How BI Can Make Data-Mining An Easier and faster Process

October 15, 2022

Now, enterprises don’t need to go through multiple spreadsheets of data which are prepared by extracting data from disparate systems manually for analyzing the financial status of a business. Business Intelligence (BI) has become an essential business tool that provides enterprises with a single platform to collect end-to-end business data and analyze it from multiple dimensions.

Generally, extracting data from multiple sources like ERP, CRM, IoT-equipped machines, social media, and websites is a process of data mining. This extracted data is stored and prepared in the standard format for discovering patterns and correlations in consumer buying patterns. If this process especially, the analysis part is done manually, it becomes a time-consuming, tedious, and error-prone process. It highlights that enterprises not only need efficient ways to extract and store a trove of data, but they also have to be able to make meaning of it. This is where Business Intelligence comes in.

The state-of-the-art analytics system- BI application can analyze, and summarize large data sets in easy-to-understand reports or dashboards that can help businesses gain insights into their operations faster. That’s why BI is the most talked about topic among all industries aiming for extracting business insights from data. BI predictive capabilities also enable businesses to make precise predictions about what their consumers want. These predictions help them personalize their marketing campaigns, optimize their resources, price products competitively, and operate more efficiently to maintain a profitable consumer market.

One of the most popular BI Tools- Power BI can help you transform and analyze any raw data that has to do with your business. The following types of data are included among others:

Revenue
Number of consumers
Profit per branch
Number of sales
Number of consumers in a specific location
Number of consumers who’ve churned
Number of consumers’ footprints at a particular store
Marketing expenditure and much more

Simplifying the data through dashboards, charts, and graphs, BI makes it easier to transform, dive into, and understand your raw data in a few minutes.

Why Enterprises Are Compelled to Use BI Tools

When asked about the importance of BI, enterprises highlighted the following key reasons:

To access real-time core business data quickly for reference when making decisions
Insights get restricted due to the large volume of data
To analyze new variety of data generators like image, video, audio, email, and documents
Identify and segregate data to make sense of it
Increasing speed of data generation

What Role Does BI Application Play In Data-Mining Process?

The process of data mining takes place over five steps. Here, we will discuss the significant role of BI in these steps:

Extract, Transform, and Load (ETL): The first stage in data mining includes extracting data from one or many sources (such as those mentioned above), transforming it into a standard format, and loading it into a data warehouse.

Store and organize: Next, businesses store and organize the data in multidimensional database systems such as OLAP or tabular cubes.

Access: After the data has been standardized, loaded, and organized into the database, business analysts, IT professionals, or data scientists gain access to the data to determine how it should be analyzed for identifying trends and patterns or measuring business performance.

Analysis: Advanced Analytics software like Power BI is used to analyze and scrutinize the data based on incoming queries from the end user.

Present: After the data has been analyzed, the BI tool consolidates the result and presents it to the end users in charts and graphs.

Around the world, industry leaders are using BI to revolutionize their business operations and improve their revenue in many ways. When used in tandem, Data Mining and Business Intelligence can process and analyze data, and reduce the workload for the users and organizations in understanding prepared data. It helps businesses to gain a better understanding of their customers and the market in general which leads to better decision-making, more effective marketing strategies, and increased financial performance.

BI Solutions and Services Provider-Eastern Software Systems has an extensive experience in digital enterprise IT solutions across industries leveraging the globally awarded Power BI platform. If you want to convert your company’s raw data into compelling visualizations and create opportunities, please provide your details. Our BI experts will connect with you soon!

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