Smart data discovery is not dependent on a few geniuses sitting in a science lab somewhere! With appropriate data discovery tools your team members can leverage their knowledge of their role and domain, and the needs of their division, team or business unit to find the data and insight that is most meaningful to them.
Business Intelligence isn’t new but the way we gather, analyze and digest this intelligence is definitely changing. In the past, business intelligence was delivered to senior executives by IT and/or business analysts. The combination of a fast-paced business environment and a limited budget and limited resource reality means that most organizations must optimize resources and time to produce results. There are few businesses today that have the luxury of waiting for information, data or reports.
When a start-up or small business looks at its budget and resources, it often concludes that, while data analytics is important to its business, data analytics tools may be too complex, too sophisticated and too expensive to include in its initiatives and programs.
When we use terms like ‘predictive analytics’, it sometimes puts off the general business population. Team members might envision everything from a crystal ball to complex charts and graphs with unreadable numbers and conclusions. While predictive analytics techniques and predictive modeling does include complicated algorithms.
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There has been a lot of discussion about Business Intelligence over the past decade. Business professionals hear this term in industry conferences and read about it in trade journals. But, many struggle to define the concept, so let’s start this discussion with a business intelligence definition.
Let’s talk about data preparation! That often cumbersome, always complex process by which data scientists and IT professionals gather and prepare data for analysis. Data prep involves the extraction and transformation of raw data to prepare that data for analysis. It includes cleaning and reducing that data by removing outliers and standardizing data formats, among other things. Without data preparation, data analysis can often be misleading and incorrect – garbage in/garbage out, if you will.
What exactly is social business intelligence? The concept of Social BI is really quite simple. Social BI is similar to social media and social networking, in that it embraces the tasks associated with data analytics and makes these tasks and the resulting data insight a social experience by providing tools and an environment that encourages business users and team members to share data, make fact-based decisions based on that data and learn from each other to help each user adopt and leverage analytics. Power users are the ‘influencers’ of social BI and they can influence data popularity, the types of reports and data sharing within the organization and the creative ways in which people use data.
If your business spends a lot of time and money on the task of extracting, transforming and loading data (ETL) and preparing that data for analysis, you might want to consider the advantages of self-serve data ET. Self-Service ETL can and should be easy enough for business users so that your business can enjoy the benefits of advanced analytics without hiring a team of data scientists or IT professionals.
Sometimes we are so focused on perfection that we do not see the benefit of agility. Consider the emergence of the brainstorming concept as an example. We learned quite some time ago that if used the brainstorming concept of freewheeling, non-judgmental discussion we could bounce ideas off one another and often come up with innovative ideas that would not have resulted from a discussion that was more restrictive.
