What is Business Intelligence(BI)?
In general, BI refers to that companies slice and dice data to look for patterns. Then they make business decisions by the data insights.
When I ask other people this question: Do you know what is Business Intelligence?
I usually got the answer “No”.
However, I found most of people know what is Big Data. Of course, this is a buzzword.
Even those people who are not familiar with this area, they can tell me Big Data means the data is big…
This is a good thing. Even sometimes our understanding for terms is not precise.
It is common because a glossary consists of many knowledge systems.
It is hard to explain it in one sentence.
For example, Business Intelligence is a professional area, including ETL, Data Warehousing, etc. You can’t explain all of them to others.
Simply, BI is a pipeline which can transform data into information and then it creates business value.
How can we create business value using BI?
Reporting, which is common in New Zealand.
Reporting means using data visualisation techniques to visualise company’s business data.
It mainly focuses on finance, supply chain, marketing and human source departments.
For example, sales and marketing department cares about sales amount, order quantity, return rate, etc.
Then BI can be used to filter and extract analysis results. Tables and figures differ according to their subjects and they relate to each other.
Analysis about “abnormal” data.
Through data visualisation results, the abnormal data means some data indicators are beyond our predictions.
Sometimes it is positive that we are pursuing.
For example, average user registration amount is 1000 per month.
However, we find one month the number reaches 3000.
It is a kind of positive abnormality. Of course, sometimes the abnormal data can be negative.
We can analyse which factor contributes to the abnormality through one or more dimensions data tables and figures.
Those results can help to make better business plans.
BI is actually a business and management area.
It comes from the presentation of visual analysis reports. Then it tries to find business problems (positive or negative) to improve business operations.
BI jobs in New Zealand:
According to Business Analyst on careernz website, BI analyst is in high demand and its salary is $81K-$104K per year.
Many companies hire BI analysts in New Zealand, including:
- Government departments or tertiary universities/institutes
- Finance companies
- Marketing companies
- Professional firms such as law and accounting
Next blog I will talk about which techniques are popular in New Zealand and how to learn them.
If you are interested in or have any problems with Business Intelligence, feel free to contact me.
Or you can connect with me through my LinkedIn.