How Real-Time Data is Analyzed
Using Business Intelligence
By Dhanesh Haridas
Data is everything and it's precious, it’s always important to analyze data before making a decision. In real life, we all make decisions only after analyzing the present situations, past experiences, and future expectations. It’s hard to finalize a decision, and it is no different in business life.
To make decisions, both real-time and past data are to be analyzed properly. But how long does it take to analyze the raw data? One has to follow a step-by-step procedure to achieve it. This includes collecting data, cleaning unnecessary data, analyzing the data, and processing actionable data. Business intelligence does this job easily and analyzes real-time data with the least latency rate. All we need is to have a closer analysis of business intelligence to proceed further.
What is business intelligence?
Business intelligence is a set of processes to analyze the data and transform it into actionable insights for better decision making, problem-solving, etc. Data should be analyzed regardless of whether the business is a startup or an enterprise-level.
Business intelligence tools available in most of the software dashboard can easily provide useful actionable data. Business involves tons and tons of data. These data are available within the software itself. However, an intelligent system is needed to analyze all these data. If not, some of the data may go missing from the analysis. The intelligent system analyzes all data to provide KPI cards (Key Performance Indicators). How are these cards used to make better decisions?
Usually, data analysis is carried out by comparing the real-time (present) data with historical (past) data. Low performing KPIs can be analyzed from this data. Based on the analysis, future strategies can be planned to achieve success in those segments.
Defining real-time data analysis
Real-time data precisely defines the availability of on-going business information with least or 0% latency. That is, there is no delay in getting real-time data of on-going business activities. Usually, the latency is set to a minimal value - preferably, seconds! Advanced real-time business intelligence (RTBI) has set just 5 seconds latency time, imagine how epic is that?
How data analysis is crucial in business?
The solution to many problems in business lies within its data. Does every organization analyze their data? The answer is “No”, not more than 27-40% organization of business data is analyzed, the rest part goes unused. Crises and problems are constant challenges in any business. If the complete data is unexplored, then finding the solution is very difficult.
A BI dashboard can easily track these critical data and improve in many areas like,
- Building better communication with customers
- Organizations utilizing even unnoticed data is used for predictive analysis
- Building new strategies and set new long-term business goals
- Analyzing the performance of new business launches or strategies
- Finding a clear picture of business progress and present status
- Finding solutions for all the concerns and issues in the existing business
The most important thing - understand the customers!
Customers, as everyone says, are the king of any business and these end-users are always the target. Providing them a world-class experience is the best way for more user engagements.
Customer behavior & preferences can be analyzed using BI dashboards. More user engagements lead to more user acquisitions. Google Analytics is the best example of analyzing a business based on a website. Delivering the business team with the right components as per the demands can be achieved using Google Analytics. A data-driven BI dashboard can help organizations to increase prospects by achieving their desired target.
Yet another application of business intelligence is power BI. However, there are certain reasons why one needs to get trained in power BI.
So far, we’ve learned about the importance of real-time data analysis in business intelligence. Thus the main focus of real-time data analysis in business intelligence are,
- Finding existing problems
- Smart decision-making
- Reduced latency rate
Business intelligence is going to make business far better with precise insights, it will help businesses to sustain for the future. If problems persist and a BI dashboard is available, then addressing the issues is pretty simple. Every business performance indicator can be analyzed and build for future strategies efficiently! At the end of the day, it’s up to the organization to decide whether to integrate a system to analyze its data.
Dhanesh Haridas (Gravatar ID) is a passionate and enthusiastic business person having more than 10 years of experience in management, design, and deployment of Enterprise Technology Solutions. He is the technical head (CTO) of Epixel MLM Software, a leading software development company. Despite the busy schedule he manages time to write technical blogs. Visit his blogs here.