The Principles of Business Intelligence
It is essential that the value of any information offered to a business owner well surpasses the cost of generating it. Skymark Analytics thus strives to guarantee that this will be the case. By placing a key focus on the Four Steps of Business Intelligence, we can assist to transform unprocessed data into intelligible insights that can be utilised by everyone in an organisation.
1. Collect and Transform Data from Multiple Sources
ETL, or extract, transform, and load, is a common technique used by business intelligence systems to combine organised and unstructured data from many sources. To make it simple for programs to analyse and query it as a single complete data set, this data is then converted and reorganised before being stored in a central location.
2. Uncover Trends and Inconsistencies
Automation is frequently used in data mining (i.e. data discovery) to rapidly analyse data in search of patterns and outliers that can reveal information about the status of business today. Types of data modelling and analytics, such as exploratory, descriptive, statistical, and predictive, are frequently included in BI solutions and allow users to better analyse data, identify trends, and generate suggestions.
3. Use Data Visualisation to Present Findings
Data visualisations are used in business intelligence reporting to make findings simpler to grasp and share. Interactive data dashboards, charts, graphs, and maps are some of the reporting techniques that enable individuals to see and understand what is occurring in the business at any given moment.
4. Take Action on Insights in Real-time
Companies can take swift action after gaining insights by viewing recent and historical data concerning business activity. Real-time adjustments and long-term strategic changes that address supplier concerns, address customer issues, address market movements, and eliminate inefficiencies are made possible by business intelligence.