If you are new to data analytics, it can be difficult to know where to start. There is so much information out there that can be difficult to understand for people without an IT degree or years of experience with analytics solutions. This blog aims to lay out the most important aspects data analytics for an average user within a retail, distribution or wholesale business.
What is Business intelligence (BI) and what is data analytics?
Data analytics is the process of exploring data sets in order to draw conclusions about the information they contain. Data analytics technologies, like business intelligence (BI), are increasingly being used to help companies make sense of their business data.
BI is what leads to actionable insights. It takes the data from the different systems in your company and puts it in one neat location – your single source of truth. It can be used to improve efficiencies, find new opportunities, or predict future outcomes based on past performance.
What can BI do?
BI can help your business track performance against Key Performance Indicators (KPIs), get a better insight into what is really happening in the business, find new sales opportunities and improve customer service, optimize stock levels, analyze company financials and more. Some BI vendors specialize in in one specific area, while other vendors, like Phocas, provide value for departments across the business and presents data in graphs, dashboards and scorecards.
What is a dashboard?
A dashboard is a page within a BI solution that lets users easily see metrics relevant to them. For example, you might want to track monthly revenue against a particular goal, see how many sales each sales rep is bringing in, keep track of stock levels, or see which customers you are losing. Importantly, good BI solutions will have the option to restrict users to only see data relevant to their job role.
NB! This is an excerpt from a recent blog. Click here to read the full article
Category: Business Intelligence Software Company about: Phocas Software is a leading business intelligence software firm created by Myles Glashier and Paul Magee in 1999. Phocas has built its model on exceeding customer expectations. We help our customers make data-driven business decisions, uncover new sales opportunities and improve business efficiency by offering an integrated data solution. Whether you are an IT Manager who would like to spend less time performing reports, a Finance professional looking for a quicker way to drill down on a P&am ...
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