Business Intelligence / Data Analytics
Business Intelligence (BI) is an umbrella term that includes the applications, infrastructure, tools, and best practices that enable management to analyze information needed to make improved/optimized decisions and maximize overall performance.
Analytics (aka Data Analytics) implies a variety of different business intelligence (BI) and application-related concepts/tools.e.g., websites; certain content areas (for example, sales, service, supply chain); etc. Increasingly, "analytics" is used to describe statistical/mathematical data analysis (pattern, time-series, clustering, graph, trending, etc.) that groups, segments, scores and predicts what scenarios are most likely to happen, in order to optimize profits or other metrics. Analytics is particularly useful in gleaning meaning from Big Data, which typically consists of vast amounts of both structured and unstructured data. It is generally the unstructured data that nowadays has most value for most organizations, in terms of optimizing competitiveness and relevance to real-time dynamics.
Dashboards are a reporting mechanism that aggregate and display metrics and key performance indicators (KPIs), enabling them to be examined at a glance by all manner of users before further exploration via additional business intelligence tools. Dashboard displays help improve decision making by revealing and communicating in-context insight into performance, displaying KPIs or other metrics using intuitive visualization, including charts, dials, gauges and "traffic lights" that indicate the progress of KPIs toward defined targets.
For example, in a Supply Chain/Wholesale Distribution environment, management can use our DBIS® product to gain valuable insights via standard or custom reports that can easily be generated/formatted for most effective readout/presentation, trend analysis, predictions of inventory needs based on sales, and so forth:
- Perform sales analysis.
- Track sales declines.
- Track performances.
- Rank Customers,Sales Reps.,Products,Vendors, etc.
- Make, maintain and update sales forecasts, etc.
Such standard reports may be all that is required, or custom displays (dashboards) that communicate the same results visually may be better.