Business data – what is it?
Business data is a body of information that can be used to plan and run a business. This data plays a crucial role in the decision-making process. Business analytics is connected to the concept of business data, which can be understood as the process of transforming data into information while information into knowledge.
Thanks to modern BI systems, companies, instead of operating based on guesses or hunches, improve their efficiency and optimize their existing operations based on accurate data. Data analysis has taken on a whole new dimension with new technologies and artificial intelligence development. As a result, many companies are now using it to increase market competitiveness.
Where to get data for analysis in a company?
Business data can be collected from many sources. The most common are:
– ERP systems,
– financial and accounting programs,
– Excel spreadsheets,
– email marketing systems,
– social media,
– streaming data,
– cloud services.
Raw business data, scattered and having different formats, cannot be analysed without prior preparation. Therefore, starting analysis without first processing and verifying the data for possible errors can lead to falsified results. This, as a consequence, can contribute to inappropriate business decisions.
How should you analyse business data?
The business analysis consists of four steps, during which raw data is transformed into detailed information – understandable to everyone in the organization. The first three steps are data collection, analysis and visualization. You can move on to making specific business decisions after these are completed.
Before business analytics became an integral part of companies’ operations, most of the activities in this area were done manually. Today’s business analytics tools automate many processes and allow companies to save time and reduce financial outlays.
Business data analysis tools
In times of ongoing technological transformation, Business Intelligence is one of the essential concepts for companies that want to take full advantage of the opportunities of digitization and thus remain competitive in the market.
The current solutions are no longer sufficient with the ever-increasing data collection. Modern BI tools enable organizations to integrate information and search it efficiently. As a result, companies can efficiently capture interdependencies between data and draw accurate conclusions from them. This, in turn, results in the ability to make business decisions that are maximally beneficial for the company.
Business data analysis tools primarily allow for:
– processing of data, including their grouping,
– quick, automatic generation of qualitative reports and statistics,
– visualization of data in an attractive form,
– constant monitoring of incoming data, which allows quick response to current problems,
– forecasting based on existing data,
– integration with other analytical platforms.
The almost unlimited possibilities of Business Intelligence systems are a chance for companies to turn vast sets of data into valuable business information. With the help of analyses and reports performed efficiently, we can obtain information on virtually all areas of the company’s operations. For example, a modern Power BI system makes it easier to estimate costs, track sales levels, manage logistics or assess the effectiveness of marketing campaigns.
Power BI – the most popular Business Intelligence solution
The leading tool of the Business Intelligence class is Microsoft Power BI. It is a system that is an extensive set of services enabling the transformation of data from unrelated sources into coherent, interactive and visually appealing analyses that are shared with all or selected team members. In developing Power BI (whose name refers directly to Business Intelligence), Microsoft drew on Excel technology developed years ago.
Implementing Business Intelligence tools
Qualitative data, enabling quick, cross-sectional analysis, facilitates business decision-making. However, intelligent analytics are essential for any company with considerable data dispersion, making it difficult to make correct choices.
More and more companies are now implementing business intelligence solutions to help organizations gather and analyse information. Where should you start implementing BI? It is important to remember that this is a process that takes time. Its length depends primarily on the size and needs of the company and how data has been collected to date. The first step is to analyse the company’s current situation and define the so-called pre-implementation analytics requirements. In the next stage, it is necessary to identify data sources and select analytical tools. It is also essential to involve employees and train them to use the BI system.
