The task of mining data for business intelligence can be a daunting one, but one that can be made easier with the use of the right tools and methodology.
Business Intelligence (BI) has become a must-do for companies of all sizes – from SMEs to global enterprises, as without the right kind of data to hand, their business decisions will be uninformed. They need to be able to leverage every bit of useful information they can to be able to make effective decisions that will have a positive impact on their bottom line.
The recent COVID-19 pandemic has made the business climate much more difficult than it ever was – and is even more reason for companies to invest in BI. It is imperative that companies employ all of the tools available to them in such a tough climate in order to help them stay ahead of their competitors. Business Intelligence is one such tool that can be classed as a game-changer for businesses of all sizes.
There are many reasons why Business Intelligence is so vital in 2022, and these include:
Augmented analytics, powered by Artificial Intelligence (AI) and Machine Learning (ML), allows non-technical people within a business to create highly advanced data analytics models and derive insights from this data quickly. They also help businesses to handle complex data at scale by easing the collection of data and data cleaning.
Augmented analytics makes data analytics accessible so that everyone in the business can get value from it, by generating insights in an easy-to-understand manner.
Collaborative Business Intelligence
There has been a lot of progress in the area of Collaborative Business Intelligence in recent years. It is a combination of BI tools and collaboration software that work together to contribute towards better data-driven decision making.
If companies start to use Collaborative Business Intelligence, then the sharing of analytics and reports becomes more straightforward – which can help with decision making. Employees from all areas of the business can become involved in the decision-making process, which encourages problem-solving.
Every business tool you can think of is moving to the cloud if they are not already in the cloud. Even Business Intelligence elements such as analytics models, computing power, data models, data sources and data storage are in the cloud. This makes it a catch-22 situation for businesses as they are therefore forced to adopt cloud analytics whether they like it or not.
When there are many different systems in the cloud-like this, it can be complex for businesses to handle. It can also bring some risks and additional costs. In a similar way to Business Intelligence, there is no one-size-fits-all solution to cloud computing either – which is where the connected cloud becomes a more credible strategy.
Data governance is the process that provides companies with the steps they need to take to manage data assets, operational infrastructure and data architecture. Companies can now successfully use the power of people, processes and technology to deliver secure, trustworthy and understandable data – thanks to data governance. With the implementation of the General Data Protection and Regulation (GDPR) legislation in 2018, it is now crucial for businesses to implement a data governance program and modern Business Intelligence tools can support this to maximise the value of analytics.
Data Quality Management
Data quality is one of the challenges that data analysts across the world face on a regular basis. Business decisions are only as good as the data they are based on, and so data quality management is key to ensure intelligent insights are gained. Data quality management needs to be ensured throughout the process of data handling, from acquisition and implementation to distribution and analysis.
Data quality is based on five traits:
The higher the quality of the data at your disposal, the better your decisions will be.
Having accurate and updated data is key to the success of Business Intelligence. Recently there have been data breaches in some of the biggest tech companies in the world, with cyberattacks resulting in the loss of customer data.
No matter what size your company is, you are susceptible to cyber-attacks and the only way to be better prepared for them is to implement security mechanisms to cover the loopholes.
If you are looking to strengthen your Business Intelligence team, or take the next step in your career in Business Intelligence then please get in touch with the team at Agile Recruit. Our highly experienced BI experts will make sure you are on the right path toward Business Intelligence success.