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8 min • 18 June, 2021
If you or your business have been involved in collecting data about your business, you know the struggles you can face along the way, especially when it comes to analysing said data.
Regardless of what your data is about, whether it’s the performance of your business, a project you've been working on, or you're working hard to connect and optimise your customer base, the chances are you've come across the phrase 'Business Intelligence' during your analytical efforts.
With companies of all sizes and scale getting involved with the concept of data, and the dramatic rise of AI data processing, _No-Code Business Intelligence_is a strategy you’re not going to want to ignore. It's a concept that’s rapidly changing the game in all industries. But cutting through all the noise, many businesses and organisations are still struggling.
Business Intelligence (or BI, if you're a friend) is a broad and complicated concept. If you're a business like Facebook, then you have an infinite amount of data and some of the best analysts, systems, scientists and coders in the world to analyse it all. If you're a small business, you don't have access to those kinds of resources.
However, that doesn't mean you're left out or risk being left behind.
In fact, there's a groundbreaking new solution known as 'low-code' or 'no-code' that redefines what it means to process and analyse data. If you have a business intelligence strategy in the works, or you're thinking about getting one, but you're not sure where to begin or really what you're doing, this is the complete guide that will teach you everything you need to know.
When it comes to making decisions in your business, there’s no better approach than using data to make those choices as successful as possible. You've heard all the rage about data these days. The world is no stranger to it. All your competitors are using it, which is why it's something you need to be thinking about.
Let's say you have data on your customers, such as their age, gender, income, spending habits, geographical location, and so on. You can use this information to make decisions like how you're going to market your products, what products you're going to want to make in the future, and how you'll brand your company.
Imagine not having this data and taking a wild shot in the dark, investing a load of time and money into a project, only for it not to work. Using data-driven decisions prevents this from being a problem.
However, nobody has time to sit and go through heaps of data, and no human can make links and draw conclusions quickly and effectively. It's just too much, but this is where Business Intelligence comes into play.
BI uses a variety of practices to process and analyse your business data, such as;
It's worth noting this is a relatively new definition of BI, and the term has a tangled history as a buzzword.
Traditional Business Intelligence, complete with capital letters, first appeared in the 1960s as a framework for sharing data across enterprises. In the 1980s, it evolved with computer models for decision-making and turning data into insights before becoming a distinct product from BI teams with IT-based service solutions.
Flexible self-service analysis, controlled data on trustworthy platforms, empowered business users, and speed to insight are all priorities in modern BI solutions.
Today, thanks to no-code business intelligence platforms, we took a step further into data mastering for everyone.
In an ideal world, business intelligence (BI) enables companies and organisations to ask and answer questions about their data.
By displaying current and historical data within the context of their business, business intelligence may assist firms in making better decisions.
Analysts may use BI to provide performance and competitive benchmarks, which will help the company run more smoothly and efficiently. Analysts will recognise market trends more quickly, which will help them enhance sales or revenue.
The right data, when used correctly, can assist with everything from compliance to employment initiatives.
Some of the other vital ways business intelligence may help firms enjoy better data-driven decision making include:
The data analysis and processing process is sped up using many self-service business intelligence tools and platforms that have become available over the years. Some top contenders include:
And that's just to name a few.
These tools make it easier than ever to add your data and process it all in a complete and visual way. Such programs can take your data and turn it into automatic graphs that provide you with certain insights, identify patterns and trends, and help you track the progress of a project or campaign.
One of the key features many applications will provide is Data Visualisation.
This is, by far, one of the most prevalent ways to display your business data, and there are a lot of advantages to being able to see your data in an easy way. Data visualisations present information in a more accessible and intelligible manner.
Once you've created some visualisations of your data, you'll be able to tile these graphs next to each other to create a dashboard. These can be used to quickly convey a storey and show trends or patterns that might not be obvious when manually analysing raw data.
This accessibility also allows for more data-related dialogues, which has a broader commercial impact.
So, as a really simple example, let's say you've got all your business data in one place. You'll be able to create graphs that show your ad revenue and when it's spent, who's been buying from you, what their spending has been and what products they have been interested in.
You create a dashboard, and you realise that your products are loved by females under the age of 30 around Valentine's Day. This is a pattern you had never noticed yourself, but now come Valentine's day, you can spend more marketing resources in this area and take advantage of the trend that is bringing success to your business.
A trend you may not have ever spotted otherwise.
Going by the name of this guide, you'll have noticed we've spoken little about the 'no-code' aspect, but this will, in fact, be one of your biggest considerations.
With traditional BI applications and platforms, it was absolutely required that your business had or could hire someone who could code. This was because data analysis platforms needed customisation and tweaking efforts to ensure the platform was specifically designed with the business and their needs in mind.
Now, this meant smaller businesses couldn't get involved in such efforts because they didn't know how to code, nor did they have the resources to hire someone who could. That meant staying behind the competition or, at the very least, missing out on opportunities.
Using no-code data analysis BI platforms like Gyana, you get the benefits of modern AI and machine learning systems that take out the problematic aspects of data analysis and instead take you directly to the end result, with no coding required.
That makes no-code business intelligence solutions far more available to everyday businesses and organisations, which means they can compete with industry leaders.
They say new businesses struggle the most to get off the ground, and over 90% of businesses will fail in their first year. This is because so many don't know what they're doing. They have an idea and direction they want to go, but in essence, they're taking potshots in the dark because they don't know who their target market is or what sort of branding and marketing they're going to respond to.
That is where data-driven decisions come into play, and thanks to web based business intelligence solutions like Gyana, it's never been easier, more accessible, or more impactful to get data on your side.