Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis. This method is used primarily by companies committed to data-driven decision-making. Simply put, BA is using your historic business data to make smart business decisions for the future.
Business Analytics 101: Putting Your Data to Work for You
Just a few examples of successful applications include Capital One using BA to determine which customers are good credit risks based on the customer’s past behavior; E & J Gallo Winery using BA to predict which of their wines will be the most popular; and Harrah’s using BA in conjunction with their player loyalty program to determine which offers will be the most effective.
Elements of Business Analytics
There are a number of elements involved with Business Analytics.
The practice of BA is not about sifting through mountains of data reports, but rather creating the reports that work best for you and using that specific information to guide your future business decisions, whether or not the data results go along with your “gut” reaction.
Yet another element of BA is an easy-to-use dashboard that keeps all of your key metrics on one convenient screen. With BA, you can also create projections that allow you to visualize future results based on different variables.
Gathering Information Across Multiple Data Sources
Unlike several other method of statistical analysis, BA makes use of historic and real-time data from a variety of sources, both internal and external. For instance, a restaurant or retailer can react quickly to an unexpectedly popular new item and make sure that outlets have enough products available to satisfy this unanticipated demand.
Using Business Analytics to Measure ROI Across Channels/Departments
Another advantage of using BA is that this method of forecasting cuts through departmental lines and looks at company metrics as a whole, not just those of one or two segments within the company.
Getting Started With Business Analytics
How to Tell Your Company's Story
ART OF STORYTELLING
“The universe is made of stories, not of molecules,” writer Muriel Rukeyser broadly said.
Storytelling in simple context can be referred to as the connection between cause and effect, and narratively it can help us to make sense of the world around us. Business people leverage the art of storytelling to inspire and engage teams, fascinate customers, and gain attention from potential investors. Stories have existed since some time before recorded history; however, the need to hear stories hasn’t changed, nor has the longing to relate stories.
WHY IS STORYTELLING SO IMPORTANT?
The possibility of narrating is interesting; to take a thought or an episode, and transform it into a story. It breathes life into the thought and makes it all the more intriguing. This occurs in our everyday life. Regardless of whether we portray an entertaining occurrence or our discoveries, stories have dependably been the “go-to” to draw enthusiasm from audience members and readers alike.
Stories, likewise at any point known to anybody, can start feelings, regardless of whether it’s fulfillment, sensitivity, trust or shock. While listening to a certain story, the language-processing parts of our brain get activated, but also in addition with those, the experiential parts of our brain come alive too- fundamentally our brain is more engaged when listening to stories.
Stories help to concrete the obligation of association through which we people are associated at this present day. Stories enable us to assemble trust among our associates or partners, they enable us to learn new things, on the grounds that portraying a story requires examining about the experiences of the item nitty-gritty that will be passed on, and this positively encourages us to get associated with similarly invested individuals. In any case, it’s hard to know how to weave in a decent story, isn’t that so?
WHAT REALLY MAKES A GOOD STORY?
You most likely have perused a couple of books in your lifetime or a news story here and there.. So, what do these have in common? All things considered, they have a beginning, middle, and end.
When you start reading a specific novel or news story, the characters (or the subject) are, for the most part, in a totally different place than when they started. The plot weaves us along the path that the characters must walk, all the emotions they must feel, and challenges they must overcome.
There’s a craftsmanship to extraordinary narrating. Often, individuals imagine themselves in the story and keep the end goal in mind to have the better comprehension of the substance. You have to draw the intrigue of the general population with the goal of maintaining their attention until the end of the story. Narrating your story isn’t simply a case of saying, “I did this, at that point this, the end.” The story ought to have a climax and an ending which listeners are pulling for. You must tell a tale of tension that attracts individuals and keeps them drawn in and needing more.
To improve your story:
– Do a little research on the subject you’re going to tell your story on. Change the critical issues; chop them down to get the most valuable substance in your grasp. This will enable you to connect with a superior number of listeners.
– Keep your stories easy to comprehend by the general population.
– Take time detailing the climax. A good climax will compel individuals to pay attention until the story’s ending.
– Be unique.
ROLE OF STORYTELLING IN BUSINESS INTELLIGENCE
In the market, where comparable products are sold by various associations, the power of storytelling is the secret ingredient that can set your business apart from the rest. Storytelling is the most straightforward approach to get individuals mindful of your product’s points of interest, and the way they recall it. Brand narrating isn’t new; associations have used publicizing to evoke emotions through storytelling for a long time.
Promoting groups realize that powerful narrating improves brand recall and breaks down boundaries to sales. Additionally, it’s transforming into a compelling strategy to pass on data and information in business understanding exercises on the grounds that everybody likes a decent story.
For good BI narrating, the following components should be considered:
– Should be an exceptionally dense story with a beginning, middle(fundamental substance) and end (the conclusion) that is applicable to the audience members.
– Incorporate an amazing component, something that stuns the audience members and shakes up their model of reality
– Inform and furthermore persuade the audience members to make a move or need to know more.
So, how do you create stories?
The first step to selling your ideas is with a strong plot. Most people fail to think their stories through and cannot differentiate themselves from mediocrity.
Start with a pen-and-paper approach:
Scripting down your ideas and stream of thought before you start organizing your story is fantastically fundamental. The most indispensable issue you’ll undertake to significantly enhance your investigation is to claim a magnificent story of illumination.
Outwardly sharing showcases can motivate your group of onlookers. In any case, they need a great deal of work to be put in. Subsequently, you need to hash out the structure of your story, including plots and outlines. These can offer you an enhanced comprehension of your insight.
Recognize the sole reason for your story:
– Identify what the idea of the story is. You might want to ask yourself, “What am I really trying to say?” It’s important to remember your message. This helps you avoid getting side-tracked.
– Develop an “energy articulation”. In one sentence, you have to explain why you’re truly eager to tell your story. Enthusiasm is recalled for a long time. Often people remember how you made them feel, over what you said.
Design a Road-Map:
– Create a rundown of all the key focuses you need your audience to think about.
– Categorize the rundown until the point you are left with is just three noteworthy message focuses. This will give you the verbal guide to your story.
– Under each of your three key messages, add supporting confirmations to improve the message. These could include individual stories, certainties, cases, analogies and so forth.
Conclude with brevity:
Since you have advanced all purposes of your story, your conclusion ought to be short and sweet.
Getting Started With Story Telling
Top 3 Tools for Data Driven Sales
Even the sales world has been bitten with “data fever”. Long gone are the days of rainmaker, Don Draper type sales people – especially in technical sales. Clients, management, and reps all want access to data to drive strategy and operations; that’s why it’s ever-important to equip yourself with the proper tools to make sense of all the data. Here are the top 3 things the new generation sales person needs in their toolkit:
- Effective CRM (customer relationship management) Systems and Processes
- This is the foundation to efficiently leveraging data. If there is not an effective system and process, the data is useless.
- On demand access to data
- Can you access your data from everywhere (web, mobile, Excel)? Are you able to see transactional data and data visualizations? Can you share your data for collaboration? The insights you gather from your data are useless unless you are able to share them with the people that matter.
- Problem Solving Abilities
- Can you marry the data available to you with the customer’s problem then provide the right solution?
After understanding the customer’s problem, the next step is to provide the solution. With these 3 tools in your toolkit, you will be able to effectively leverage a data driven approach with your client.
Getting Started With Data Driven Sales
The Top 5 Discoverer Conversion Questions
Don’t be fooled by other vendors!
Many vendors in the Discoverer Conversion space take the SQL behind the Discoverer Workbooks and import to the new product. There are some real impacts to taking this route when moving from Discoverer to a supported product.
If you look at this type of conversion, you might wonder how this affects me.
Converted reports run just the SQL brought in to the new product which may seem like the easiest, quickest and potentially most cost-effective way to proceed. But is it really?
If you go this route, the report will be static and NOT retain functionality from Discoverer.
Users CANNOT add or remove columns
Users CANNOT add or change filters or parameters
Users CANNOT copy the report to create a new report
LOSS OF FUNCTIONALITY USERS COULD DO IN DISCOVERER!
Though moving the SQL to a new tool might seem the best solution, doing so will take away the functions that most Discoverer users want like Self-service reporting and copying and/or modifying existing reporting. If you cannot change a converted report, what is the cost to build a NEW report just to get minor changes. Suddenly, the savings to convert is eaten up in man hour costs to do business.
What can you ask vendors being reviewed for Discoverer Conversion to be sure you have the full understanding of the solution they are offering?
Does the solution take the entire infrastructure from the EUL?
Import the EUL
Import the Business Areas
Import the Workbooks and Worksheets
Import the Users
IMPORT EVERYTHING INCLUDING SECURITY
Will the converted reports have the same or better functionality as was in Discoverer?
So, what you see in Discoverer today, will you see in the new solution with full functionality?
Can we edit the report once converted?
Users in Discoverer expect to be able to edit exiting workbooks on the fly. If you bring in only SQL and create a static report. What is the cost to build a new report just to make a minor change to a report that can’t be modified?
Can we copy a report and pull in new columns and change parameters and filters?
A big value of Discoverer is the self-service capabilities. Taking an existing report, copying it and making changes quickly to get a new result set. What is the cost again of having to build a new report to gain this functionality?
Does the solution provide a Conversion Utility that will allow internal conversion without external consulting?
If you convert SQL, is there a utility my company can use to save on consulting costs?
Finding a Discoverer Conversion solution that give you an option to do the conversion yourself is key to cost savings. Why pay someone to convert when you can convert yourself?
Protect your investment to see which BI tool can:
Migrate your current workbooks
Offer Speed and Accuracy
Is available at least Cost
Deliver solutions (Self Service Reporting, Dashboards and Discoverer Conversion Utility), not just a product.
We often hear that “My EUL is unique and has a lot of complexity.” Having worked with numerous customers over several years, we have found many complexities in the market. Here are a few that you want your BI tool to solve out of the box.
Object Level Calculations
Calculation column inside another un-used calculation columns
Disabled calculation columns, conditions and parameters(un-checked)
Date format mask
Custom Folders with complex query
Match Case/case insensitive filters
Cross Tab Layout
Complex calculation formulas with Analytical Functions like PARTITION BY.
Object Level Filters
Replace NULL value with
The goal of customers to migrate from the de-supported Discoverer to a new product is to save the investment they have made so what you see in Discoverer today is what you will get in the new product with new feature functions that will grow with the business. Good luck, and happy converting!