Data and what businesses do with it has become a popular science. Many take some steps to track and analyze important data, and from that make decisions or changes to their current strategies. The use of data to make better decisions is commonly referred to as Business Intelligence (BI). But, did you know that there are more types of BI you could be using?
Business Intelligence is generally divided into four different categories which are comprised of different types of BI that businesses working with data should be aware of.
Reporting focuses on developing documents with valuable information, telling the reader what happened. They usually cover a time span that is determined by the writer of the report and can provide information on the whole company’s activities, or be as simple as a weekly report which looks at your Facebook campaign.
Many BI professionals will call the reports generated from BI efforts Standard Reports – a record of past activities and data.
Analysis looks at why something happened. This is an important part of BI, because data by itself is useless. It only become useful when it has been analyzed and turned into something that we can interpret and understand. There are three common types of analysis:
One of the more useful functions of BI is that you can often monitor data and information in real-time, or close to it anyway. This can be interesting for getting snapshots between reporting periods or when making decisions. The three main types of monitoring are:
The reason many businesses employ BI methodologies is to try and predict what will happen based on the data currently available and other trends. Prediction can be an incredibly complex form of BI, so many companies often contract this out to firms, or rely on software that automates much of the process. There are two main types of prediction:
While Business Intelligence is important and popular among many companies, it can be complex. If you would like to learn more about BI and how we can help you get the most out of your data, contact us today.