Traditional data analyst skills, complemented with BI analytics tools, are the key to data-driven decision making. In the era of stellar market changes, the latter is the ultimate asset. This especially holds true in terms of traditional ELT methods. They are simply too slow to be able to keep up with the demand.
That is where data automation steps in, and is likely to remain there. Namely, automated analytics tools are way faster than manual ELT, always up-to-date, more accurate and even cost-effective.
The importance of statistical analysis
As a component of data analytics, statistical analysis remains tremendously important in the context of BI. What it does is collect and inspect each and every data piece capable of representing a sample. In statistics, a sample is a selection representing a total population.
Statistical analysis comprises five steps: data description, relation exploration, model creation, approval/disapproval of model validity and predictive analytics. These steps work in unison to predict trends and make sustainable patterns.
Minerra provides next-generation BI tools that will help you establish trends seamlessly and enable you to always make data-driven decisions. Enter Ajilius and Yellowfin (data warehouse automation and BI and analytics platform, respectively) that will transform your operational data into report-ready interactive dashboards with ease.
The dashboards are shareable across the board and fully customisable. Most importantly, the process takes a couple of hours, as compared to weeks and months needed in case of manual methods. Did we mention that information is always up-to-date?
Statistical analysis and BI reporting tools, such as are Ajilius and Yellowfin, will help you grasp general characteristics of a data set at a glance. These platforms summarise and sort data by sub-groups, allowing for additional descriptive attributes. With analytics as a service, the matter of identifying top and poor performers becomes an easy task.
Further out, automated data warehouses also help with predictive modelling by providing additional information, pointing to patterns and insights that would otherwise have gone unnoticed.
The basics of business improvement
Automated BI solutions are crucial for continual business improvement. Finding the best practices to optimise decisions and performance is the key to long-term success. Thanks to big data entering the game, it is all about making better decisions by analysing information. In fact, a new term has emerged to explain the process: “data-driven.”
In their book “Data Driven: Creating a Data Culture,” Hilary Mason and DJ Patil argue that the term is “synonymous with companies that leverage their data and analytics to unearth hidden insights that have a real and measurable impact on their business.”
By combining the benefits of data automation with data analyst skills, a company can truly show its potential in the competitive market. BI solutions can be used for analysis of any aspect of the business. E.g., you may wish to monitor the effectiveness of sales, operations, overall performance, performance by region/department, etc.
Research has shown that businesses use BI solutions in order to make better decisions (a.k.a “data-driven decisions”), as well as to increase competitiveness, improve operational efficiency and customer service, boost sales, control inventory, analyse web traffic, etc. The list goes on and on.
Automated data solutions are the only way to successfully tackle big data in a rapidly changing environment. Keeping in mind that manual methods are often abandoned midway, and rarely manage to take into account the changes occurring along the way, the conclusion that data automation tools are cost-effective (not to mention, considerably faster) is a no brainer.
Business analytics has long since evolved from Excel spreadsheets to more elaborate, comparable and shareable interactive dashboards. To utilise the full potential of this cutting-age analytics tools, knowing your priorities comes first. This goes to show that the foundation of BI remains unaltered, regardless of technological changes. And that is good news in more ways than one.
Contrary to popular belief, not all businesses have their priorities straight. As a matter of fact, BI consulting is often more valuable than the actual automation. Minerra offers expert BI consulting services, drafted to suit each customer’s goals, making it simple to learn how to always make the best data-driven decision.
To illustrate: is your objective to boost sales? To improve customer satisfaction first? To boost efficiency? To better target online campaigns? In which order should these goals be achieved? Only by defining long-term plans for your business and sorting them in an appropriate order will you be able to implement BI solutions to their full potential.
The next step is to see what information you already have. What kind of data are you collecting and what could you collect with instantaneous data automation? The primary goal of automated BI solutions is to compile and analyse data from multiple sources.
Upon answering that question, you should then focus on your primary objectives. I.e., if you already have data on employees’ performances, you might wish to deal with increasing workforce efficiency. Using data automation to that end can help you produce reports and charts on, e.g., best performers.
Yellowfin Assisted Insights and Data Storytelling
Let’s take Yellowfin as an example. The platform features, among others, Assisted Insights, which explain the business results it generates. Moreover, Yellowfin’s automated help provides a self-service analysis that actually answers all of your questions without you having to dig through all the data. You can simply ask Yellowfin to answer a specific question, and it will find only the pieces of data that need to be analysed and run it through a series of steps as to come with the best answer. The platform’s Insight Wizard helps with setting the context to the question.
Combining data analyst skills with automation
Combining data analyst skills with automation renders optimum results. The process saves both time and money, providing easily understandable insights that will boost data-driven decision making in no time. Minerra offers fully customisable BI tools and expert consultancy that guarantee long-term operational success. Keep connected with your data at all times and share critical information with ease anytime, anywhere.