Business Intelligence and Data Analytics process
The digital trend is increasing, and companies are already embracing the change. Managing business in the technological world involves learning new concepts and new ideas that reshape the current processes according to the new needs.
The set of processes that renew the business landscape and enable the analysis, management and visualization of data is called Business intelligence (BI). In today's post we talk about business intelligence and data analysis; its use in business models and the most requested tools in the sector.
Immersed in a world of data
The flow of data and information has increased considerably in recent years. New technologies have changed the way companies choose their strategies. They allow us to access almost any type of information and to analyze the data in order to draw the right conclusions.
The analysis of information and data is known as data analytics. What are data analytics? An approach that, together with big data, helps companies to make better decisions that increase sales volume and drive business. The main focuses of action used with data analytics are:
Refine the business model
Optimize operational efficiency
Improve user experience (UX)
Data analytics works in conjunction with data science and, through tasks, identifies business improvement points, so that data analysts know how to optimize the conclusions obtained.
What do we use data analytics for?
We use data analytics not only to identify points of improvement in the business value chain, but also to:
Identify improvement points
Increase production and sales
The data analyst helps to optimize strategic decisions and transmits the information to other departments. Data science, as we have already mentioned, affects the entire value chain, so a professional in the sector must take all aspects into account when analyzing the information, he or she receives.
The vast amounts of data we have access to today (big data) hold the answers to business improvements. Companies can now access this information and understand the behavior of their users to offer them more personalized products or services to their liking.
Data analytics has transformed the way we interpret information, and now, together with business intelligence, are the most likely to change business development.
About Business Intelligence
Business intelligence, one of the latest concepts to come to light, identifies business strategies that serve to improve market analysis and strengthen business weaknesses. This information (big data) is translated into data that, when analyzed (through data analytics), helps to optimize business decisions.
The aims of business intelligence are focused on business improvement. With the help of state-of-the-art technological tools, we are already able to predictively analyze information translated into data.
These solutions are highly customized. Each company uses its own information, so the result will be 100% customized and personalized. Therefore, the fact that an enterprise solution works does not mean that this model can be applied to all businesses.
The most popular and widely used solutions in business intelligence are:
Greater depth of analysis
Improved decision making
Customized reports (dashboards)
The importance of business intelligence is growing. The accessibility to applying business intelligence in a company is increasing every day and its processes help to improve actions and the business process.
The business intelligence process is divided into 4 phases. These will complete the value chain and will be decisive to understand and improve the business. We could say that big data gathers the data, data analytics studies it, and finally, business intelligence analyzes it and draws conclusions.
The processes of business intelligence are:
Collect and understand - Collecting data to understand its meaning is the first step in the business intelligence process. Information is very important. It can help us identify and differentiate points of improvement.
Predict - With the help of statistics, we will be able to anticipate results and know what will happen in a future environment.
Contribute - The departments of a company are connected. Therefore, once the analyst has collected all the information, he will communicate it to the rest of the departments to establish conclusions and improvements.
Determine - In this last step, the company must decide where to direct the improvement and optimization strategy considering the results of the analysis.
The world of business intelligence has tools that facilitate the work of analysts. These instruments facilitate business intelligence processes and seek to improve data management, discover new data and make effective reports.
Among the best known tools we find:
Power BI: a Microsoft business tool that helps to visualize information and allows the creation of dashboards or reports with results. Its main objective is to achieve a data-driven culture for everyone.
Tableau: It helps you visualize and understand data. With Tableau you can create interactive designs focused on business intelligence.
SAP BI: Business intelligence software with which you can share the data collected and improve decision making through SAP technology. A platform that allows greater autonomy and includes real-time implementations.
SAS Business intelligence: Autonomously integrates information and data. With SAS BI you can also share data with other departments and perform analysis easily.
Currently, the technological sector is in full growth. Employability is also growing in this area and more and more companies are hiring professionals capable of analyzing information and drawing conclusions from the data collected.
Available jobs in Spain in relation to the sector outnumber the candidates. The main requirements and skills needed for this field are directly related to analytics, statistics and strategic business management.
BI and Data analytics at La Salle URL
Do you want to know how to learn business intelligence? Currently there are many studies related to business intelligence, data analysis and new technologies. These prepare you to acquire the necessary skills of a technological professional.
At La Salle Campus Barcelona the Degree in Business Intelligence and Data Analytics will train you as a professional in the field, learning to handle technological and business management tools, as well as personal skills and the necessary functions for data analysis. In the same way, you will learn data analytics and data visualization techniques that will allow you to communicate optimal results.
Are you interested in learning Business Intelligence and Data analytics in Barcelona? Take a look at the last video and discover the experience of the students of the degree in the Campus. La Salle URL is your college!