Guide to Business Intelligence
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The document provides a comprehensive guide on Business Intelligence (BI), explaining its significance in transforming data into actionable insights for businesses. It covers key components such as data warehouses, Analytics, predictive analytics, and the role of big data in decision-making. It also highlights the challenges of BI implementation and showcases a case study of O2 Ireland's successful utilization of BI strategies.
Guide to Business Intelligence
- 1. GUIDE to BI How to find the best BUSINESS INTELLIGENCE software package for your business.
- 2. what is business intelligence? Business intelligence (BI) loosely refers to applications that transform data into meaningful information that helps businesses make better decisions.
- 3. The term BUSINESS INTELLIGENCE started being used sometime around the late s It helps businesses gain a competitive edge by supporting and improving their decisions with relevant, insightful information.
- 4. The rise in popularity of business intelligence is closely linked to the rise of BIG DATA As technology has progressed and more activities have shifted to the Internet, it has become possible to track and compile behavioral data like never before.
- 5. To make informed choices, businesses need to base their decisions on evidence. Customers and businesses are always producing evidence of purchasing patterns and market trends
- 6. HANDLES MORE THAN 1MILLION CUSTOMER TRANSACTIONS PER HOUR. The businesses that harness that intelligence first, will gain a competitive advantage by predicting customer behavior
- 7. how big data is managed The most common first step in utilizing BI is often taking an inventory of all the data data your business produces.
- 8. data warehouses Using the extract, transform, and load method, data warehouses aggregate data from across an organization and make it easier for other applications to quickly access them.
- 9. Data in analytics and reporting exist in different formats, making it exceptionally difficult to draw conclusions and identify patterns without restructuring the data into a common format and housing it in housing it in a common area. Data is stored in a data warehouse in dimensions and facts. FACTS : represent numbers for a specific action, likes the sales of a widget. DIMENSIONS: give context to facts by adding dates and locations.
- 10. data marts Essentially simpler, narrower versions of data warehouses, data marts focus on a specific subset of data instead of storing data from from across the entire company.
- 11. Extract Transform Load (ETz L) Named for the process by which data is transferred into a data warehouse, ETL applications are for normalizing data in a central location.
- 12. extract The degree of success by which data are extracted from their source systems - ERP or CRM systems for example - influences the success of the rest of the process.
- 13. transform To prepare the data for storage in the data warehouse, the second stage of ETL applies rules to incoming data in order to âcleanâ or normalize it.
- 14. load Now that the data have been extracted from their source systems and normalized through the transform phase, itâs ready to be loaded into the central database, most commonly the data warehouse.
- 15. hadoop A very popular data storage framework, Hadoop is an infrastructure for storing and processing large sets of data. STORING PROCESSING
- 16. analyzing big data Regardless of whether businesses choose to store their data in a data warehouse or run queries on the source system, the analysis part of business intelligence is what produces the insight that makes the entire field so appealing.
- 17. data mining Also known as âdata discovery,â data mining involves automated and semi-automated analyses of sometimes large sets of data to data to uncover⊠PATTERNS AND INCONSISTENCIES
- 18. Of the standard processes performed by data mining, association rule learning presents the greatest benefit. Itâs the type of analysis that now connects incredibly complex chains of events, and helps users find correlations that would have stayed hidden otherwise.
- 19. predictive analytics Perhaps one of the most exciting aspects of BI, predictive analytics applications function as⊠an advanced subset of data mining
- 20. three forms of predictive analysis: predictive descriptive decision
- 21. predictive Predictive models search for correlations between a particular unit of measurement and at least one or more features pertaining to that unit.
- 22. descriptive Descriptive analytics works well for helping to summarize information, such as unique page views or social media mentions.
- 23. decision Decision analytics take into account all the factors related to a particular decision.
- 24. MapReduce The processing arm of the Hadoop framework, MapReduce processes data in its storage location rather than transporting the data across a server to the location of the processing software.
- 25. text analytics Synonymous with text mining, text analytics software combs unstructured data to find patterns hidden within large sets of text data.
- 26. the different types of data Utilizing this data is often crucial to figuring out how to move forward. STRUCTURED SEMISTRUCTURED UNSTRUCTURED
- 27. reporting Business intelligence reporting focuses on the presentation of the mechanics of BI and how business data is stored.
- 28. online analytical processing OAP enables users to query data warehouses and create reports that view data from multiple perspectives
- 29. a data visualization allows companies to graphically display the results of data mining or other analytics.
- 30. dashboards A narrower form of visualization, dashboard functionality refers to the interface that represents specific analyses
- 31. Far from a misunderstood buzzword, BI is being implemented in a number of of different organizations to to great effect. State of the Market
- 33. 67% 58% 44% OF COMPANIES LIST PREDICTING CUSTOMER BEHAVIOR AS THE BIGGEST FACTOR DRIVING THEIR INTEREST IN BIG DATA SAY ACCESSING TIMELY, RELIABLE DATA STANDS AS THEIR BIGGEST INFORMATION MANAGEMENT OBSTACLE ARE INTERESTED IN USING BUSINESS INTELLIGENCE APPLICATIONS IN THEIR BUSINESS 54% OF RESPONDENTS CLAIMED BI HELPED THEM MAKE BETTER BUSINESS DECISIONS 39% PERCENT RATED BI SUCCESSFUL FOR MONITORING PROCESS PERFORMANCE 28% REPORTED THAT BI HAD HELPED THEM GAIN A COMPETITIVE ADVANTAGE Another survey by InformationWeek found Forresterâs research provides some insight into how successful businesses have been in implementing
- 34. While the number of organizations who have adopted business intelligence and gained a competitive advantage remains in the minority. One of the most difficult areas of implementing BI is finding the proper expertise.
- 35. trends
- 36. in memory processing utilizes RAM instead of disk or hard drive processing in order to read information Accessing information in this manner increases the application performance
- 37. As usability and visualization are becoming more important, the design of reporting mechanisms and ease of use of analytics functions are a being driven toward a lower barrier of access. usability and visualization
- 38. Business Intelligence in Action: O2 Ireland The key to BI involves centralizing the information in a data warehouse before before its analysed, so the data is cleaned and formatted properly. From a business perspective, 02 Ireland, wanted to get the most out of its relationships with its customers, but it needed to know which ones to target.
- 39. O2 Ireland had the same data problems that plague many businesses today: a number of systems were capturing data, but the data wasnât unified. Their first step was to create a a central data environment.
- 40. O2 was able to segment the 65 percent of their customers who stayed in the country after they purchased SIM cards and to target them. They launched location specific marketing that's been successful in driving foot traffic to brick and mortar locations Instead of focusing solely on the technology, they focused on what the technology could do for their business.
- 41. Now that you've learned the basics⊠Head over to our website where you can download the complete guide or read more about how BI software can help your business. www. .com
Editor's Notes
- #2: This is the TechnologyAdvice guide to customer relationship management. It will show you how to find the best CRM software package for your business.