Think of BI as looking backwards into the history of your company in order to paint a picture of its performance up to the present day. Traditionally, this was done through a manual reporting system. Clarifying as to what worked well and what needed attention to keep your business striding ahead. Nowadays, this is more commonly performed electronically (and, often, automatically) using digital data storage, analysis tools and software to create data visualisations. These are invariably presented as an online dashboard.
BI lets the viewer see what has happened in the business.
A business intelligence system enables managers and business owners to monitor business performance against KPI metrics as well as other commercially important data insights in near real-time. Trends and signals can be identified with this process although causality cannot be assigned at this stage.
Business Analytics generally looks at what the business intelligence phase, outlined above, produced. It also examines the contributing causal factors to attempt to establish why.
It is the processing of data to gain further useful insights.
Advanced analytics is the next stage in the data analytics hierarchy and is concerned with using data to predict what is likely to happen in the future.
Predictive algorithms will be utilised to analyse the same data used in the BI dashboards described above. The objective is to look for patterns in the data that will assist you predict what might happen with your business.
The output of this process will provide you with a solid basis for deciding on the best course of action (Prescriptive analytics).
As facilitators of your organisation's digital transformation, Tayfusion will help you to identity the key business metrics that matter to you. We will then work with you to enable the collection, analysis and presentation of these data to suit your specific business requirements.