Every entrepreneur knows that the one who has information has power. Based on reliable data, effective company development strategies are developed, important decisions are made and possible problems are diagnosed. In-depth business analysis is a milestone in the smooth operation of the company and a sign of its evolution. It allows us to increase the chances of success of our company and minimize the risk of failure. How to do that?
Data analysis – what is it?
The collection and analysis of the collected information helps to obtain an objective view of the company’s needs and directions of its development. It is also a way to reduce the company’s costs, increase its competitiveness on the market and adjust its offer to the requirements of a potential customer. What exactly is business analysis? According to the Business Analysis Body of Knowledge standard published by the International Institute of Business Analysis (IIBA), these are practical activities that enable the implementation of change in the company and their aim is to understand and define needs and to recommend solutions that are of value to stakeholders. It sounds quite complicated, but analyzing business data does not have to be difficult, especially with the right tools.
Big Data analysis – what can you gain?
Currently, companies are gathering a huge amount of information in order to make better business decisions, gain insight into the market and understand their customers’ needs. Big Data is a term used to describe a large amount of quickly processed and diverse data that is subject to verification and is of direct value to the user. The information collected is processed into useful knowledge that will give the entrepreneur an advantage over the competition or enable optimization. Business analysis includes activities related to data collection as well as processes of transforming it into a real benefit for the company. The ability to analyze the collected information can have a significant impact on business in every aspect. However, are we able to analyze such a large amount of hard data and draw constructive conclusions about the future of the company?
Business data analysis – tools
This is unattainable without the right tools to process and present data in an accessible and transparent form. Thanks to the BI (Business Intelligence) tools, we can quickly and efficiently use data from various sources and collected in the company for business purposes. Business analysis with the use of BI tools allows to make the most beneficial decisions for the company. How to choose the best tool for your business? It is worth following the opinions of other entrepreneurs and reliable rankings. According to Gartner Group, one of the best BI tools on the market today is Tableau, created for visual data analytics, based on Data Discovery. This tool has been chosen by many well-known corporations that want a quick and clear analysis. NewDataLabS is a Polish partner of Tableau, which deals with the implementation of brand solutions in our country and offers support for the tool. It is also a valuable source of information for those who want to explore the subject.