Business Intelligence Skills – Take better Decisions !

1. Introduction to the course !: Hi, welcome to my course on business intelligence skills. I'm really excited to talk about this wonderful course. But first, let me ask you certain questions. Do you find it difficult to take decisions in life? You find it difficult to achieve business targets. You value spending time alone than with people. You do not get good customers. What? You also lack creative and innovative mindset? Well, if the answer to all these questions is yes, you have reached the right place With no more excuses. You are going to learn business intelligence skills. With me over a decade of experience in business intelligence and working with people in different organizations. I'm going to teach you how business intelligence can change your life. Now, the benefit of discourses that this course will make you a toddler professional, will give you lot of confidence at positivity to your personality and will make your job ready. This course is for students, professionals, and learners. In this course you're going to learn the basics of business intelligence, what it actually means, how to develop business intelligence. And why different aspects of business intelligence which helps you in taking decisions and make you grow in your career. I also share my own personal experiences which will certainly help you get the gradient thing. So can you pass the test? Let's start to learn Business Intelligence Scale Sets time for, for you to grow and live with courage and confidence with a 100 per cent success. Let's do this. Let's enroll for this course. 2. What is Business Intelligence ?: Now what is business intelligence? Have you ever wondered why companies prefer to get your personal information once they enroll you for a service or a product, why do they take your address, your name, your phone number, your email ID? What is the purpose? They are giving you the product? And in exchange of that, depict your information. Well. Many times you might have asked them for what purpose you are taking my information. The answer to that is to provide you better customer service. What? This is, what business intelligence is. Using your data, using your information to provide long-term solutions to customers problems. Now, business intelligence is a new field in which the companies use an analyze the data available to them. It could be in form of customer service information. It could be in form of customer data which you give. It could be from a third-party website. Now what they do is they analyze, they gather and predict the data. They will churn the data into different formats, different ways in which they can interpret the future advances, how they can improve their services. Let me give you an example. For example, I'm a startup which works in providing food services. Now, I have my online delivery service through Zomato. So what I do, I want to know which food item is being delivered the most and which is that food item which nobody orders. Now I look into the past three months of data available through the Zomato website, the sales. And I tell my data analysts to give me the entire details. The data analysts downloads the data available from the Zomato website. And he will look into the past three months of data. So what he finds out that out of the entire menu, my one snack, which is funny ticker, gets the maximum amount of orders. And the other snack, which is a soft drink, which is a local soft drink. Based on the milk composition, it is the least sold. Now, there are a lot of other information which the data analyst has given to me. Now what do I interpret? There are two things which I can find out. First is the number of sales which my food service is getting, which is the maximum audit product. Which product is not in demand at all? Now with this available data, I can take better decisions. I can improve the quality of my product which is already selling. That is politica. I can add-ons, I can add add-ons. I can make it much better, better packaging so that the sales increases. Now I can also look at the data which is the least sold product, which is the milk based soft drink. Now what I can do is I can either remove it from my shelf because it is not being sold or I can make it better. So with the use of data, I could find out this information and this is all about business intelligence. Business intelligence uses the available data and figure out whatever information you want from that data. Data is extracted. So let's suppose you have 10 thousand customers. And all the 10 thousand customers have different amount of purchases. The frequency, the amount. And this is what you can predict through data intelligence, through business intelligence, you can find out which customer has ordered the maximum, what is the frequency of order? How many times the people make order in the evening? Is the order delivery more in the afternoon or more in the evening? Which is that particular slot, which is the most demanding slot. What is that price which people are very happy to pay? Do discounts really matter? What are the different products which People really like about my menu. So these are so many valuable information you can get from business intelligence. And this is what is being used by companies these days. The multinational, the big billion-dollar companies. They use the customer data to analyze and predict the future behavior of the customer. Accordingly, they formulate new products. They improve on their existing products. And you become a favorite as a company, right? Because you are improving on your products and services. You are taking the feedback, you are analyzing the data, just doing the same thing again and again. And this is how has the business you improve yourself. So there are different process architectures, technologies that converts the raw data into meaningful information. And this drives profitable business actions. You make more profit. Obviously if you improve on your product, if more customers are buying and you know why they're buying and how you should cater to them. You are taking all the aspects into consideration in formulating a new product, all bringing more innovations in the already existing product, your sales will increase, your profit margins will go up. So what does business intelligence use? They use Hootsuite of software services, which transforms the data into actionable intelligence and knowledge. They will present the data in a very readable format, actionable taken format in types of bar graphs, charts, colorful tables where you can find and analyze data. It's basically a report that comes out in your hand, analyzing the past performance of any number of months you want. You can see the past trends, you can predict the future, and accordingly, you can formulate your products, right? So this is what business intelligence does. It is a very, very important tool. And in the era of internet and technology, this is one advancement which has really moved the companies to the next level. So all the companies which are doing great, no matter which sector or feel they are in. They are using business intelligence in some way or the other. So the future is business intelligence. 3. What is the Importance of Business Intelligence ?: Okay, next question that comes to mind is, why is business intelligence so important? Why is everyone talking about business intelligence? What does business intelligence means? What is the benefit of business intelligence? Well, as I gave you the example that you run a business and you want to know how your business has performed in the last three months. Which are the products which the customers have demanded? Which are the products which customers really don't want? What is the feedback? How much ratings I have received? Based on this raw data, the business intelligence, the business analyst will filter out and make the data in a very presentable format. They will just bring out what you want. That is they will create key performance indicators. So if you want sales, they will show you the sales of the last three months. If you want the profit on in the last three months, they will show you the profit earned in the last three months. They will talk about the revenue rate, how much ratings you have got, which product has been sold. So all the information will be provided in one single sheet of paper. That's beautiful. I am able to get all the key performance indicators of my business on a sheet of paper. And I can analyze, I can see, I can predict, I can improve myself. That is why business intelligence is important. It will help me to identify certain benchmarks, certain processes which I need to follow to become better in my business. Helped me identify market trends, spot business problems that need to be addressed. Just imagine with that data, I came to know that people are preferring food on delivery. That is, more people are ordering. Now, earlier, if I see the trend of people used to come and sit and have food in the restaurant, but now most of the people are ordering, so I need to focus more on giving better services, fast delivery, proper packaging to the customers. So this is my target, this is my future trend, this is my market trend. I can see that in the future, people will be ordering more food at their home. The home delivery, the delivery experience should be extremely good. This is what my focus should be to improve on the packaging. So when the food reaches the customer, it is extremely hard. Proper packaging, well, properly covered. You will, you deliver paper napkins, spoons. So everything is so well-designed that the customer feels delighted to open the packet and have the food. That is how you will be differentiated from your competition. Again, I wouldn't be able to analyze in sport The business problems. I can see that there is very less turnover in the restaurant, very less people are coming. So rather I would utilize that space and increase my production for delivery services. How good is that? So my problem is that normal customers are coming, are very less customers are coming to have food in the restaurant. So that's something which I can utilize to provide better services to the customers who wanted to be delivered at their home. Our data visualization will enhance the data quality. Now just imagine everything, every data, every factor which you want to know from the last three months has been given in form of charts. The data analyst has made a presentation. He has made a video explaining how you pass three months, performance has improved or gone bad verse. So you can analyze, you can visually see the performance earlier. This was not there. Nobody knew what is business intelligence. Nobody could predict the future, but now it can be done. The data analyst will give you a visual presentation of your past performance and how you can take the company forward. How beautiful is that data intelligence, business intelligence is being used. But all the companies, whether they are small, medium, or big enterprises, use the data to produce information, to gather knowledge, to make their services better. This is why business intelligence is such an important field. If you cannot become a business analyst or a data analyst, you can at least have the basic understanding of knowing what business intelligence can give to your business. So why shouldn't I use it? Why shouldn't I learned the basics? Why shouldn't I be able to analyze the data at least, which has been given to me for study. This is the importance of business intelligence. 4. What are the Functions of Business Intelligence ?: Now let's learn and understand some of the important business intelligence functions. The first is data mining, or we have already discussed about this. Data mining is sorting, filtering out, removing the unnecessary data, making it in a form of statistic, and using the data to identify trends and establish relationship. This is data mining is you are filtering out the unnecessary data. You are making the data come in a format which is acceptable, reliable, and we'll give you proper information, give you and help you to identify, trained, and establish relationship. The second aspect aspect is squaring. Now it is a request for a specific data or information from a database. For example, you have a database of 10 thousand customers. Now you want a data of a particular type of customer who has only ordered once in the last six months. So true query. You will put a query and you will get the name of that particular customer or different customers who have already ordered, where only ordered once in the last six months. So this is querying. Now, the third aspect is preparation of data. Now this is the process where you combine and structured data in order to prepare it for analysis. Now the data mining, the raw data which you have gathered, you did the data mining and you are preparing the data in a form which can be utilized for analysis, for the purpose of analysis so that you can predict. You can gather what are the predictions, what are the future, what are the trends? Next aspect is reporting. Now you need to gather all the information related, find the trends, and make it in a presentable format in a form of report which can be easy to understand by a lemon as well. So if I don't know about any aspect of business intelligence, and if you just give me a report that will give you the entire summary of the company's performance. Nothing better than that. That is what I want. I wonder report. And you are giving me a report and a presentable format. Thank you. That's what every posit required, especially the top punishment. Now another aspect is busy benchmarking. Now, any performance has to be compared with certain benchmark. For example, I will be comparing this year performance through the last year performance. So based on the last day performance, how much sales has increased? How much revenue has increased? How much profit am I making? Is it increasing or decreasing or my number of customers increasing or decreasing sodium process and the performance metric or uses the historical data to track performance against the industry levels AND gates, the industry pedometers against the benchmark that I, for example, inflation, which the government puts out the inflation percentage. It is measured in terms of a certain benchmark. Maybe ten years ago, what was the percentage rate in what is now? So we will compare that deposited has increased, the inflation percentage has increased by ten per cent. So this is how you do the benchmarking. The next important function is to Descriptive Analytics now, interpretation of historical data, wherein you can draw comparisons better understand the changes that have occurred in the business. So what are the past trends in? What is the trend now? Have my customers who have taken my product in the last six months came back again. Am I getting repeat customers? What products are my customers buying? What is my prime product? If my prime product has been given to a customer, is the customer interesting in buying and purchasing the add-ons, the different types of other products. So this is how you will descriptively analyze the performance. Also statistical analysis, collecting the results from the descriptive analysis and applying statistics in order to identify trends and make it in a number format. Make it in form of chart. C, D, train. Through bar charts, or three area chart, any type of chart you can utilize. The most important is data visualization. The visual representation of charts and graphs. For easy data analysis will help you to predict, to analyze and form your own judgments and take, help you to take better decisions to improve the performance of the company. So this is the function d. These are the important aspects of business intelligence. 5. What are Business Intelligence Skills ?: Now you want to be a business analyst. You want to get into the field of business intelligence. Now, it is a very promising and futuristic carrier option. If you want to propel into the business wherein you want to know your competition, you want to improve your awareness, engagement, and organizational efficiency with profitability, you should definitely consider learning business intelligence and developing these skills as a part of your own personality. So as a career option, business intelligence is flexible, it has high paying job. There is a wealth of choices available for you to pursue this as a career. There are numerous job opportunities available in the market for data analysts. The people who are specialized in working on data through different softwares, and can make a valuable proposition. Also, the necessary business intelligence skills. It is to find the potentially rewarding in well compensated. You can think of business intelligence skills as technical in nature, wherein you will be able, wherein you will be able to use softwares. So what are the important skills which you need to possess first is data analysis. So if some raw data has been given to you, how can you extract valuable information? That is the job of a business analyst or a data analyst. So that's your responsibility with the available information, with the low data which you have, you should be able to comprehend. We should be able to eke out. You should be able to infer certain observations which will be useful for your organization. You should have problem-solving skills. Now just imagine you have the raw data, you have figured out what the problem is. You have made certain observations and you know where to go and how to do things. Now comes your ability to solve the problem. That is, problem-solving skills. Now as a good problem-solver, you would analyze what are the shortcomings. So for example, my sales have decreased. I need to find y, my sales have increased, then decreased, sorry. So now I'll find out the products which were the best selling products are no more being ordered by the customer. Then I'll try to find out the reason. Is there any substitute in the market which is available for my best-selling products? Then I will come to find out the people who are purchasing my products are now buying some other brand. What that brand is offering, which by product does not offering. So you figured out the positives about the other band brand product. This is how you solve the problem. You get into the details why exactly your revenue has gone down. So you'll figure out lot many problems. Also, it could be because of poor customer service, which the other brand is providing a much better and a creative manner. Like they're catering to the customers. They are looking after customer service in a much better way. And that's why they're getting better sales and getting better word of mouth, right? You need to be good and problem-solving skills. Also, you need to have the industry knowledge. Every industry which you work, every industry which you want to analyze. You need to have the basic understanding of that particular industry. Communication skills plays a very important role. I cannot emphasize more on the scale than any other scale of your entire career. Just imagine you are a brilliant data analysts and if you're not able to explain the data to the people, to the management. What is the use of that knowledge? What is the use of that skill? So you communication skills plays a very important role. Your confidence, your ability to communicate and express yourself in a better manner will make you stand out in front of others. Also your advanced version, attention to detail, your business acumen. All these skills will help you to get to the next level and become a good business analyst. 6. What are Business Intelligence Systems ?: Now let us now understand business intelligence system. Now how does it actually works? What is the process? Now the raw data from the database is extracted. So I gave you the example of the food delivery service. So my food is being delivered through Zomato. So I have the entire data for the past three months, six months, one year. I can extract that data through the website of Zomato and I can get the entire database that is raw data. Now this data is cleaned and transform into the data warehouse. This is a place where I would filter out the data. I will sort the data, I will remove the duplicates. I will delete certain parameters which are not required at all. And I will only keep the data which is, which is going to provide me the valuable information which I'm seeking. So this is the process where I will clean the data. I will remove all the unnecessary data parts which I do not want. Now the third step is to create an entire report, to create the entire analysis. Right? Now this will be based on the clean data, so I'll figure it out. I'll make certain reports. I'll see the past performance trends analysis, the scenes, the revenue, the profit margin, the number of customers who have given five-star rating, the number of customers who are disappointed. Is it the same type of customer which is getting disappointed? Which are the products which are getting better attraction from the customer, which are the products which are not being seen or which are not quite frequently ordered by the customers. So this is the information I can gather from this clean data. And now I can present in a very presentable her report format. So any person who I give this report can ask queries. They can select certain filters and get data accordingly. For example, I just want the last three months of revenue. So I will just select the revenue growth or I will ask my data analysts to provide me that information. And that is what I will get, get it through. So this is how you can improve your performance and you can get the data from the services. Also, if I'm a user and F, If I am utilizing the services, I can create certain queries and reports as well. This is something which has to be the future. Also, there are four types of business intelligence user basically divide it into four broad categories. The professional data analysts, the IT users, the head of the company, the business users. So the data analysts is a person who will do all the job of gathering the raw data, filtering it out, deleting and making it in a presentable format. The ITE uses other people who are responsible for the technology aspect of my company. The head of the company is obviously the person who is owning the business and the business users or the people who might want to take a look, that is as the sales man or the product manager. So what are the advantages of business intelligence? It will improve your productivity, it will increase your sales. It will improve visibility as well. What are the factors which you want to look into? What are the things you want to improve. It'll also fix accountability. For example, any department or any person or any product which is not working, you can help the people responsible or accountable for that particular department. For example, the packaging is not good, so you will hold people responsible and accountable who are responsible for packaging of the products. So the accountability can also be fixed, also gives you a bird's eye view. At one place. In one piece of paper, you are getting the entire report of the company. How good is that? You must have seen if you analyze a stock and the investors make a presentation, it's just three to four pages of presentation that gives the entire detail of the company. This is called bird's-eye view. So if I want to invest in a particular company and I just look at the investors presentation, the company's presentation. I can see how the company has performed in the last quarter. What are the sales, what are the revenue? What is the profit after tax? What is return on equity? What is return on capital employed? What is debt to equity ratio? How much the share price has increased or decreased in the last four weeks. So I can get a bird's-eye view with this report. It also streamlines the business process. I can know what, how and where to move in to bring changes. It allows for an easy analytic analysis of the entire business. There are certain disadvantages as well. Normally it is quite costly to involve business intelligence system. It is quite complex as well. You need specific software, is people who are specialized in doing the data analysis. Limited use. Well, I don't think now it is a problem because only the rich companies used to use based business intelligence was now almost every company is using business intelligence to take their business forward. Also. It takes time to analyze and study things, but once you are used to it, you can get the data quite quickly. So the trends in business intelligence is quite promising. Artificial intelligence is being utilized collaborative business intelligence through different companies, different softwares, different organization, different specialists, imbibed business intelligence. So any thing you do over a period of time, the software itself will analyze, for example, I've purchased a car and through the embed business intelligence software, every time I take the surface of the data card, they they update my data so they'll prompt me through messages, through e-mails, through call that unique services do why? Because they came to know that the last service was done in the month of maybe three months back. So now it's the services do. So this is how they analyze and they use the imbibed business intelligence to predict the customer behavior. Also, Cloud analytics. All the data which is being gathered through business intelligence is saved on a virtual server. Now this can be utilized, extracted at any place anywhere in the world. No matter who your investors are, you want to present or show this, show the data to any person all over the world. So this data can be stored virtually through cloud computing. And it can be made accessible to anywhere, any place, any person. 7. What are different Job Roles in Business Intelligence ?: Now let's quickly look at the business intelligent job roles. While a few join us, a new business intelligence analyst, you'll be able to analyze the data in terms of getting the information, the reliable information, and making it in a presentable format to the senior management. So you need to have excellent leadership and interpersonal skills apart from being an having the code knowledge of doing business analysis. So you need to have good understanding of business strategies and key performance indicators. You need to have basic understanding of SQL and technical aspects of business intelligence. Now as a business intelligence developer, you need to demonstrate, you will experience in the area of business intelligence development or data science. You need to be up-to-date with knowledge of business intelligence industry and also have various understanding of various languages or the system. Your ability to innovate and come out with better are no plans of you your ability to predict the future and give the company or the top management. The way to move forward will be really great. A strong analytical mind, but proven problem-solving abilities, a well-crafted business intelligence resume or your bio data will also help you to get a job. Now business intelligence can consultant. You will be working with the company maybe on a part-time or full-time basis. You will, where in you will be able to understand, manipulate the data in statistics, you'll be fully capable of using the analysis tools and software. You need to have expert knowledge of data visualization tool and have the ability to manage the projects as well as business intelligence engineer. You will be working in close collaboration with analysts, developers, as well as client customers, internal departments to bring the best out for the company to innovate and bring new products to make the existing products better. So you will be having a broader and more important role in the business.