“In 2017, more than ever before, data drives every aspect of business.”
It’s become increasingly clear that utilizing your data is an important factor in running a successful business. By running analytics and BI (business intelligence) on your data, you can make improvements on anything from customer service to your quarterly financial spending.
What do the terms mean and how can I implement them if I’m not a techie? Well, if you ask a member in analytics they might break BI services down into the 5 levels below:
A pretty enough chart, but at the end of the day these terms still fall under that “techie lingo” and need translation. To make analytics and BI more approachable, here’s a simpler way of looking at it:
- 1. Report
This level answers: ‘What happened?’. Here, your business’ information is collected to create a detailed summary of your previous activity, finances, tasks, etc.
- 2. Analysis
The level takes reporting one step further and answers the question: ‘Why did it happen?’. Analysis allows for further exploration of your data, addressing the ‘why’s’ and the ‘how’s’ of your business.
- 3. Dashboard
At this stage, you are shown ‘What is happening now?’ in your business and the current state of your staff’s productivity levels and operations. This allows you to see your data in real-time so that you can use key metrics to see what gaps there may be and what needs to be improved.
- 4. Prediction
You gain visibility on ‘What is likely going to happen?’ through the use of your current activity to create predictions about what may occur.
- 5. Simulation
This final level allows you to play around and answer, ‘What might happen if I do a certain thing?’. It gives you the chance to explore new possibilities by simulating potential outcomes.
Did you find yourself being able to answer each question in the process? Then that’s great! That means that you’re already performing analytics and have a tight grasp on your business, from reporting to simulation.
However, these analytics may be very time-consuming, and expensive. Whether you are completing some of the analytics yourself or don’t know where to start, 3AG Systems can help! We provide data warehousing so you can gain full visibility of your data and receive predictive analytics. Essentially, we are simplifying your data so that you can focus on what matters to and make smarter business decisions, faster.
Stay tuned for our next article to learn about the data warehousing process, and how easy we make it for you!