Business Intelligence and Data Warehousing
Business intelligence tools are crucial for effective measurement by the use of key performance indicators and metrics across all levels of an organization, in all industries. Business intelligence tools allow companies to see both historical and current data in context, which enables better decision making and/or prediction development depending on a company’s business objectives.
As of 2018, around 20.5 percent of respondents dealing with research and development said that their teams use five or more business intelligence tools, according to Statista.
Data is everywhere, inside and outside of your organization. Data comes from various sources, machines, and from your actions. They greatly vary in size, type, and sources. It may or may not be structured.
For instance consider the example of analyzing your sales channel. This can be answered easily through the process of Business Intelligence. The sales channel can hide many potential answers to your questions, such as,
- • How many transactions are made during the month/week/day?
- • Which of your product/service gaining attraction of users?
- • How much of the time did they spend on your website/app?
- • Are your campaigns successful enough?
- • Do you get the expected leads from your visitors?
- • Is there any product or service which does not show any sales during recent days?
- • Where are your customers from?
- • What are they focusing on?
These questions can highlight many noticeable areas for which organizations must to action on in order to accelerate growth or remove bottlenecks.
Data can be collected and analyzed anytime as required by management. Reports and dashboards can be generated daily, monthly, quarterly, or yearly as and when required. Analyzing this data helps companies build their next successful strategy or help in creating the next location-specific campaign.
Traditionally, companies built their business intelligence strategies from the ground up, typically starting with a traditional data warehouse. But as the volume, velocity, and types of data have exploded, companies have resorted to more agile solutions to drive their analytics strategies. The bleeding edge in this software genre is termed by Gartner as a data management solution for analytics (DMSA), or an “analytics hub” and encompasses traditional data warehouses as well.
Our team of consultants at Cogniata with their years of experience with the wide variety of BI tools available will be able to provide your company with the best solution and strategy for BI implementation and rollout tailor made to fit your individual needs.