Business Intelligence - Putting Information To Work

Have you noted the irony of life? How often have you wished you had more information on which to base crucial business decisions, yet cannot deal with the data you already have. Managing business data is a BIG challenge, a task of Herculean proportions. But, as usual, we’re going to make it easier for you. Let us introduce you to the concept of business intelligence.

Business data comes in unending variety! Whether it’s informal market intelligence gleaned by an enterprising sales executive, a gut feel for something based on past experience, or hard data neatly arranged into spreadsheets of a gazillion megabytes – it’s all worth nothing unless managed the right way. By that we mean the data should be in the right form, right place in the right hands at the right time! You’re thinking that’s an impossible dream? Don’t bet against it, we say.

Let’s start at the beginning. What do we mean by the term “Business Intelligence”? Let’s skip the jargon this time, and get to the point. Business intelligence essentially refers to organizing and manipulating raw business data in such a way that it becomes 'information' – that which is capable of generating insight. Think of data as the raw ingredient, information as the processed product.

The first step to business intelligence is to compile and organize your data. In the good old days you probably used an indexing or filing system, now you use databases.

Database management software helps you arrange the raw data into neat little tables, which not only makes subsequent access and updating easier, but also prevents duplication. Databases are wonderful things – you can query, sort and even perform calculations using them. There’s hardly an area where a database cannot be put to good use – inventory lists, customer data, sales and revenue numbers….even weather information!

The great thing about managing business data using these tools is that they help to correlate information that may come from different sources – for example, a single production job number can be used to link input raw material, work in progress as well as items ready for dispatch.

Needless to say, the structure of the database is all-important, and that is why one needs special expertise to get it right. Fortunately, there are plenty of tools available to assist you.

The free (open source tools) include:

• Eclipse BIRT Project: Eclipse-based open source reporting for web applications, especially those based on Java EE.
• Freereporting.com: Free Web-based BI software application by LogiXML
• JasperSoft: Standalone and Operational BI for reporting, analysis and ETL (the latter based on Talend Open Studio)
• OpenI: simple web application that does OLAP reporting
• Palo (OLAP database): Memory-based OLAP Server (MOLAP) with interface to Microsoft Excel, .NET, PHP, Java and C++
• Pentaho: Enterprise-class reporting, analysis, dashboard, data mining and workflow capabilities
• RapidMiner (formerly YALE): open-source software for intelligent data analysis, knowledge discovery, data mining, predictive analytics, and machine learning useful for business intelligence applications.
• SpagoBI: a Business Intelligence Free Platform which uses many FOSS tools as analytical engines, integrating them in an infrastructure which offers a cross-operativeness and a consistent vision between Report,OLAP,Data Mining,Dashboard and over the DWH.

There is also a lot of proprietary, enterprise level software out there.

While creating a database is the most sophisticated and efficient way of managing business data, there are times when that is neither feasible, nor applicable.

Say you’re working on a new business plan. You will probably use a spreadsheet to perform calculations for projections and payback. Spreadsheets are great for intensive number crunching, but are obviously not the ideal tool for managing large volumes of data. Similarly, you might want to prepare a manual or report that a number of other people are expected to use.

The obvious tool for managing business data, which in this case is either a “process” or general information, is a word processor. When it comes to communicating with others, there is no substitute for the written word. On the other hand, if it’s a certificate, legal or mandatory original document, there is no other option than to file it away safely in a binder! Office Depot has an array of accessories to tempt just about anyone who needs files, folders and other supplies.

Whatever be the final form, the key to effective business intelligence is to ensure that it serves the following objectives:

• The information is captured accurately
• It is easy to retrieve and update, and satisfies most requirements
• It is laid out in a manner which is instinctive to use
• It is accessible to all those who need it

AND most importantly, all the users know where to find and what to do with it!