Businesses these days seem to do more reporting than anything else, many companies even have whole departments dedicated to reporting and of course, these reports are derived from the massive amounts of data generated within the business. Yet, with all the reporting being done, these businesses are still struggling to find the true intelligence of all of these data and reports. Many businesses seem to think that business intelligence is simply about reporting. In reality, business intelligence is much, much more.Business intelligence is the reporting of the history and current happenings of a business. From this set of intelligence, people are provided with means of gaining insight from the data analysed, it also allows people to see trends and identification of past issues and prevent recurrence. At Invicta, we know that BI is one of the top keys to knowing your business and we can help by identifying gaps in your current data intelligence, implement BI analytics tools or dashboards and ensure that you are equipped to turn your data into intelligence.
If business intelligence is about seeing the what was and is, data analytics is about seeing the why, the what if and the what could be. Specific types of data analytics include: Descriptive analytics, which tracks key performance indicators to understand the present state of a business, Diagnostic analytics, which tells you the why behind events, Predictive analytics, which analyzes trend data to assess the likelihood of future outcomes; and Prescriptive analytics, which uses past performance to generate recommendations about how to handle similar situations in the future. Whilst data analytics is often a fairly complicated process that involves specific expertise, procedures and tools but its rewards can be significant towards making data-driven business decisions, anticipating events, carry out high converting marketing campaigns and many other benefits. At Invicta, our mission is to help you identify the relevant data that meets the different needs of business functions, its source, help you understand how it can help you with business trends and forecast.
When someone in your company completes a document or creates a form as part of the normal business functions, how do you know whether this data is submitted accurately and stored in the right location? In any businesses that deals and generates a huge amount of data (virtually most companies nowadays), a data governance policy is required to make sure that organisational data is accurate, consistent, secure and accessible within the company. This policy works as a framework for data governance and stipulates the responsible party or parties depending on situations and it also governs the procedures used to generate and manage it. This policy is not meant to be the end-all, it should be a governed but living policy that can adapt to business and industry needs. At Invicta, we can help you with the creation of a data governance policy guideline document and we would this together with input from the leadership team as well as cross-functional stakeholders of data creators and consumers.