All businesses sit on heaps of data that, more often than not, goes unutilized. Your data holds all the solutions you need to become a successful and booming business. But how can you leverage this data? Business Intelligence is the answer to this problem.
Let’s discover how to utilize this resource by going through:
- What is data science?
- What is business intelligence?
- How to analyse data?
- How to process data?
What is data science?
Companies have hundreds of gigabytes of data at their disposal, much of which remains idle. Data science is the way businesses can analyse their data, to then find out where to look for the right data to answer their questions and come up with more viable solutions.
What is business intelligence?
Business intelligence is the art of leveraging technology and aid with data science. In essence, it consists of many different kinds of software and tools to transform data into actionable insights. It is these insights that are used to take strategic and tactical business decisions for growth.
How can you analyse your data?
Businesses can analyse their data and leverage the insights to get on the path of growth in just 5 simple steps.
- Goal – Set a goal for the analysis – What are you looking to find? What are the questions that you need answers to? What areas of your business do you want to improve? Once you have a goal in mind, your data analysis gets a direction.
- Collection – The most obvious step after understanding why you are analysing your data is to then collect the data. If youalready have a lot of data in your database, then jump the queue and proceed to the next step
- Processing – Often the data that you have may not be ready to use as is. There are certain variables that you may not need but have anyway, known as dark data. There may also be duplicates and incorrect data as well. Data processing is the act of refining this data and filtering it down to obtain the datasets that you actually need and are relevant.
- Analysis – Now that you have the right and relevant data, it is time to start analysing the data. You can do this by using any of the software listed below or have a data analyst or specialist take a look at it to better understand what the data is trying to say.
- Decision – Your analysis will reveal important facts and aspects of your data that you may not have understood earlier. If your analysis is done thoroughly, you will obtain multiple actionable insights from the data that you can use in order to make better and more informed decisions that will show real impact on your bottom line.
Following these 5 steps will help you analyse and make the most of your data.
Top business intelligence tools:
Now that you know why data analysis is important and how you can analyse data, here are some of the top business intelligence software and tools that most businesses use to drive data driven growth:
- Tableau – Tableau is an analytics platform that helps you visualize your data in the form of charts, graphs and other visual statistics. It can integrate with a range of data sources, including Microsoft Azure SQL Data Warehouse and Excel, thus helping you draw insights from your data.
- Splunk – Splunk is a guided analytics platform capable of providing enterprise-grade business intelligence and data analytics solutions to businesses. This helps you not only get more insights, but also to understand your data better.
- Alteryx – Alteryx is a platform that blends analytics from a range of sources to simplify workflows as well as provide a wealth of BI insights. It is the best platform for businesses where multiple teams require data to make decisions on a regular basis.
- Domo – Domo is a cloud-based platform that offers business intelligence tools tailored to various industries and managerial levels. If you are a business that wants every employee to have the complete picture before taking a decision, Domo is the tool for you.
- Google Data Studio – You are probably familiar with Google Analytics. The Google Data Studio is a supercharged version of Google Analytics, providing very deep insights from your data and helping managers make the best decisions.
For long, businesses have been oblivious to the value of data analytics. However, to survive the 21st century without analysing and making the most of their data is a near to impossible task.
If you want to learn more about how you can make the most of your data, register now for our Practical Data Analysis for Business Course.