Business Intelligence

Simplifying business intelligence

2016Jan22_BusinessIntelligence_CWhen it comes to business intelligence, you may think there’s no easier way to simplify your data than to organize it into a graph or chart. Business owners have been using this method for decades, so what else could be better than that? Well, a new product on the market is striving to make business intelligence even simpler. Here’s the scoop.

Earlier this week, the Chicago-based company, Narrative Science, integrated with the business intelligence and visualization software company, Qlik. The fruit of this integration is a new way of looking at your data beyond your standard charts and graphs. Yes, charts and graphs are still used, but now there is a new element that comes into play: story. Qlik now enables businesses to take the data on their charts and graphs and automatically turn it into a narrative that will explain the most important and relevant points of their data. These stories are presented in easily understood, natural language and can be personalized to the audience who is reading them. For example, if you want to change the format, language style or detail of the story, you can easily adjust these.

How storytelling can help with business intelligence

While charts and graphs are easy to read for people who are regularly looking at them, there can be a learning curve for those who are new to the specific set of data they’re analyzing. And when you are presenting a series of charts and graphs to a group of colleagues, it may be difficult for you to convey the data in an easily understandable way. This is why storytelling can be a vital tool with your business intelligence efforts.

Everyone can relate to a story. In fact people have been doing so since the stone age as evident by the carvings on cave walls depicting different tales. Today, all it takes is a simple click of your remote to see hundreds of different stories appear on your TV. Storytelling makes it easy to digest information for anyone. This is why both morals and ethics are often illustrated in parables or stories to convey their message. These stories that many of us heard from childhood, like the story of King Solomon who suggested cutting a living child in two to settle an argument or of King Midas and the golden touch, remain in the minds of many of us for a lifetime.

Stories stick in our brains. And they can make it easy to understand complex information, which can be especially helpful when it comes to data. This is why Qlik’s new data to story function sounds so exciting. It aims to make it easier to present data in a more user friendly way. This will hopefully save time and headaches for people trying to understand complex data. Of course, since it is so new, only time will tell what kind of impact it will have and whether or not it will live up to expectation.

Want more of the latest business intelligence news? Need help making sense out of your data, or looking for other ways new technology can help? Get in touch with our IT experts today.

Published with permission from TechAdvisory.org. Source.

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Understanding Google Analytics

BusinessIntelligence_Dec28_CIn today’s competitive business world, it’s imperative that you have a thorough understanding of who your visitors are and what are their expectations. If you’re looking for a powerful analytical tool for your company’s website, Google Analytics one of the best options in the market. Yet trying to understand Google Analytics and its strategic use can make your head spin. If you’re just starting out, here’s an overview of Google Analytics and its key metrics that are noteworthy.

What exactly is Google Analytics?

Google Analytics is a free website analytic product offered by Google. It is an application that collates visitor data from your website and provides basic statistics and analytical tools for search engine optimization (SEO). The data is used to generate reports that give you insights as to how your visitors are engaging with your website.

With Google Analytics, you can analyze your traffic to discover whether your target market is finding your website, how they’re finding it, and if they’re taking the actions you expect them to take while on your site. By tracking and analyzing your traffic you can increase the engagement and enhance your marketing strategies.

Google Analytics’ Key Metrics

Navigating Google Analytics can be mind-numbing, since you are likely to get lost in its many features, variables, and settings. Check out these basic key metrics that will help you analyze your website traffic.

Unique Visitors
Most people tend to confuse this metric with “Visits”. The Unique Visitors metric can give you an accurate number as to how much real traffic you receive on a daily basis because, unlike the Visits metric, it doesn’t solely rely on cookies to count. This means any of your visitors would be counted once, even if they cleared their computer of cookies.

Pageviews
The Pageviews metric should increase in direct proportion to the numbers shown in Unique Visitors. This metric represents how deep your unique visitors go into your website pages. If the percentage is low, your content may not be engaging enough to encourage visitors to explore the your website further than the home or landing page.

Bounce Rate
The Bounce Rate metric will tell you the percentage of visitors who left your website after viewing only one page. High bounce rates can mean that your website is not appealing to visitors in certain aspects such as the design, content, navigation, and so on. Tracking your website’s bounce rate will quickly help you identify things that are not working well on your website, so you can fix the problem accordingly and ensure you grab visitors’ attention from the first click.

Traffic Sources
This metric shows which sources drive the most and least traffic to your website. Generally there are four types of metrics: Referral, Direct, Organic Search, and Social.

  • Referral traffic – These visitors found your site via your off-page marketing efforts, such as backlinks and blog articles on other websites.
  • Direct traffic – These visitors are highly targeted, since they type your URL directly into their web browser.
  • Organic search – These visitors discover your site after searching a keyword in a search engine, usually from Google.
  • Social traffic – These visitors came from social media platforms, such as Facebook, Twitter, and Instagram.

These are the metrics that matter to tracking your website’s visitors. They consist of basic numbers that are easy to understand and interpret. Once you get a handle of these metrics, you can make your way to more advanced metrics that provider deeper level and more accurate insight.

For more tips on how to utilize your business data with Google Analytics, contact our specialists today.

Published with permission from TechAdvisory.org. Source.

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Tips for smart BI planning

Implementing Business Intelligence (BI) software and other tools can help your company grown by leaps and bounds. However, it has to be planned for with the proper level of diligence and care to truly be beneficial to your business. Haphazardly installing BI software can result in an expensive misstep that sees you fall behind the competition. But with well executed BI planning and implementation, your company can grow in ways never imagined.

Quite a few business owners see other companies using BI software and tools successfully and hope to emulate those results. Unfortunately, BI goes far beyond installing a program on your employee’s computers and expecting them to churn out results because of it. In fact, without proper planning in place, you could end up losing money on your BI investment.

If you’re ready to bring BI software and tools to your small or medium-sized business but aren’t quite sure what your should be looking for, here are four things you need to consider during the planning process.

What data do you need to know

BI software is great at helping you obtain data and presenting it to you in all kinds of different ways. But it’s only helpful if you can actually use the information. Too many businesses jump on the BI software bandwagon because they hear about the great results other companies have achieved using these tools. However, if you don’t know what information you’re looking for or how to use that data to your advantage, BI software essentially becomes a toy for you and your staff to play with.

That’s why you need to fully understand what information and data your business needs before implementing any BI software. This will help you pick the best tool for your needs and then utilize it to great effect.

Create specific goals

When you are planning to implement BI software it is vital to have a specific endgame in mind. Increasing profits sounds great but it’s hard to utilize BI effectively when tackling a goal of that magnitude. Instead focus on performance metrics you can measure like higher closing rates or more online conversations. This will help make your planning easier and allow you to find the BI tools required to reach those goals as well as track your progress along the way.

Think about today and the future

It is important to not only think about BI software in correlation to your short term goals but your long term ones as well. You want to make sure your BI software is useful both now and in the future. Find something that can grow alongside your company over the long haul. You don’t want to constantly be changing or adding on to BI tools unless it is absolutely necessary. If possible, find BI solutions that are scalable and flexible so they can help over a longer period of time.

Keep it simple

Sometimes the desire to know more about your company can see you end up overloading your staff and employees with complex toolsets and data. The goal, especially for small and medium-sized businesses, should be data that is quickly accessible and easy to comprehend. This will allow you and your team to make speedy and informed decisions. Convoluting the process with unnecessary information or complicated process will only serve to negate what you are trying to do by installing BI software in the first place.

BI tools and software are designed to help you work smarter, not harder. When you plan to bring them to your company, this is something you will want to keep at the forefront of your decision making process.

If your company is looking to start utilizing BI tools, our team of experts can help. Together we can create a BI plan that works best for your business.

Published with permission from TechAdvisory.org. Source.

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