SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Why BI is crucial in decision making process

Data is an important aspect of decision making and for valuable insights over the data, BI has emerged crucial in organizations. Some useful ways to manage your data and team are : 1.Invest in a robust BI service like Google Analytics or CoolaData so as to get better insights on behavioral analytics and better collaboration. 2.Break down silos - when organizations go through silo effect and information stops flowing, BI can prevent this through transparency. 3.Teams should acquire data analysis skills and grow as they work. 4.One should relate to the context, not depend solely on the numbers but on the why, how. 5.Decide on how to decide for better data implementation. 6.Drive action through insights, study how trends correlate and act accordingly. Read more at :

http://www.networkworld.com/article/3197753/big-data-business-intelligence/6-ways-to-manage-your-data-and-team.html

 

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Difference between business analytics and business intelligence

Business analytics and business intelligence are like two sides of a coin. But there is a difference between them. Business analytics is like an umbrella term and intelligence is a part of it together with other aspects of business applications. Once a person runs a business, that person will be able to understand the difference between them, that is, business intelligence is like accessing to all kinds of business related data and software's and put them into the analysis. Business analytics is something using your business intelligence into your data and optimizing the performance of the business. To have a successful business, it is important to follow both. Business intelligence is generally used to look over the previous data, whereas business analytics look to the future needs of the business. It's necessary for a businessman to understand its difference for making any business decisions or predicting for the future. Read more at: http://www.analyticbridge.com/profiles/blogs/business-analytics-and-intelligence-compared

 

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Better Data Integration leads to better business growth

Business Intelligence software enabled the visualization and deciphering of data but it failed to understand the correlation in the data. Hence, Business Optimization evolved from BI and enabled stakeholders to get wider insights on data interaction and optimize business growth. This free passage of information allows the organization to further utilize raw data only if the company has industry-wide open API standard. Together it is called AoE (Analytics of Everything) now enables organizations to go through an integrated combinations of people, processes, data and technology to have greater insights on the business. Read more at :

https://www.domo.com/blog/transforming-your-data-from-intelligence-to-optimisation/

 

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IoT data analysis for business intelligence

To analyze and harness the data properly, businesses are now using a technique called IoT that will that will leverage the data internally as well externally. Organizations are using IoT data technology for profit maximization, for efficiency and also for decision making. Cloud computing help business by IoT method. Therefore, business intelligence must be brought up with continues method. Read more at:
https://industrialinternetnow.com/deciding-factor-utilize-iot-data-analytics-business-intelligence/

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Exploring the era of machine learning

Machine learning can be used in our daily lives such as filtering the spams in our mailbox or for banks judging the credibility of customers before issuing credit cards to them. We can even deposit checks through our phone. Machine learning models train itself, gather inputs and generate output. Machine learning tools are used as a part of business intelligence. Through Natural Language Processing (NLP) machine learning can comprehend speech or written words and generate graphs and figures. It can correct any anomalies in business and find out when the demand for your product is high. The more inputs one feeds in faster it learns. Read more at: https://www.sisense.com/blog/beyond-hype-machine-learning-unlocking-power-bi/

 

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Adopting Business Intelligence Tools in SMEs

Often small and medium sized organizations are of the opinion that Business Intelligence tools are too complex and expensive to be implemented that they can survive without them.But the truth is they can get using these tools put you in a competitive advantage over others.If SMEs can manage and harness data they can analyze it to increase their revenue and figure out what is holding them back. SMEs looking forward to establish BI and corporate performance solutions must think about users or consumers of their data and where the data sources are located.Make sure your solution is compatible with all mobile devices.No matter how small your business is , you can always benefit from BI tool.Read more at : http://www.datavizualization.com/blog/bi-tools-for-smes-not-just-maybe-but-definitely

 

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Automatic Debt Management System 

Big Data Analytics and Business Intelligence is changing the way business interacts with customers. Modern big data solutions have enabled automated decision making in debt management systems for client handling processes. Correct implementation of these tools provides a more personalized experience to each customer and avoid infringements. Debt management automation has been proven a successful solution to maintain balance between meticulous efficiency and customer satisfaction. Such a CRM automates a lot of process and thus it requires a small team days to complete debt collection process. Analytics have not just accelerated debt collection, but also enhanced customer relations.

You can read more at: http://www.dataminingblog.com/what-could-big-data-mean-for-debt-management/

 

 

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Essence of Qualitative Research

Global markets are becoming more complex each day, and therefore, it has become essential for business intelligence teams to apply advanced methods for data interpretation. They believe that only the decisions based on quantitative data can be justified. Although there are some ways quantitative research may go wrong, the truth comes out only when you meet people, talk to them, involve them in creative exercises.

Read more at: http://www.dataversity.net/science-big-data-art-interpretation/

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Big Data Integration for Advanced Analytics 

Modern needs of Big data consumption require data integration before data actually hit the business intelligence tools. This includes leveraging complex and unstructured data and enables raw data to flow securely through business. Today, even the smallest companies produce huge amount of data across systems which need to communicate with each other and therefore requires a platform to pipe all these data sources into Data Lakes.

Read more at: http://www.dataversity.net/dont-put-cart-horse-comes-big-data/

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Implementing Self Service BI? Ask these Questions.

Implementing Self Service BI? Ask these Questions.

Data driven decisions are a must in today’s world. As technological progress is being made every second, the reliance on BI is also increasing. Now people are moving on to Self Service BI. But the question is: Are they making better decisions as a result of it or are they failing in its implementation? 

Daan Pepijn, in his article at cmswire.com has listed down six critical questions that lead you towards right implementation of Self Service BI in your business. These questions are:

1.       Do you have the right data sources?

2.       Do you have the capability to warehouse your data properly?

3.       What analytics solutions do you have on hand?

4.       How well does your BI solution integrate with existing platforms?

5.       Is your reporting mechanism both powerful and easy to understand?

6.       Does your BI solution enable better compliance?

 
Do ask these questions before implementing your BI solution, because, correct implementation has the power to yield an ROI of $10.66 for every dollar spent.

 

To know more, please visit the following link:

http://www.cmswire.com/information-management/essential-building-blocks-of-an-effective-self-service-bi-strategy/

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Blunders made by companies while working with Big Data

 Many a times we have observed companies quote data to support an argument to a statement. This however has been detrimental to the rise of data in general. How? Let us give an example. According to research it has been found that 2.5 quintillion bytes of data are created on a daily basis. Though that is a quintessential amount of data generation, but it is all the more astonishing to learn that 90% of this existing data has been already created in the last two years. The point is Big Data might be a huge hype in the industry, but the intelligent leaders should understand, that it is not the end-word. Big Data should be intelligently crafted with business strategies to provide desirable results.

To know and learn more, check out: http://www.business2community.com/big-data/biggest-mistake-companies-make-big-data-01645333#lClpgY4wJI7yodbO.97

 

 

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Data Quality and Governance determines Self Service BI Success.

Implementation of self-service Business Intelligence (BI) can help you reap many benefits. At times non-technical professionals can make better, faster and efficient decisions by generating their own reports and conducting analyses without any sort of assistance from IT staffs. However, these self-service BI environments must be very user friendly in order to be effective. Agility, bandwidth and personnel are some of the factors that should be taken into considerations by the company before implementing self-service BI. Such self-service BI brings along independence and autonomy from IT with it. Few capabilities that these BI tools must possess are anti-hacking facilities and non-stop operation. This technological tool depends on the Enterprise Data Quality. Data Governance on the other hand helps to provide accurate information using the self-service BI tools. Read more at:  http://www.dataversity.net/self-service-bi-success-depends-upon-data-quality-governance/

 

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Data Embedded!

Data Embedded!

According to a new industry study, demand for embedded analytics is increasing. The study has found a growing number of users who wants analytics integrated with applications. The study also suggests that the trend toward embedded tools is being driven by the view that an application's value is tied to the data and the analytical tools available to an application. The goals of embedded analytics include moving beyond the traditional business intelligence approach of extracting insights data and differentiating platforms in a market being flooded with analytic approaches. Read more at: http://www.datanami.com/2016/04/18/analytics-increasingly-seen-embedded-apps/

 

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Difference Between CRM and BI Platforms

Difference Between CRM and BI Platforms

Nowadays, organizations are gathering data by integrating Customer Relationship Management (CRM) tools with business intelligence (BI) platforms. The difference between CRM and BI is that CRM is a customer database to store information on interactions and sales history while BI provides strategic solutions for overall business functioning, and not just customer sales. But, now the question is how to integrate CRM and BI platforms. Annie Bustos (a valued contributor to Business 2 Community) writes in this article link about some best practices to ensure a smooth integration between these two powerful tools. They are: Understand what you are looking for, populate CRM with good data, create a real-time transfer of data, refine customer segmentations, leverage the data for testing and always ask for help.  

Read more at: http://www.business2community.com/business-intelligence/6-tips-integrating-business-intelligence-solutions-crm-01541585#yZlXhSkAZwpT5ewK.97

 

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Business management tool check list

We hear a lot of tech words buzzing around like big data, cloud, virtualization, one more term that has been really trending lately is business intelligence. What is business Intelligence? It is a whole suite of software tools and applications that dig deep into the raw data available within an organization, analyze them and provide meaningful interpretations that could help with taking business decisions. While choosing the right BI tool, there must be something that kept in mind. They are:

·         Your Use-Case

·         Backwards Compatibility

·         Scalability

·         Training Costs

Read the complete article here: http://it.toolbox.com/blogs/it-small-business/what-to-look-for-in-a-business-intelligence-tool-73303

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How can we Develop Insights from Data?

As more and more organizations are becoming data driven, the importance of analytic or data insights is increasing. Following are the capabilities that business can adopt to turn data into insights.

Firstly, it is significant to meet business alignment, which means understanding the value a new insight will provide to the business.

Secondly, “data understanding” that is creation of glossaries, dictionary, updating the data and address where the data have been stored.

Thirdly, checking for the required quality (relevance and accuracy) of the data and accordingly seeking new adjustments.

Fourthly, Data centric process takes data as an input and not as an output in the operational processes.

Lastly, in order to establish data-centric process effectively and efficiently. Employees require training to acquire skills to handle data like six sigma quality training.

To read more:http://www.cio.com/article/3041483/analytics/5-critical-success-factors-to-turn-data-into-insight.html

 

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Business analytics: Challenges vs leveraging.

Business analytics: Challenges vs leveraging.

Business intelligence provides you a greater customer insight and predictability on a product life cycle. But such digitalization has also some disputes as well. Most people around the world are tech savvy and surfing for a new product with better features. Analytics is growing at a fast pace and is creating a backlog. Day to day new product launch is providing zero visibility on upcoming product life cycle. Removing backlogs to smart productivity as per customer's likability is the new trend of business analytics. So there are challenges like cost, security and infrastructure, availability of skilled professionals. So overcoming challenges in BI and complete leverage on it is the new mantra for business empowerment.

To read, follow: http://www.business-standard.com/article/management/the-challenges-of-business-intelligence-116041000615_1.html

 

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Business Intelligence makes real estate easier : How?

We can now analyze real estate data with the help of Business Intelligence or BI. BI tools are also beneficial for sellers and brokers. These tools can track prior industry performance statistics, such as sales in a given area, which in turn help sellers set asking prices that are actually competitive. In short, they are making marketing easier. For more read the article written by Sean Mallon (blogger) : http://www.smartdatacollective.com/seanmallonbizdaquk/402264/how-business-intelligence-making-real-estate-easier

 

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Using new technologies to improve business

Staying up to date with technology is essential. It can determine the success and failure of the business. Technology plays an important role in following ways –

·         Online Presence: Starting or running a business is simply not possible today without an online presence. An effective digital marketing strategy can help immensely in increasing brand awareness.

·         Marketing Strategies: To land more people on your website, you will need content marketing techniques and email outreach campaigns. Moreover a good PPC campaign can help in targeting the right customers without spending too much on marketing.

·         Stay up to date with available technology: Always be equipped with the latest hardware and software in the market to increase your speed and productivity.

·         Stay up to date with software solutions: Solution like cloud computing will save your data online which can be accessed from anywhere at any time.

 

Read the complete article here: : http://it.toolbox.com/blogs/marketing-strategies/improve-your-business-by-adapting-to-modern-technologies-71423

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Business Intelligence Trends for 2016

We all have bid our goodbyes to 2015, and as we begin to focus on 2016, there are many accelerating business intelligence trends that must be kept in mind. Business Intelligence continues to be one of the fastest developing areas in 2016. The craving for more advanced and affordable business intelligence tools and techniques is increasing each day. More and more people have begun to realize the world of data and are using it to get some meaningful insights. Read more about top business intelligence trends of 2016 at:http://bigdataanalyticsnews.com/10-business-intelligence-trends-for-2016/

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