CFO Financial Profit Consultants Logo

Call: 877-866-9813

What is BI and what are dashboards, analytics and visualizations

Business Intelligence (BI) is a term used to describe a process or method of gaining insights from data captured and stored in large and small businesses alike. BI is typically used to answer specific business questions such: as how do we better serve our customers; how do we price our products to optimize a balance of growth and profitability.

Effective BI has several common elements:
1) Accurate
2) Actionable
3) Timely
4) Useful or Valuable

Recent advances in BI software and technology allows both access to BI by a wider audience within organizations and also makes it more accessible to smaller businesses. The tools include powerful and yet easy to use dashboards, analytic tools and visualizations.

What are dashboards, analytics and visualizations and are there differences between the?

Some basic definitions:
1) Dashboard: A standard set of performance metrics typically visually displayed, which allows the viewer to quickly gauge performance and the direction of performance. A dashboard is typically geared towards a rapid understanding much like a dashboard on a car helps you to understand your speed and how many miles one has traveled.
2) Analytics: Typically a set of measures, metrics or data organized to answer questions and provide insightful analysis. Analytics can include sophisticated mathematical model to provide statistical analysis of a problem or can be much simpler layers of organized data helping the view to understand a question or challenge.
3) Visualizations: As the name implies, visualization allows the viewer to see trends or outliers areas of interest through graphical representation. For example a map chart showing population density would be the visualization of population. Likewise a sales trend report illustrates sales visually.

Copyright © 2018 Strategic Financial Business Consulting and CFO Services, LLC