Famous management guru Peter Drucker once said that ‘ What measured always gets managed”. This adage has never been more relevant, as businesses get access to the increasing amounts of customer data - the potential to use this raw information mine to convert customers, and create service benchmarks has never been easier.
But businesses now face a challenge to make sense of this infinite potential of information they have access to.
Added to this, purchase trends are continuously changing and if you can make predictions about future buying behavior then you hold a major trump card over your competition. But the challenge lays in sifting through this data for actionable information, because finding that aha moment amidst hordes of data is like looking for a needle in a haystack.
The fact that business intelligence is on the rise is no longer a secret. A quick look at your amazon home page is a great example of the rise of business intelligence.
A report published by Pricewaterhouse and Iron Mountain summarized that the solution to the problem of big data analysis lies in the use of business intelligence tools.
There are a lot of BI tools out there with features galore, but without a specific idea about what BI tools are, you may not be able to get the best out of the software.
Any tool that can help you make sense of large amounts of data in a structured and organized manner falls under the category known as business intelligence tools.
These tools can be used for organizations both big and small, but depending on your resources and the goals of your data analysis – you need to understand the three types of business intelligence tools out there that can help you turn big data into actionable information;
Self-service BI tools require very little advanced training. These tools help users derive intelligence from captured data through reports and dashboards. With the available information, these users can procure actionable steps from the reports based on the goals with which they analyzed available data.
While Self-service tools can be set up without the help of a developer, guided analysis tools need to be implemented by a developer who puts together a software that has dashboards, charts and data visualizations. These reports and dashboards are all system generated and employees cannot use external data sources for analysis without first hiring a developer.
Advanced IT tools are used by major organizations. They have the ability to predict trends before they occur. They carry out the analysis and then offer the data scientists’ pieces of information that would benefit the growth of the business
You can get a clear measure of your results only if you define your goals at first. If you work in marketing – you probably wan’t to know more about user behavior on your website.
Businesses Intelligence tools gives you the data you need to make an informed decision of implementation strategies to boost revenue. But at the top of the pyramid of effective analytics lies the word GOALS. Clearly define your goals first and then analyze later.