Advanced Analytics

Overcome Your Fear of Advanced Analytics

Home > Blogs > Overcome Your Fear of Advanced Analytics

Overcome Your Fear of Advanced Analytics

March 26, 2021

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Overcome Your Fear of Advanced Analytics

We have all read that information is nothing unless it can be turned into meaningful data. It can be daunting in business to have access to so much data. How do you know where to begin when you’re bombarded with information It’s possible to get lost in the midst of it all, overwhelmed by the flood of data and uncertain where to start looking for ways to improve business processes. That is where you can utilize advanced analytics.

Advanced analytics is the automated or semi-autonomous analysis of data using materials and tools that go beyond traditional business intelligence (BI). It’s a catch-all word for a number of analytics sub-fields that collaborate using predictive capabilities. High-level approaches and software forecast future patterns, activities, and events, allowing businesses to create “what-if” models and estimates to future-proof their operations.

Advanced analytics involves data mining, big data, and predictive data analytics, which allows you to mine your data for deeper, more analytical, and eventually actionable insights. Whereas traditional analytical methods show you where you’ve been, advanced analytics focuses on where you’re going next, providing insight into what could happen based on a variety of potential opportunity scenarios.

Advanced analytics includes newer technology such as machine learning and artificial intelligence, as well as visualizations. In reality, advanced analytics encompasses so many areas and has such a wide range of applications that it has a variety of applications, including marketing, inventory and warehousing, and manufacturing. Keeping this in mind, it appears that any company should be interested in using advanced analytics to solve critical business problems.

Assumptions Regarding Advanced Analytics

Many CFOs still have assumptions about advanced analytics:

– They cost money.
– They take time to deploy.
– They are complex to understand.

Advanced Analytics is Costly

You might be wasting money if you’re sitting on a heap of useful data and aren’t analysing it because you’re afraid of investing in advanced analytic tools. Your data is your most valuable resource for uncovering answers to your potential questions by properly processing your history.

Many enterprise resource planning (ERP) systems quickly integrate with external services that are both dependable and cost-effective. When you are likely to afford less time doing the hard work and more time understanding the report findings, the rewards can quickly outweigh the costs.

Deployment takes Time

Yes, some technology takes a long time to get up and running. Running out the first ERP or switching to a new one is a lengthy process that can take months to complete, and that’s assuming everything goes smoothly.

This is not the case for advanced analytics. Many of these systems can be set up in a matter of hours, if not minutes, and begin crunching the data right away.

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Complex to Understand

Although advanced analytics was developed to use complex formulas and equations, they are used to provide the end-user with data that is simple to understand. In reality, several advanced analytics user interfaces are built to help people from all walks of life use data to search for information.

Enterprise solutions can also assist users in learning techniques by assisting them in selecting and processing appropriate data from a variety of sources. The end-user’s experience will be simple to navigate, regardless of the technicality of what advanced analytics might be doing in the context.

Still Having Doubts?

If you’re still having doubts about using advanced analytics even after clearing out the assumptions, we are here to clear them out.

Begin by gathering the information you’ll need to examine. For your business, this may have been a time-consuming process in the past. Data is stored in an ERP (or two) as well as other diverse relational databases that don’t always get along. As a result, putting together the data could have required many data backups and several hours of manipulation to get it into the format you need. If the data changes during this phase, for example, if you receive a late invoice payment that still counts against the month you’re working on, you’ll have to restart the whole process.

Using Global Data 365’s finest reporting systems, you can connect data from more than 140 ERPs and EPMs, as well as other relational databases, into one automatic report that lives inside the framework of Excel or displays in a readily available web-based dashboard. Dynamic links are used in our solutions to extract real-time data from your ERP, connect it to other sets of data, and deliver the accurate reports you require based on safe and simple-to-assemble parameters.

With one click, you can check your reports. Return information for a single account, a collection, or a wildcard quest. It’s all designed to offer users quick and easy access to their data so they can spend less time figuring out what is going on and more time predicting the future.

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How Does Business Intelligence Help in Demand Forecasting

Home > Blogs > How Does Business Intelligence Help in Demand Forecasting?

Business Intelligence Help in Demand Forecasting

May 21, 2021

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

How Does Business Intelligence Help in Demand Forecasting

Businesses are investing significantly in advanced analytics to maintain a competitive advantage and improve their result due to big developments in artificial intelligence and machine learning. Predictive analytics is one of these fields in which businesses extract information from existing data to assess purchasing patterns and predict future trends.

Predictive analytics makes use of a combination of data, statistical algorithms, and machine learning approaches to predict the likelihood of future outcomes based on the past. Every sector, from banking to retail, uses this technology to assess consumer responses or orders, forecast inventory, manage capital, and even detect fraud. Predictive analytics is becoming more popular, even though it has been around for decades, thanks to increasing quantities of data and readily available tools ready for a transformation.

Below we will look at how market intelligence can help with demand forecasting, a type of predictive analytics that focuses on consumer demand. We’ll go into what demand forecasting is, how it operates, and how to get started with it using business intelligence tools.

What is Demand Forecasting?

Demand forecasting is a type of predictive analytics that focuses on predicting customer demand for products and services. It estimates potential demand based on historical data and current market conditions and sets the level of supply-side preparedness needed to match demand.

Demand forecasting is important in production planning and supply chain management, even if it isn’t an acquired skill. Demand forecasting impacts everything from budgeting and financial planning to capacity planning, sales and marketing planning, and capital investment.

Why Should You Use Demand Forecasting?

Manufacturers, distributors, and retailers use demand forecasting as an important part of supply chain planning to gain insight into their activities and make educated, efficient decisions about pricing, inventory stock, resource optimization, and more.

Listed below are some major reasons why demand forecasting is so important in today’s supply chain:

  • Increased customer loyalty (providing customers with the items they want, whenever they want it).
  •  Inventory management to minimize stock-outs and overstocking.
  • Effective raw material and labor scheduling.
  • Improved capacity planning and resource allocation.
  • Better distribution planning and logistics.
  • Affordable pricing and promotion.

Use of Business Intelligence in Demand Forecasting

Data is used in demand forecasting. If the data you use is incorrect, the math and how you apply it will result in under or overestimated demand, leaving you with a slew of disgruntled customers or an overabundance of goods. Most businesses use a business intelligence solution to help with data planning, data co-ordination, and forecasting to better understand demand and supply.

Business intelligence software is designed to capture, unify, sort, tag, analyze, and report on large volumes of data. Here are four main areas where market intelligence can help you get started with reliable demand forecasting:

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Data Preparation

Most businesses fail to cleanse, verify, and audit their data regularly. As a result, 40% of company data is either incorrect, incomplete, or inaccessible (Gartner). BI software allows you to organize and monitor your data in one place, ensuring that your analytics are based on reliable data.

Data Collection

data warehouse can assist you in gathering business data from a variety of sources and using it for accurate reporting and analytics. Data warehouse-powered BI will help correlate data from different systems to provide further visibility into the supply chain, revenues, and financials, among other items.

Data Analysis

BI software is built for processing and measuring large quantities of data. Maintaining a system of records, which includes historical records and various data sources, ensures that all findings are based on the same version of the facts.

Reporting and Analytics

With pre-built dashboards, BI software will give you a single view of results and reports for the rapid dissemination and exchange of real-time information on demand. This encourages better preparation and coordination between the teams.

Improve your data quality and plan your data for reliable demand forecasting by learning more about what you need to do. At Global Data 365, we will analyze your current systems and show you how business intelligence will help you build the technology base for your company.

Contact our team for more information!

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Why-Power-BI-Is-a-Better-Choice-than-Excel-for-Analytics

Home > Blogs > Why Power BI is a Better Choice than Excel for Analytics

Why Power BI is a Better Choice than Excel for Analytics

April 21, 2021

Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

Why-Power-BI-Is-a-Better-Choice-than-Excel-for-Analytics

Modern businesses depend on data, and we’re producing more of it than ever before. However, accumulating volumes of digital data is useless unless companies can make use of it. Business intelligence tools can help with this. Are you planning to introduce a platform to assist you in extracting valuable, actionable insight from your data? You have arrived at the right place.

We will go over the fundamentals of Microsoft’s flagship BI app, Power BI, in this article, like what it can do, what it costs, and what changes it can provide to your company.

Characteristics of Power BI Desktop

– Can link to several different data sources. With the Auto-Refresh option, you can keep this data up to date.

– It aids in the rapid modelling of data.

– Using the drag and drop map, it is possible to generate interactive reports.

Characteristics of Power BI Service

– It is a web portal that allows users to monitor and view reports generated with Power BI Desktop.

– Reduce the amount of time spent moving and sharing information.

– Data can be imported from a variety of on premise sources (Excel, DB, CSV, etc.) or directly documented from a variety of cloud web services, including Azure, MailChimp, Zendesk, and Salesforce.

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with Dashboards

Increase efficiency and deliver success now with Microsoft Power BI. Enjoy a 20% discount on all Power BI services.

Why should you Choose Power BI over Excel?

Power BI has many benefits to offer than Excel. Listed below are some of the benefits.

Convenience and Data Size

Power BI can handle massive amounts of raw data as well as several data tables. The analytical tool is capable of loading and processing large amounts of data into a single PBIX file. Multiple tables can be configured and, if necessary, combined based on common fields. In terms of user interface and ease of use, the Power Query Editor and Data Modeling parts are easier to use.

Data Connectivity and Auto Refresh

One of the key reasons to use Power BI is that it can link to a broad range of data sources, including databases, online sites like Facebook, and Salesforce reports, among others. When compared to the previous data, the data is automatically inserted into the Power BI Workbook. Excel’s ODBC Driver takes up a lot of time.

Power BI has a great choice for keeping data in alignment with the source called Auto Refresh. To have all the reports updated, Power BI Desktop has a Refresh option, and Power BI Service has a Refresh Now, as well as a Scheduled Refresh option. When you choose Refresh, the data in the file’s model is replaced with the most recent information from the original data source. This form of a refresh, which takes place entirely inside the Power BI Desktop program, varies from Power BI’s Refresh Now and Scheduled Refresh solutions.

Power BI uses the information in the database to link to the data sources identified for it, search for updated data, and then upload the updated data into the dataset when you refresh data in a dataset, whether using Refresh Now or setting up a refresh schedule. In Power BI, unlike Excel, the dashboard can be refreshed.

Reporting and Cross-Filtering

Power BI reporting is much more advanced and engaging than Excel reports, and a single graph can provide numerous perspectives. In Excel, cross-filtering is not possible, but it is possible in Power BI. This has an impact on how users want the filtering for data with table relationships to move.

Alerts and Emails

To submit a mail and a reminder in Excel, a user has to use the VBA Editor to generate a macro. In Power BI, creating a warning and sending an email when a condition (such as a threshold value) is met has never been easier. This will keep users updated when on the move, and they will be able to view the report at any time and from any place.

Some other features include:

Natural Language Query (NLQ)

By asking a common person question in Power BI Service, everyone can get a fast response from the current insights. It’s helpful when someone isn’t familiar with the data model but needs fast answers to questions about the insights. Furthermore, this saves a lot of time.

Deeper Insights

The backend program, which is driven by intelligence and algorithms, can generate interactive insights at the touch of a button. It will help you save time and interpret data more quickly.

Dashboards and Customized Reports

The reports that are produced can be modified in every way to achieve the desired outcomes. On the dashboard, the report tiles can be rearranged and relocated as desired.

Sharing Reports and Access

The reports and dashboards may be shared with the general public or only a small group of associates.

Downloading and Exporting Dashboards

The Power BI Service allows you to download and transfer dashboards in a variety of formats. The dashboards can be submitted as a .PBIX file or exported as a PowerPoint presentation, PDF, or event print.

Conclusion

In today’s data-driven environment, a fast and efficient data analytics tool is needed. Power BI makes use of business intelligence to ensure that all reports are produced efficiently and provide a wealth of information. Changes in time and technology necessitate the use of a versatile tool like Power BI, which makes work easier and saves time while delivering the best performance. Get a suitable training for your needs or for more information, contact us today!

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