As the online presence of businesses are increasing, the generation and sharing of information is also ever increasing. This constant flood of data both structured and unstructured makes it very difficult to organise them and make sense of it for later use. It causes a lot of chaos, mis-understanding and mis-interpretations, leading to poor results.
Everyone who is a part of a firm, organisation or agency knows how important organising their data is. Sometimes, organising and managing data can be difficult and interpreting data can take all of our time and creativity. Is there a way out? – Data management using business intelligence is what you’re looking for.
To put it simple, business intelligence – BI is about providing relevant information at the right time to the relevant people on request. It runs on a specific algorithm based on your needs to collect data, structure them if they are unstructured and present it to the customer as valuable information. This definition is as simplified as it can get, but business intelligence is a complex field that includes various components such as
- OLAP (Online Analytical Processing)
- Advanced Analytics or Corporate Performance Management (CPM)
- Real-time BI
- Data Warehousing
- Data Sources
Benefits of Managing Data
Once you are able to make sense of your data, you can easily navigate through it and find efficient business processes and hidden patterns to find what works and what doesn’t, invest more on what works and rectify what doesn’t. Unlock new opportunities and identify your areas of strength and weaknesses.The clearer your data is, the easier your business decision making process gets.
The data is structured and everything follows a specific format of representation, so it becomes easily sharable between different segments of an organising and all the terms and not-so-obvious notations become easily understandable with attached background details and metadata.
Data Managing Agencies
Eventhough the business intelligence softwares make your data management easier, it requires expertise to handle them and time to do your research and formatting among other things but don’t you worry there are experts and experienced professionals working in firms that are dedicated to doing this job from all around the globe.
- Structure your data
- Model the data in your own context in your best interest.
- Help you access your data in an easy and reusable way.
- Prepare standards for formatting the data.
- Do research for and on the data
- Build resources for public management of data.
They are also up to date with the best management practises and new innovations. Big businesses outsource their data management to agencies and businesses that outsource have better growth and smoother sails.
A Few of the Famous Business Intelligence Softwares
Microsoft Business Intelligence
Microsoft business intelligence (MSBI) platform has been making rapid strides in becoming one of the leading platforms of choice for data warehousing and analytics.With its much evolved SQL server platforms, integration engine, power BI and azure, The MSBI platform provides deeper insights to business data better than ever.It can pretty much perform all the necessary operations that were mentioned above.
Oracle Business Intelligence
IT enables organisations to achieve the above said standards and operations by providing powerful and visually stunning analytics.
What you have read here is just the tip of the ice berg and data management is vast and deep. As deep and vast it is, it is also an integrable and very important aspect for faster growth and better decision making for the company that cannot be ignored. Not only for big firms, even startups must integrate and organise their data from the beginning to make sense of it easily when required in a later stage, to find patterns and make informed choices.