To properly harness the power of business intelligence, it is important to have the right data analysis tools. As more businesses begin to collect and analyze data, the applications for analytics will likely only increase, which will create a need for intuitive software that is accessible to more than just IT and data experts. A variety of tools will be necessary to work with data from numerous sources, and it will grow increasingly important for data analysts and other professionals to work together to reap the potential benefits that data analytics has to offer.
Advanced analytics provides better insight
Traditional business intelligence dashboards typically highlight key performance indicators, but as the ability to analyze data improves, companies should be able to take advantage. Panorama's Necto 14, for instance, allows users to manipulate data points and explore various metrics in greater depth thanks to its self-service BI tools and interactive interface. Biztech Magazine reported that putting data into context with other variables can make it easier to see how certain information relates to various aspects of business. Predictive analytics can give companies an idea of what to expect should they make one decision over another.
Collaboration is key
The International Data Corp. recently looked into the effects of collaboration on data analysis projects. The research revealed that while the majority of analytic experts and line-of-business groups were actively collaborating on data projects, only 23 and 21 percent of these groups, respectively, qualified this group effort as being extensive. By placing emphasis on interdepartmental cooperation, businesses may be able to reap more benefits from business intelligence.
"Many line-of-business and analytics groups pride themselves on their ability to bypass IT to fulfill their own needs for data access and analysis," said Dan Vesset, IDC's program vice president of big data and analytics. "But there is a fine line between data and analytics democracy and anarchy. Improved collaboration between stakeholders can help mitigate risks and improve outcomes of [big data and analytics] projects."
The report highlighted the fact that the level of collaboration directly reflected the quality of the final outcome, emphasizing the impact interdepartmental teamwork can have.