Business Intelligence (BI) helps you better understand your business
BI uses a combination of software development and business analytics to deliver reporting, analysis, monitoring and scenario-prediction.
Our approach to BI is to focus on capturing quality data to provide accurate and timely information for tracking business performance and making informed decisions. We use Microsoft’s BI services which helps us ensure customers are provided with industry respected, enterprise-grade technology.
Common types of BI
Business Intelligence is generally divided into four different categories which are comprised of different types of BI that businesses working with data should be aware of.
Reports are usually designed to provide a fixed scope of information with the user having limited flexibility to customise the data, with filters such as data ranges or predefined subcategories.
This is one of the key areas of turning raw data into information. BI makes it easier for the user to explore the data and turn it into useful information. There are three common types of analysis:
- Spreadsheet Analysis
- Software that allows users to develop their own specific data queries
- Visualization Tools – graphs and charts that takes raw data and creates a visualization that users can read and understand
Monitoring allows the user to monitor data and information in real-time. This can provide snapshots between reporting periods or when making decisions. The three main types of monitoring are:
- Dashboard – A central location where all useful and actionable metrics and data are contained. They are usually represented graphically to make it easier for users to read.
- Key Performance Indicators (KPIs) – KPIs measure the performance of selected key drivers from the organization.
- Business Performance Management – Also known as a Balanced Scorecard is a system that is designed to ensure that performance goals for your organization or projects are being met and results are being delivered.
This area of BI helps management predict what will happen based on the data currently available and other trends. Prediction can be an incredibly complex form of BI. There are two main types of prediction:
- Data Mining – Is the act of finding patterns and relations in and between large sets of data in order to extract or transform data into something we can understand and further use.
- Predictive Modelling – Any modeling that sets out to predict the outcome of an action, or the probability of an outcome.
Diamond IT uses world class Microsoft technologies to provide BI solutions.
- Microsoft SQL Server Business Intelligence Services provides the backend framework for our BI projects.
- Microsoft SharePoint can be used to deliver a powerful web based environment for BI analysis that is conveniently accessible alongside other inbuilt applications such as document management and workflows.
- Microsoft Excel is a useful and widely used application that is very capable to interacting with and analysing BI data
Each BI technology has its own strengths and weaknesses and it’s important to get the right advice about what best fits your business need. If you would like to learn more about BI and how we can help you get the most out of your data, contact us today.