Business intelligence analytics combines IT concepts for trend and pattern identification in consumer behavior, requiring specialized analysts, software, and analytical tools. Staff members typically have degrees in computer science, business administration, or data management. Business intelligence software is used for data mining and management, with data cubes and reports showing trends and providing a holistic view of business. Data Analysis software is used for statistical analysis, and some companies combine the features of both tools. Skilled employees can provide personalized reports and cost analysis for excellent business decisions.
Business intelligence analytics combines two of the main concepts of information technology into one powerful tool for both businesses and organizations. To use these concepts productively, your organization requires specialized and dedicated business analysts, business intelligence software, and powerful analytical tools. The primary purpose of a business intelligence analysis system is to identify trends and patterns in consumer behavior. This information is used to increase profitability, focus the company on customer needs and provide greater accuracy in cost-benefit analysis.
Business analytics staff members typically have a college degree in computer science, business administration, or data management. An increasing number of colleges are offering training programs in business analysis, as this career is expected to experience above-average growth. The primary job of a business analyst is to review the business processes used and look for technology that will reduce the time, effort and cost of completing those activities. In many companies, the business analyst has several years of experience in the commercial sector. This experience is invaluable, as it provides insight into the tasks required, the tools available, and the challenges to get the job done well.
Business intelligence software is also known as data mining or data management software. This type of tool is used to provide a dedicated reporting area. Typically, the organization’s data is downloaded to the business intelligence analysis software tool. A series of relational database tables and queries are created to provide the basis for the analysis.
Many companies develop an IT strategy that includes the use of business intelligence software in decision making. In order to really get a solid return on investment on this type of software, the company should have at least 10 years of detailed data on sales, purchases, personnel costs and other elements that affect the overall cost of providing a service or of a good. You can then create data cubes and reports to show trends, identify product successes and failures, and provide a more holistic view of your business.
Data Analysis is true statistical analysis software and is best used by staff who have formal post-secondary training in statistics and analysis. This software is often used to identify trends in the data collected over a period of time. Because much of the data used for this type of analysis is also required for a business intelligence tool, some companies have combined the tools and features of these two software products into one.
In the hands of skilled employees, a business intelligence analysis tool provides both snapshots of business activity and in-depth analysis of the data itself. The ability to provide staff members with personalized reports on performance in their areas of responsibility is a very powerful force in a corporate environment. Couple this with detailed analysis for executives on the costs associated with various activities and the company has the tools it needs to make excellent business decisions.
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