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Dr. Thomas H. Lamb, MD.
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Many businesses pay between USD $100 thousand and $1 million for their business intelligence (BI) system. And yet a lot of corporate data isn’t accessed by BI users which raises the question: How important is BI to your business? The simple answer is that it is very important. From analytics to complex event processing and benchmarking, if used efficiently BI can play a major part in the success of your company. With that in mind, it is time you squeeze every last drop of value out of your BI platform to help push your business towards the finish line.
Modern BI platforms come with many options, from multi-data source connectivity to mobile BI. It is up to you to leverage the full breadth of your BI software’s capabilities to ensure that you’re getting all the value it can deliver. Looking to learn more about business intelligence and its functions? Get in touch.
Growing up we are constantly told that predicting the future is at best mere guess work, and there is no real way to tell what our future may hold. While this may be the case for much of life, in business there are ways to make accurate forecasts. One option at your disposal to be able to do this is predictive analytics.
It is important to stress that this form of analytics does not tell you what is going to happen. Instead, it is used to figure out what might happen. Think of it as similar to a weather forecast for your business - meteorologists can never tell you what the weather will be like over the next week, they merely use the data they have at their disposal to forecast what the outlook is likely to be in the next few days.
The vast majority of companies who apply these analytics to their business often do so to gain a better understanding of their customers, partners, and other stakeholders. From this they can better identify possible risks and opportunities.
Business Intelligence (BI) is hardly a new concept for small business owners, with a growing percentage of business owners utilizing it in their business. But even so, there are a great many misconceptions that still proliferate about the theories and technology behind it and people often don't realize how they can benefit from incorporating a little BI into their operations.
But many of these misconceptions are easily clarified and addressed. See how by taking a look at these tips.
An executive, for instance, can easily look into the sales numbers of a given month, without having to go over other variables and metrics. Other models of BI can cater to more than just reporting stats and data, as analysis can be collaborative and interactive, thus providing more efficient solutions that will deliver the correct information to the people who rely on the data for their decision-making.
But the truth is, every BI strategy is unique, and as a company, you can tailor these strategies to fit in with the way you operate. Before adopting any solution, however, you will first have to evaluate what specific needs BI must address using the data architecture, so that it will measure your requirements correctly.
The thing is, any company that has data will have a use for business intelligence. Small businesses can start with simple and basic solutions, for instance Google Analytics, and then later on, expand to a more comprehensive tool as the organization grows. Business intelligence measures the quality of data, and not the quantity, so you can accomplish something even with very few resources.
If you'd like to know about how you might be able to develop your business intelligence systems further. Consult a reputable IT services provider now.
Business Intelligence, or BI, refers to the processes and systems involved in the collection of business information for analysis to determine the past and current status of your company. It serves to give a better insight into what is about to transpire. Many companies from different industries use BI tools in their business, but the question is how can different departments use them?
There are various BI tools available nowadays that support small to large companies. You can find Business Intelligence tools that fit your company’s size, needs and budget. These applications can be used in different areas of the business:
Moreover, these tools often come with features that allow users to create scenarios and determine the possible results from there. This is extremely helpful in deciding on the best action to take as the tool gives you a view of the probable outcome. The success rate is higher if forecasting using a BI tool.
Items in demand can also be pinpointed, as well as low stock and overstocks. Items that are low in stock can be ordered immediately, especially if they are in demand, to ensure that the needs of clients are met. This also lets you avoid overstocking, which can be a waste of money when investment is better used for fast moving items.
These are just some of the ways businesses can use BI in their operations. If you have further questions about the topic, do not hesitate to give us a call. We’ll be more than happy to assist you.
Business Intelligence (BI) has become an essential function of many businesses. Those who employ some form of BI often see increased sales, or at the very least the ability to make quicker informed decisions more often. When looking into BI solutions however, you will likely come across a number of terms that may be a little confusing. Three of these somewhat puzzling terms relate to data - data mart, data warehouse and data mining.
Data warehouses store both current and historical data, and rarely contain unique data. Instead, they aggregate data from other sources in order to make this more accessible. They might store important information from sales, marketing, ERP, customer interactions, and any form of database in order to quickly generate BI related reports.
The name undoubtedly conjures up the idea of a large warehouse-like building storing infinite amounts of data. However, most data warehouses are actually tables which are created by taking data from various sources and cleaning it up so that relevant data is stored in the warehouse in a way that makes it easier to reach when needed.
The key difference between a data mart and a data warehouse is that data marts are usually smaller, focusing on one specific area, while a data warehouse covers the whole organization.
Want to learn more about these terms and how your company can benefit from a BI solution? Contact us today.
It seems like over the past five years or so, understanding, processing and leveraging of data has become one of the most important parts of a business. When reading about data you often come across the term 'business analytics'. Despite this terms common usage many people are confused as to what exactly it is and where exactly it fits into business processes.
In this article we will take a brief look at business analytics and why it is so important to businesses of all sizes.
We like to define business analytics as a process rather than a science. This process uses skills, business experience, technology, applications, and common business practices, to enable business owners, managers, and employees to explore past performance. Simply put, it's the study of the past performance of a business.
With most businesses, the goal of business analytics is to gain insights into the state of the company, and even drive future decisions based on existing data. If you can successfully implement a business analytics process, you and your employees will gain a higher understanding of your business which will lead to better decision making abilities and even higher growth and profits.
If you are looking to learn more about using business analytics or the components that make up this process, contact us today to see how our solutions can help.
In 2013, Business Intelligence - transforming data into useful information that can be used by managers to make decisions - has become a popular process used by businesses to make better decisions. Because this has become such a popular and important business function, you can bet that you will continue to hear about it in 2014. The only question is what exactly will be the latest developments this year?
Here is an overview of the potential Business Intelligence (BI) trends we could see emerging and growing in 2014.
This means we should see an increase in the number of programs that are user-friendly, while still providing the powerful tools that experts have been using.
These solutions will put important data in the hands of individual businesses, while also providing them with the ability to store and analyze their data with ease, as long as they have an Internet connection. Many of these solutions also allow for increased collaboration and some even have mobile apps which could help make adoption easier.
By visualizing your data in a way so that it tells a story you will be better able to gain a concise meaning from an overwhelming amount of data
If you are looking to learn more about BI and how it can help your business, please contact us today.
Many small businesses, even when they are an established company doing well, can encounter problems and run into a wall, blocking progress. Profits can level off and growth or sales can start to level out. This creates stagnation which can be a difficult challenge to overcome, especially to those who are risk averse. One way companies might overcome these issues is by analyzing existing data in the organization and looking for patterns.
In order to move your business forward and grow, you should analyze and try to interpret the data in your organization. This includes everything from previous financial statements, year-on-year sales figures and numbers, and even KPIs or estimated Vs actual figures. By looking into this data, you will eventually begin to find patterns which can be useful in not only helping you figure out the current state of your company, but in identifying where it is going.
One option many businesses explore is utilizing Business Intelligence software, which allows businesses to easily track data and identify patterns, among other uses. There are a wide variety of programs, so if you are looking to begin tracking data and analyzing patterns, try contacting us today to see what solutions we have for you.
There’s no shortage of data for the small business owner. Whether you hire a professional industry analyst to look at your business information, or do it yourself, statistics and reports can reveal valuable information. But making sure that information is enriched with knowledge is the difference between having numbers to hand and having vital data that could transform your business.
Many small businesses depend on their IT personnel to provide data that will enhance their business. However, there’s a difference between mere data and enriched information that improves performance. For instance, you might be surprised to find that page views are largely useless. This figure tells very little about how people are actually using your site, which is the most important information you can have. Data that leads to improvements is more than just information. It’s intelligence. There are many types of information which can help businesses become more intelligent.
Visitor flow Visitor flow follows how users navigate your website. The most important point is to learn about where your customers enter your site, and where they leave. Simple numbers of visitors is not as useful. Let’s say that you are running an online store and that 350 visitors left your site on the 'confirm order' page. This might suggest there’s some type of sticking point related to this page. It might be that the wrong orders are loading. It might be that a sudden tax add-on that wasn’t fully clarified caused users to cancel the purchase. Regardless of the reason, this type of business intelligence may help you make positive changes in the online experience you create.
Traffic sources Traffic sources tell you where your customers are coming from and therefore what’s driving people to your site. Wouldn’t it be helpful to know the type of sites which are leading to yours? With that information, you might step up advertising and marketing within those sites, and bring even more business your way. Traffic sources are also a great way to measure the effectiveness of advertising.
Keywords When you know what keywords people use to find your business online, you can begin tailoring your pages to contain more of them. You can also begin applying those keywords in advertisements, banners, and promotional efforts you invest in online. By better meeting user desire and expectation you can raise your profile above that of competitors.
Conversion rates Your business makes money when people buy your product or services. Conversion rates can help track users through the entire sales experience. By finding out key data about where users spend time online, where they enter the sales experience, and when they leave, you are better able to adjust your product or service, your presentation, and perhaps your website design. By finding peak points of purchase, you can pinpoint successful pages or links too. By finding weak points of purchase, such as abandoned online shopping carts, you might be alerted to tech problems or layout aspects that interfere with more robust conversion rates.
Bounce rates Bounce rates reflect the number of users who visit your site but leave without looking at any other pages. In a best case scenario, it means they find what they are looking for on your site fast. In the worst case scenario, it means that your users lose interest immediately, and big changes on your site have to be made. A high bounce rate can be changed through rich content development that engages users to remain within your site, exploring what your business has to offer in terms of products and services, and more.
Bounce rates are a great example of the difference between metrics and information. IT might present stats that show 3,000 people are visiting a site each day. This might seem like good news, until it's revealed that the bounce rate is 2,999. This is the difference between information and intelligence.
Business intelligence creates a better opportunity to maximize your production and profits. We can help in that process, so get in touch today.
The path to running a successful business starts with making the right decisions. This can be a challenge for many business owners, largely because nobody can see what the future holds. This is why Business Intelligence (BI) has become so popular; it helps us make better decisions. One form of BI is visualization - taking data and turning it into something visual we can use. While this can be useful, there is a chance that it can lead to data being misrepresented and the wrong decisions being made.
Here are four tips on how to make successful data visualizations - e.g., charts, graphs, flowcharts, etc.
1. They need to be easy to understand When visualizing data, it can be very easy to make the outcome incredibly confusing. By having too many sets of data, trying to compare and visualize too much, or by simply laying information out in a confusing way, you could actually decrease the effectiveness of the message you are trying to convey or lose it altogether.
When creating visualizations, try to get someone who is part of your target audience to look over it and make sure they can understand what the visualization is representing and that it is easy to comprehend. If they can't, you need to go back to the drawing board and try to come up with a way to present the data where the intended audience can understand and follow it easily.
2. They need to cater to the audience The main reason most managers or owners visualize data is to present it to an audience. 99% of the time, this audience is a decision maker and you are trying to get them to decide on whatever the data visualization is representing.
Therefore, when setting out to visualize your data you should first define an end goal - what you want the audience to do with the data. In order to do this, and to develop a successful visualization, try considering these three questions:
Above all - They need to tell a story The most successful visualizations tell a story about the data. Unlike TV or movies, you aren't telling a story for pure entertainment. The story should be related to how the audience will be affected or can be helped by the data represented in the visuals. If you are struggling to find a way to tell a story, try actually explaining the data. By knowing it inside and out, you will likely be better able to come up with an explanation that you may be able to weave into a fluid story for your audience.
If you are looking into visualizing your data, or improving how you present it, why not contact us to see how our systems can help.