Data Analytics & Business Intelligence

What is Data Analytics?

Data Analytics refers to the process of examining, organising and interpreting data to extrapolate useful insights, trends and patterns that can help businesses make more informed decisions. Whilst the concept of analysing data dates back to who knows when, modern data analytics as we now know it began to take shape in the 1950s with the rise of computers and was widely adopted in the 1990s alongside advances in business intelligence tools.

Today, data analytics plays a crucial role in pretty much all industries and helps businesses improve operations, understand customer behavior, reduce risks and indeed, identify new opportunities. It encompasses various methods including diagnostic, predictive and prescriptive analytics. This means rather than just focusing on 'what happened' data anlaytics goes further to explore why it happened, what could happen and what actions should be taken. Essentially, it is a tool for forward looking analysis.

What is Business Intelligence?

Closely related to Data Analytics, Business Intelligence (BI) is the process of collecting, analysing and visualising business data. Data is usually gathered from multiple different sources before being stored in a centralised system such as a data warehouse before being analysed with results presented through reports and dashboards. 

BI primarily focuses on descriptive analytics which summarises historical and current data to help stakeholders understand business performance at a relatively high level. It's goal is to enable quick, informed decision making by providing a clear and accessible snapshot of key metrics at any given time. BI tools are generally used for historical and current data trends.

Why Use Dashboards & Reports?

Dashboards & Reporting tools are widely used across various industries to present data in a visual format, allowing the users to understand their data with ease and have access to specific information with very little effort. They facilitate decision making by providing real-time insights, enable performance monitoring by tracking key metrics, help align activities with organisational goals and enhance communication and understanding across a business by providing a common, universal view of data. 

Dashboards

Dashboards are now a staple in businesses of all sizes with popular tools like Tableau and Power BI leading the way. They turn complex data into clear, visual summaries using charts, graphs, tables and other widgets to highlight key metrics and performance indicators. Highly customisable and user-friendly, dashboards can range from simple overviews to dynamic, interactive displays, making data more accessible and actionable for everyone across the organization.

You can read more about the Microsoft Power Platform here.

Reporting

Reporting tools are software platforms that help create, customise and share reports efficiently. These tools  make it easy to extract, transform, analyse and visualise data - turning raw information into clear, structured insights that support better decision making across the business.

Dashboards & Reports - What's the Difference?

Dashboards & Reporting have nuanced differences, some platforms offer both and they possess many similar attributes so it can be somewhat confusing to differentiate the two. However, they do differ in some aspects - 

Presentation -

• Reporting - Reporting typically involves the creation of structured documents or presentations that provide detailed insights, analysis and commentary on specific data sets or topics. Reports are usually static and can be lengthy, containing textual descriptions, tables, charts and graphs to convey information comprehensively. They generally require more specific expertise to pull together and present than Dashboards do.
• Dashboards - Dashboards offer a more dynamic and visual representation of data. They are designed to provide a snapshot or overview of key performance indicators (KPIs) and metrics in real-time. They usually consist of interactive widgets, charts and graphs that allow users to explore data and track trends more quickly than they can do with reports.

Interactivity -

• Reporting - Because reports are generally static, they offer limited interactivity. Users can view and analyse the information presented in reports but usually cannot manipulate or interact with the data directly within the document.
• Dashboards - On the other hand, dashboards are highly interactive and allow users to drill down into specific data points, apply filters and customise the view based on their preferences. Users can interact with the dashboard elements in real-time, enabling them to explore data dynamically and gain deeper insights.

Granularity -

• Reporting - Reports cover a wide range of topics or data sets in a comprehensive, granular manner. They may include detailed analysis, trends and contextual information to provide a thorough understanding of the subject matter.
• Dashboards - Dashboards focus on presenting a concise and focused view of specific metrics or KPIs. They provide a high-level overview of performance in real-time, allowing users to monitor key indicators and track progress towards goals efficiently without the need to drill down into masses of data to understand the full context.

Audience and Purpose -

• • Reporting - Reports are often tailored for a specific audience, such as high-level executives, stakeholders or regulatory bodies. They are used to communicate detailed analysis, findings and recommendations for decision-making and strategic planning.
  • Dashboards - Dashboards are designed to be accessible to a more broad audience, including frontline employees, managers and clients. They are used for monitoring performance, identifying trends and facilitating data-driven decision-making in various departments and levels of the organisation.

How Can we Help?

We have worked with a variety of dashboard & reporting tools for many, many years including Excel, Oracle EBS and in-house custom built tools. Whether you are looking for a newer solution for your existing dashboards and reports, a platform to start using dashboards and reporting or a custom built system to address specific needs relating to dashboards and reporting, we can help.

Whilst we have specific, and expansive expertise with Tableau and Power BI/Platform, we are constantly finding and learning new systems to improve the technology we can deliver to you. There is further information detailed below for the tools mentioned above but do get in touch if you want us to investigate your specific needs further.

We build bespoke solutions to your individual needs. One size rarely fits all, especially when we are talking about solutions to improve and develop your unique business.