WHAT DO BUSINESS INTELLIGENCE DATA ANALYTICS ENTAIL?
Business intelligence data analytics are used to determine what decisions the company should use next. Should they order more? Should they order less? Is there a trend to look out for? Was there something that caused the changes or trend(s)? These questions are answered by checking the history of the data. The same works for small business data analytics, financial data analytics, and even for large companies. If you have ever been to a business and noticed that they are out of something, or have too much of something, it may be a result of failure to analyze their data. Data can be described best by using the Data to Wisdom Continuum: Data is used as information. That information becomes knowledge. From that knowledge comes the wisdom to decide what would be the best decision for the company.
Since the quality of the data affects the results of the company and its decisions, that shows the importance of having clean data. Companies with large clientele have a large database of customers that continues to grow. The clean database ensures the space for more clients! The business intelligence system may be able to predict algorithms for the company if the data is clean, enabling clear analyses of company decisions.
WHAT IS INVOLVED IN DATA ANALYTICS?
There are a few common steps in the process of data becoming wisdom. First, the data has to be entered into the system for recording purposes. Next, after the integrity of that data is proven, it is used for reference but still just information. That is when it is organized and interpreted, especially if it is not the only record. Then, that information is understood but is still just information to be observe and compared. Afterwards, when the information is compared, that is when it becomes wisdom for the company to choose what decisions to make, based on their observation.
WHO USES BUSINESS INTELLIGENCE DATA ANALYTICS?
Data analytics are used quite often, rather it is to keep with accounts in a business, for analysis purposes, cyber security, checking hiring patterns, or even for comparison purposes. Analytics being used for comparisons can vary by company of software because of the differences in software capabilities, and also because of the age of some companies. More mature companies, despite the field would have a larger history for comparative purposes.
Business intelligence data analytics are commonly used in big businesses, but other fields like criminal justice or even health care may use them to keep counts of something. They may use that data to notice if certain crimes are more frequent in certain areas, or even another observation.
Health care workers may use analytics for counts of a diagnosis to possibly identify a trend or if it is possibly related to other diagnoses from other patients. Epidemiologists, specifically, may use the data to notice a trend or even to search for an index case of an illness. They may conclude the illness as endemic or syndemic, based on where they find most data of the cases.
Retail managers may use the analytics to determine how sales are doing and when they should order certain things. They may use that information to notice what is selling or not selling and when the issue took place. Was it a poor quality item in low demand, or was the supply depleted but returned for poor quality? Did one brand seem to be more favorable to customers than another? These questions are all answered by utilizing analytics.
WHAT HAPPENS WHEN DATA ANALYTICS ARE NOT IMPLEMENTED?
Without any analytics, rather of business intelligence, quantitative data, qualitative data, or another form, there would be no way to keepup with any alterations, besides indiviually counting each thing and even dating back. It would be way more time-consuming than actually analyzing the data. As hinted on earlier, without analytics, trends are not noticed, nor are patterns that can have meanings (i.e., shorts in the summer, pants in the winter, boots in the winter, etc.). With the business intelligence present, especially if they are visualizations like a scatterplot, pivot table, or even a line graph, it is more visible to see, rather than looking at numbers because not all people have the patience to look at numbers.
Even in criminal justice, without analytics, law enforcement may not be able to identify the amount of times something happened or if a certain population was victim!
If someone is looking at a data visualization, besides a pivot table, they would not be looking at numbers, but at lines, dots, or shapes with size differences. The comparisons they would have to analyze would just be as simple as looking for when the shape started to change, when the dots started rising or falling, or even when the line started to make an angle to a different direction, regardless of direction.
WHAT PREVENTS DATA ANALYTICS FROM BEING USED?
As necessary and useful as analytics, namely business intelligence analytics are, there are a couple of road blocks that prevent analytics from being used. The main one would be that not everyone has the time or patience to mess around with the numbers, so they would not have the time to notice the trends. Another common prevention is the training some forms of analytics takes. Some software do the math for us, while others require a little more effort. Depending on the company and their software, if the employee is not trained in the software, they would be prevented from using it because of lack of knowedge in how to do it. The final prevention of analytics is if the data is not clean enough to be used. Proper cleaning involves removing redundancies, erred cells, and empty cells. Without proper cleaning, the formulations would not occur and the results would show up as ‘failed or ‘error,’ depending on which software is being used.
BUSINESS INTELLIGENCE DATA ANALYTICS ON THE RISE
According to research, in 1865, a male named Richard Millar Devins, coined the term “business intelligence,” describing how a banker profited from information. That is what we continue to see even today. If not for profit, at least to identify a problem or a cause and perhaps a way to fix that flaw, or to continue the improvement.