Business Intelligence and Data Visualization
Added on 2021-05-27
8 Pages2418 Words25 Views
1Business Intelligence and Data VisualizationInstitutionDate Name
2As institutions grow, so too does the amount of data available to track and analyze (Lazer, Kennedy, King and Vespignani, 2014). For Great Eastern to take advantage of the abundance of data and make well-informed decisions, they must have access to a tool like PowerPivot, SPSS, Big ML or PowerBI to get a single, real-time, fact-based version of the truth. With access to actionable data, decision-makers are able to identify new opportunities, streamline operations, increase sales, support company growth and help their business gain a competitive advantage.In small companies, spreadsheets can be sufficient to get the job done. Spreadsheets have many great uses. However, for Great Eastern, spreadsheets alone are inadequate for making data-driven decisions.Spreadsheets are prone to human error unlike data analytic toolsStudies have shown that one in five large companies have suffered significant financial losses due to spreadsheet errors. As spreadsheets become more complex, error rates increase. An error in one cell can cascade throughout your data. Mistakes like this can easily go undetected, allowing institutionsto make vital decisions based on flawed information.On the other hand, Business Intelligence tools, like SPSS and Big ML, collect data from your various data sources and calculate the answers on the back end. Quality BI tools are not prone to the erroneous calculations or human error.Excel is time-consuming compared to data analysis toolsThe time required to ensure your data is absolutely error free isn’t practical at Great Eastern University especially in today’s fast-paced world of business. Manually creating, manipulating, verifying, integrating, updating, and merging data into spreadsheets can be a full-time job. This time could be better spent on tasks to grow the University and bettering student services. This level of data management can be accomplished faster and more accurately with just the aforementioned data analysis tools (Dou et al., 2016).
3Spreadsheets don’t allow for data discoveryProviding your spreadsheets are error-free, they do allow you to analyze specific metrics. Beyond this, there is very little room for data discovery because Excel does not allow the user to followthe data through. Instead, it requires a mathematical understanding of the data. Data analysis tools, on the other hand, allow for real-time studying of data and do not waste your time on calculations, this way, new trends and predictions on data can be found unlike the excel spreadsheets (Muşlu, Brun, and Meliou, 2015).When Great Eastern utilizes these data analytic tools, it will be able to collect data from various sources such as customer records, their supply chain, and financials. The data analysis tools further gather it together so that it can be queried in seconds. This way, data is now accessible in real-time and is presented in a way that is easy-to-understand. It shows a clear view of what is selling and what is not; where sales are happening and where they are not; why, and who or what is responsible. At minimal expense and lightning-fast speed, data analytics tools assemble Great Eastern assorted datasetsand present the information as a single grid, dashboard, or graphical view of the performance for an overview of both trends and KPI performance (McLauthlin, 2015).Moreover, due to the intuitive design of these data analytic tools for non-technical users, each department is empowered with a single view of the truth (Creswell and Creswell, 2017). All employees are able to easily analyze data and build, refine, and share their discoveries with colleagues and department heads. A good case scenario for this was when CoolDrive's Chief Financial Officer, John Goodrham, spoke about his experience with implementation. “We had about three people confident andcompetent on Cognos. We have about 90 people who could use Phocas competently". In 30 minutes, you’re taking them from raw beginner to intermediate user. It has a really nice interface.Spreadsheets can present a big security risk
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