THE NEED FOR BUSINESS INTELLIGENCE (BI) SYSTEM – BI IN THE BUSINESS
150 million emails, 20.8 million WhatsApp messages, 2.78 million Youtube views, 2.4 million searches – these numbers are not weekly or daily figures, they happen minute by minute on the internet. This data is initiated by people and all over the world, expressing the preferences and needs of users’ services and goods. Obviously, the business intelligence system has leveraged these invaluable data for their marketing plans and business strategies.
But the data is just numbers, lifeless texts, that don’t show any value in insight, trends, and patterns. So how do businesses take advantage of them? BI systems and data analytics technologies are the bridge between the company and those raw data.
The importance of a Business Intelligence system
Effective BI systems are used to help businesses make the right decisions for their business among thousands of choices. This is the best way for the company to outperform its competitors because the data itself is the feedback of customers, which is the trend of the market.
Not to mention, when analyzing patterns of buying or using 1 customer’s product, the company can determine the budget from the beginning when it wants to bring new products to the market. In addition to discovering new business opportunities, BI also helps businesses re-evaluate the weaknesses in internal processes, products, marketing strategies … based on the benchmarks of the market and competitors.
Currently, bi market has many big companies participating, such as Oracle BI, Qlikview, Tableau and IBM. Businesses can combine 1 or more tools to analyze the insight values of their data. The main components of a BI system:
In this digital age, the volume of data generated every day exceeded all predictions, and 90% of that total data has only just been generated in the last 2-3 years.
Data is often used from OLTP systems and should be stored in a databse to be able to input into analytical and virtualization tools. The purpose of the data warehouse is to gather structured data from a variety of sources, and be ready when the BI system requires it.
Oracle, Microsoft, IBM and SAP and Amazon AWS are all at the fore end of Database Management Systems.
The appearance of high-volume data from sources such as social networks, websites, surveys, RFID and GPS also makes a new term called Big Data. So the market also launched tools used to process Big Data, two names too famous as R and Hadoop.
The big data analysis has created tremendous benefits in terms of operating costs and performance of the business: The product is advertised to the right person to buy, the needs and tastes of consumers are predictable, the quantity and time of inventory …
By collecting information from the Website, extracting the necessary data will be much easier. Of course, follow-up steps such as the BI system process of analyzing and performing figures will also be smoother. If businesses have good Web Scraping capabilities, they can see how people are talking about their company, apps to manage their brands, enhance personal engagement, and develop marketing campaigns.
Business Intelligence Dashboard
A dashboard is basically used to show what’s important and the most visually relevant information. The necessary information needs to be aggregated and sorted on a single screen so that users can monitor and read immediately. Here are a few key points for a dashboard that is considered good
- All data and effects are on one screen, users don’t need to scroll up and down to view.
- Show only important KPIs that need to be noted regularly (revenue, sales, DAA..)
- Dashboard must be simple, easy to understand and easy to use
- The data must be updated completely automatically (the regularity of updates depends on the needs of each business)
Business Intelligence Reporting
Usually, a report is shown in text and numbered tables, which are optimized for printing, usually in PDF format. This feature seems simple but is the most important thing because managers and directors use it to guide a company or even an industry.
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Continue on part 2: https://hybridcloud.com.vn/blog/business-intelligence-tools-bi/