INTRODUCTION TO BUSINESS INTELLIGENCE USING DATA ANALYTICS

In today’s customer-centric business arena, every organization that intends to meet and exceed their customer’s demand must utilize data.

In the words of Peter Sondergaard, senior vice president, Gartner Research.

Information is the oil of the 21st century, and analytics is the combustion engine.

Using data analytics to make business decisions is important because making smart business decisions saves organizations a lot of money while helping them identify new opportunities to generate revenue. For example, leveraging big data is already saving Netflix as much as a $1 billion a year on customer retention.

Nuff said!

This is an introductory class. As part of the Godspeed Tech Mentoring Program cohort 2, I will share valuable insights on using data to make informed business decisions.

Let’s delve in shall we…

ANALYTICS VS ANALYSIS

The term ANALYSIS is generally used to describe, evaluate or diagnose events in the past. While most people may use these terms interchangeably, it’s best you know the difference.

Sets of data can be broken down into different compartments in order to conduct ANALYSIS. Analysis seeks to explain two critical things — HOW & WHY.

How the outcome came to be and why it has such nomenclature (or structure).

Consequently…

ANALYTICS is used to explore potential future events (or outcome). Analytics can either be Qualitative which focuses on intuition, experience and analysis OR Quantitative which is a combination of algorithms and formulas.

Now when we talk about data science, we are focused on improving the accuracy of predictions based on data extracted from various activities. It can be used in business to make decision.

Big data and analytics are at the core of making intelligent business decisions. However, to make those decisions, it’s critical to clean data, process it, and manage it efficiently (to derive valuable insights).

BUSINESS INTELLIGENCE

Business intelligence is the process of analyzing and reporting historical business data. It aims to explain past event using data and it’s the first step towards PREDICTIVE ANALYTICS — using data to analyze past events and creating appropriate models for future outcomes.

Like I said earlier, this is an introductory class into business intelligence using data analytics.

In the coming days, I will be showing you how to utilize data, the different categories of data and the analytical tools used to process these data.

Talk soon…

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HR Pro transitioning into Product Design, creating user-centric and scalable products & loving every bit of it. | UX/UI Designer

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Nimitariye George

Nimitariye George

HR Pro transitioning into Product Design, creating user-centric and scalable products & loving every bit of it. | UX/UI Designer

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