations.

Time Sequence Analysis, Alerts, Forecasting, Optimisation
Using historical data alerts (such as emails, red flags, offers etc) can be triggered to capitalized on situations by always taking action in a timely fashion. Forecasting uses historic data to predict the long run, given a set of conditions. Optimization assesses a number of different scenarios to predict what's the best that can happen.

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