Predictive analytics: 3 Components

Predictive analytics: 3 Components

In business, as in life, we constantly try to make predictions about the future. How will sales be next year if we implement a new procedure? What will the weather be like for the annual staff event next week? It’s no surprise then that businesses of all sizes have started to embrace the idea of predictive analytics.

Are you in need of a data warehouse?

Are you in need of a data warehouse?

The amount of data both available to, and generated by, a company is increasing exponentially. While some smaller to medium businesses are coping fine with the growth, many are struggling with managing their data, let alone leveraging it to help make better decisions.

Three data terms explained

Three data terms explained

Business Intelligence (BI) has become an essential function of many businesses. Those who employ some form of BI often see increased sales, or at the very least the ability to make quicker informed decisions more often. When looking into BI solutions however, you will likely come across a number of terms that may be a little confusing.

Business analytics defined

BI_Jan27_AIt seems like over the past five years or so, understanding, processing and leveraging of data has become one of the most important parts of a business. When reading about data you often come across the term ‘business analytics’. Despite this terms common usage many people are confused as to what exactly it is and where exactly it fits into business processes.

5 BI trends for 2014

BI_Jan02_AIn 2013, Business Intelligence – transforming data into useful information that can be used by managers to make decisions – has become a popular process used by businesses to make better decisions. Because this has become such a popular and important business function, you can bet that you will continue to hear about it in 2014. The only question is what exactly will be the latest developments this year?

Here is an overview of the potential Business Intelligence (BI) trends we could see emerging and growing in 2014.

1. BI is more accessible

Historically, to get the most out of Business Intelligence you need to be experienced or to employ a data scientist.

Analyzing patterns in your business

Bi_Dec02_AMany small businesses, even when they are an established company doing well, can encounter problems and run into a wall, blocking progress. Profits can level off and growth or sales can start to level out. This creates stagnation which can be a difficult challenge to overcome, especially to those who are risk averse.

Information + insight = smart business

BI_Nov05_AThere’s no shortage of data for the small business owner. Whether you hire a professional industry analyst to look at your business information, or do it yourself, statistics and reports can reveal valuable information. But making sure that information is enriched with knowledge is the difference between having numbers to hand and having vital data that could transform your business.

When to use data visualization

BI_Sep09_AA popular trend related to data is the increasing use of infographics and visualization. While it is true that a visual representation of data can be helpful, it doesn’t mean that every bit of data collected needs to be represented visually or turned into an infographic.