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Artificial Intelligence

Innovation in your Business Analytics Products 2018

By December 24, 2017 No Comments
Business Analytics Products

Nowadays, everyone, from students to corporate executives and MNCs presence across continents needs to deal with massive amounts of data. Without proper analysis and understanding of data, both individual professionals and companies will not be able to utilize the data they deal with. That is where the concept of data visualization steps in. Basically denoting presentation of data in an easy to comprehend graphical and pictorial format, Data visualization enables users to gain more insight and make their points clearer to others.

Make your business decisions with a data driven approach

As data analytics are now an integral part of business life, more and more companies elaborate strategies to manage it effectively and make the most out of it. In today’s fast paced business world, smart data analysis tools are essential to successfully manage a business. We have never been exposed to so much information as we are today, nor have we been exposed to so much data collection. Raw data make an increasing part of any business; it is no longer ignored, and needs to be dealt with.

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Free tools for such reporting could be Python with Matplotlib or SeaBorn, you can use Qlikview (Desktop version) which is completely free without a need for trial license, you can use R with Shiny or Bokeh, you can use Excel assuming data volume is low, you can also try Pentaho, SpagoBI for free use, and RapidMiner. Helical Insights is onther open source Business Intelligence Platform.

Customization is the need of the Time

Efficiency is the language business intelligence warrants as it needs to blaze through intelligent narrative while keeping conversations smart and relevant. The trouble with data analysis is that you first need to know what question it is you want to answer. Preparing the questions you need to ask and having a thorough understanding of the data you’re modelling will make it quicker to get to the answer you’re looking for. There are a handful of free tools available in the market but most of them have limited capabilities. Some does the job absolutely fine although it’s not enough that you rely on free solutions alone.

If you are looking for a SQL based analytics platform, you should check out Cluvio or Datapine. R, the open-source language for statistical programming, can be embedded into Apache using RApache to help you customize and examine all key performance indicators instantly at a glance. Beside Processing.js, there is a plethora of Javascript libraries that can support your development process. First, evaluate the pros and cons of the two options SVG and Canvas (ExCanvas for IE) and then choose a fitting library.

Visualization is core to differentiation of any BI Analytics Product

Some think visualizations alone are an effective form of communication, providing executives with all the information they need to extract valuable insights. If you have your own data set and you want to visualize it, options range from a BI tool that is the most user friendly (something like Tableau) to D3, which gives you the most control but requires the most time and technical abilities to produce a finished product. There are several business intelligence analytics products that are being used for data visualization these days. Before you select one such app for business intelligence needs, considering factors like licensing, integration with existing platforms and usability becomes necessary.

In between these two, you will find web tools like Infogram that will require you to work within some tight constraints, or JavaScript charting libraries like ZingChart that tech some of the technical time out of drawing charts for the browser as mentioned above, but still let you customize the end product as much as you would like. For simple things like charts creating in a few clicks, sharing, printing or export to image, Vizydrop, a Data Visualization Software is also a great addition around intelligent narratives. For complex stuff, Google Fusion tables are perfect.

Related: Making Disrupted Business Intelligence (BI) Truly Conversational

The Roosboard search driven is a desktop and also handheld user-friendly business intelligence tool drives major success for the business by analyzing the business performance in a right way. Manyeyes is relevant if your data is in check and you just want a visualization engine. You can try the cloud-based application AnswerMiner that you can run in your browser. Inetsoft offers a drag-and-drop interface for dashboard creation and data mashup. Silk is a really powerful graphDB with a super simple WYSIWYG editing or visualization engine on top. Databox has a beautifully designed and powerful Web application or mobile application and offers several one-click integrations. Then, there is also Quandl, which combines the datasets and the DataViz, but you’re somewhat beholden to their data sets and their themes.

Custom built solutions may be a good alternative for specific visualization methods that are missing in the existing services. D3.js – Data-Driven Documents is known to be a good library for data visualization. Some other visualization solutions are Protovis, Raphael, Javascript Infovis Toolkit, AnyChart JS Charts, AnyStock Stock/Financial JS Charts, AnyGantt JS Gantt Charts, AnyMap JS Maps, ZingCharts and HighCharts. Through SaaS nature of any good business intelligence analytics product, it could be made available anytime, anywhere, real-time. This is one form of innovation. Sometimes, through intuitive drag and drop interface one product is differentiated from the other. Compelling customizable dashboards integrated with rich library of data visualizations also may be embedded with these products to bring intelligent narratives and deeper context of business data. Easy data consolidation is another prime objective.

The right information in the nick of time is what critical business decision makers need. With innovative algorithms for Business Intelligence and analytics which empowers decision makers to take decisions, businesses should explore the power of Business Intelligence and Big Data Analytics with intuitive, easy to use, reporting dashboards for all your business needs from the above mentioned available custom solutions. You can differentiate your business analytics product with an intelligent narrative that helps you easily compare customer behavior over time to uncover drivers of engagement and retention.

Related: 2018 Smart data discovery and Data Storytelling Wave

Conclusion

In the end, Business Data Analysis, helps for defining KPIs and building the reporting platforms that deliver them. Data Analysts might also perform ad hoc analyses on specific scenarios for product or functional groups. Some companies have a dedicated group for this usually called something like Consumer Insights, some have data analysts sitting in product groups, and some have generic business analysts who sit between the product and management layers in the company hierarchy. The BI system should never expect any special skills within your organization.

 

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