Business Intelligence

The Internet of Things (IoT) has brought a significant change in our daily lives and is one of the most popular technologies today. With the improvement of connectivity over the last several years, IoT has become more widespread as it expands into home and work environments. As these IoT ecosystems evolve and collect their data, they offer businesses the opportunity to tap into new territory by creating custom applications that utilize these data pools.

Prescriptive analytics is about using data and analytics to improve decisions and consequently, the effectiveness of actions. After all, analytics should lead to more informed decisions and successful measures. So, given known parameters from predictive analytics, Prescriptive Analytics help businesses find the best course of action for a given situation.

With so much data available at your fingertips, how can your company make sense of all the information? Every business should have the knowledge to leverage their data and make meaningful, informed decisions. The answer is to have the correct business intelligence (BI) tools to find the usable pieces of information as well as fit the current and emerging needs of the organization. So, here are five tips to use when seeking BI tools.

Using BI to analyze information reveals insights and actions for businesses to use as facts for decision making and not just gut-instinct. It allows businesses to acquire knowledge from a sea of data. While following instincts is not always a bad thing, BI offers a realistic snapshot on how to improve profit margins and track sales performance, manage data for customers, have better inventory control, create the analysis of financial data, and be the advantage for an IT department.