With projected revenues of around US $203 billion by 2020, big data and business analytics are here to stay.
The human race currently produces over 2.5 quintillion data bytes each day. Almost all devices currently manufactured come equipped with the ability to connect to the internet. Mobile internet connectivity is expanding rapidly all over the world. The already mind-boggling amount of data produced only continues to rise steadily upward.
Companies and businesses across the globe understand the power of harnessing data to increase revenue regardless of size, scale, or industry. Sufficient access to relevant data is just the first step a company can take. At Zuar, we want to help you remain competitive in the digital age with our data analytics and insight. To start, here’s our guide to the ins and outs of business intelligence.
Business Intelligence Defined
Business Intelligence is the technology-driven process of acquiring data, data warehousing, business analytics, data visualization, and the attached infrastructure, tools, methodologies, and applications. The end result of business intelligence is to provide management with actionable insights.
The insights gained through analysis can be leveraged by organizations to make data-driven decisions, and in turn, increase profitability and decrease liabilities.
Richard Millar Devens created the concept in his publication, Cyclopædia of Commercial and Business Anecdotes. Published in 1865, it describes a banker who profited by utilizing information about the environment and his competitors.
It was Howard Dresner, however, who proposed using the term ‘business intelligence’ as an umbrella term to describe "concepts and methods to improve business decision making by using fact-based support systems."
Get started with Zuar's business intelligence platform to improve your decision making processes.
To find out more, check out our ongoing series about implementing Embedded Analytics.
What is Data Staging?
Before you learn what data staging is, you have to know the definition of ETL. The ETL process, or extract, transform, and load process, is the process of copying data from multiple sources to a single destination source.
Data warehouses, or enterprise data warehouses, are makeshift central repositories that house data on its journey between source and its final destination. These systems, called data staging areas, are the core components of business intelligence.
Data warehouses receive data from disparate sources like operational systems and sales data. The data updates regularly and serves as a central system for every worker in the enterprise to tap into. The chain of business intelligence starts with acquiring relevant data, and data warehouses are the place to go.
They maintain data history and improve the quality of data by providing relevant descriptions, data integration, summarization, and data restructuring. Data mining is impossible without data warehouses; not only do they store and update information daily, but they maintain historical records spanning up to 10 years.
What is the Data Value Chain?
The data value chain is the series of steps within a big data system required to obtain actionable insight. It is a conceptual framework that covers the end-to-end journey of data analysis. They are decision support tools used to plan and control the chain of activities required to achieve the desired results.
The main high-level activities are data acquisition, data analysis, data curation, data storage, and data usage. This structured approach helps the decision-making process by breaking down the business intelligence process into smaller actionable tasks.
The advent of this framework system led to a collectivized approach to business intelligence.
What is Embedded Analytics?
While business intelligence is a collection of separate and individual tools, technologies, and teams, embedded analytics is a set of additional capabilities hardwired into existing systems like CRM, marketing automation, and financial systems, Business intelligence tools are geared specifically towards professionals who perform data analysis. Embedded analytics capabilities can be integrated into unrelated software and products, making the power of data analytics accessible to just about anybody.
If business intelligence is the map of the entire city you want to travel in, embedded analytics is the GPS navigation system inside your phone that guides you to your destination.
Find out about embedded analytics here.
The goal of embedded analytics is to make data analysis accessible and understandable to end-users and applications. Technology users can observe these changes implemented in the daily apps they use. For instance, Amazon is an online marketplace, and their bottom line works because their app and website make future purchases easy. By providing similar product recommendations, reviews and category-specific suggestions, they have drastically improved the shopper experience – And in turn, increased customer retention and revenue. These processes are made possible by data analytics.
The most common embedded analytics capabilities include dashboards, data visualizations, mobile reporting, visual workflows, and predictive analysis.
This not only improves user experience but enhances productivity. Get started with business intelligence at Zuar, utilizing our data strategists’ capabilities and advanced insight tools to improve your bottom line.
Check out these tips and tricks for business intelligence optimization.