“The definition of insanity is doing the same thing over and over again, but expecting different results.” Rita Mae Brown originally wrote these words in her novel, “Sudden Death” in the year 1983 and yes, this quote has been misattributed to Albert Einstein for years now but that’s not my point.
Businesses today have been proving the definition of insanity in the same way over and over again by allowing their business to stagnate and fall into an endless loop of conservative processes and never trying something new. You want your business to evolve into the potential you envisioned it to be, but growth is virtually non-existent when a company never looks to optimize the way they serve their clients or customers.
To know is to measure and to measure is to know. Do you have a lot of data accumulating regularly, stored away on the cloud for one day your dreaded audit is due? This (BIG) data doesn’t have to drift in a stagnant pool. It’s a valuable asset to your company and the key to unlocking exponential growth for the future of your company. Many successful leaders today have one thing in common. They journal daily and reflect on what they can do better tomorrow. Companies “journal” each day, accumulating data from every aspect and yet they fail to read and dissect that “journal” of data to ensure yesterday’s mistakes and inefficiencies would become tomorrow’s victories and proficiencies.
First of all, what is “Business Intelligence” as they call it today? Business intelligence leads to better business decisions by accessing a large volume of data or “BIG” data. Even if your company doesn’t accumulate a large amount of data, one can still produce considerable benefits from deriving insights from your stockpile of data. Business Intelligence or “BI” for short, is not a single piece of software to analyze big data. It is an umbrella term that includes best business practices, software, infrastructure, and any other tools to optimize decision making and enhance performance.
So what am I trying to tell you? BI is about information analysis, pulling together information from the different facets of your business and converting that raw data into valuable reports, charts, and other analytical tools such as scenario analysis and forecasting to provide insight into the questions of What If. Most businesses never get to the part of asking the question of What If, because they are stuck asking the question of What “now”?
Your company needs to convert raw data into information to carve out the winning strategies for the future of your business. Is all your data stored in massive spreadsheets or servers? All that data should provide your company with information on sales trends, consumer behaviour and resources allocation. The converted data can show you and your business partners the validity of each of your products and help in maximizing revenues and reduce costs.
You can eliminate the tedious task of consolidating data manually, allowing managers to monitor businesses in every step of the way and reducing the scope of error by providing accurate information to make better decisions on what is happening now and to forecast for the future.
If the above hasn’t convinced you already that your business needs BI, here are some key reasons why BI can mean the success of your business:
· Easier decision making.
· It provides a structured way for growing your revenue.
· Increase the competitive advantage over other players in the industry.
· Improve the efficiency of your business operations.
· Enhance the quality of your customer service.
The reasons above should not be a luxury. It should be a necessity to have these key factors present to pave the way to the success and prosperity of your business. Don’t find yourself stuck trying to make sense of your business on spreadsheets and taking on the tedious task of putting it together in a way that’s easy to understand for the rest of your colleagues.
Going only the spreadsheet route produces results that are not always accurate or insightful. While Excel has many excellent features, it’s like driving the 20 km/h with a Lamborghini Aventador, only to see your competitor drive by in the fast lane with their Bugatti Veyron. For a bigger future, like taking a company to the next level, you need bigger, better, faster, and more efficient tools.
So that’s the what and the why to Business Intelligence, but why partner with a company such as DRIVATIC? We know your data analysis and insights are a great asset to your company, but it can also be a great asset to your competitor. So, having your information falling into the wrong hands is the last thing we’d like to see happen to any of our clients.
That’s why we developed a platform to give secure accesses of specific reports to individual employees within your company. Easily request new login access to our development team without any extra cost to new users added. We have dedicated support to offer at your, and we are here to provide you with an everchanging and evolving BI tool that will change as your business does to fit you with the perfect tailor-made solution that delivers the best results and to level up your business.
All right, so now you’ve looked at your business retrospectively. With the help of your fully customized and tailor-made dashboard from DRIVATIC, you could gain a great perspective of the history of your business and what the current status of every nook and cranny is when it comes to your current affairs, but what about the future of your business.
You’ve played around with the filters and slicers, seeing your data change before your eyes, but that’s still producing calculations on KPIs according to historical data.
As a successful business owner, you can’t afford a real-life trial and error process in your business. Not only will it cost you money, but the precious time you could’ve utilized better to produce real growth in your industry.
So why not do this on a DRIVATIC dashboard report?
Ask yourself, how would your important data change should your favourite set of KPIs increase or decrease with a percentage or two or what would my bottom-line look like should I have increased the amount of produce on a particular offering. This helps a business owner learn from his company’s past to create a clear view of all the wrong decisions the company made and to improve on them in the future.
People often say: “Hope for the best and prepare for the worst,” but no, scenario analysis is not some form of wishful thinking. It’s creating a set of possible outcomes to future events based on historical data and being prepared to face all the challenges your business can face will set you in a good position. It will help you create the most effective contingency plans for various of your projects should any worst case scenario arise because let’s face it – a business faces a lot of uncontrollable and you have to plan your way through every permutation and combination of these factors when they fall to the dark side of things.
However, what about the future?
With DRIVATIC’s BI solution, you’ve managed to see your company’s historical data in a fantastic way (Dynamic Reporting) and where improvements you should make.
How do you paint a picture of the future with the newly suggest KPIs you’ve viewed will improve your business?
Forecasting. With our highly skilled team of developers, we can create statistical models such as multivariate regression models to paint a picture and find the exact KPIs needed to optimize your strategy and increase the revenue of your business with no time to spare.
Scenario Analysis and Forecasting for your business is a necessity. There’s no use in journaling your thoughts and experiences if you don’t reflect on the past and consider where to improve. The data your business accumulates is a valuable asset that can unlock the secrets to gaining an advantage over your competitors and improve solely on your terms.
Ask one of our sales consultants for more information on how you can have your ultimate BI solution designed to fit the needs unique to your industry and business.
Why Visualizing Data is key to the success of your business.
So you’ve probably noticed since your days playing “kaalvoet”-rugby that data rarely stays in the raw format of columns and digits. There is always some exciting way to visualise data and to quote Willbert Kinnear, “Frustration is only a matter of Perspective”. So if you’re frustrated at looking at boring Excel spreadsheet, always remember that the digits you are staring at might as well be the next Picasso that will tell you something you didn’t know about your business.
"Frustration is only a matter of Perspective"
So, except for the luring attraction of seeing your data in such a beautiful format, what other possible reasons could there be to convert data into mind-bending flows of art? Well, to your brain, this is a feat far easier to accomplish. Pictures are perceived better by your brain in comparison to text. The generation of young millennial business executives prefers a picture-format to understand the state of their business. Instagram realised the power of images far earlier and pertained their strategy to the maximum visuals and the minimum amount of text. This is because our brains can get far more information in a tenth of a second from a visual versus only seeing a matrix of numbers flowing down a spreadsheet.
Visuals are also committed to your long-term memory. Remembering information is key to making decisions ahead and having a brief time to understand the current state of affairs would require something that will stick to your memory for the time forward. Visuals also tell stories. When it comes to painting a better picture in the minds of those you are trying to get your point across, making it easier for them to relate to on a deeper human level will be a specific catalyst in communicating your ideas and arguments to co-workers and prospective clients.
Visuals will always reveal patterns, trends, changes and correlations far more efficiently over time than trying to spot it in a raw spreadsheet. Visuals also have a great way of simplifying complex data into something more comprehensible. When it comes to data, there are often many factors that help to paint a picture and trying to consider all those factors at one glance without a helpful visual can be quite tedious. Lastly, it is proved that visuals also create a better chance of convincing others of your argument than the use of words only. In a 3M-sponsored study at the University of Minnesota School of Management found that presenters who use visual aids are 43% more effective in persuading audience members than those who didn’t use visual aids.
Are you harnessing the full potential of your business’ data by using compelling visuals to communicate ideas, results and arguments to others? Drivatic can be of great aid to build you the ultimate visuals tool in the form of a dynamic dashboard that will not only paint the best picture possible of your business but make it all come to life when drilling down to the answers you seek.
In our experience as part of a leading provider of data analysis to the mining industry, we’ve seen an abundant volume of complex datasets generates by equipment, geologists and engineers on site.
Ironically, this industry is sitting on a goldmine of data to harness and ensure stable growth for all mining ventures. It has become the gamechanger in how mining companies improve operational efficiencies, from automation and real-time planning to the management of on-site workforces and to regulate health and safety on a proactive basis to adhere to strict compliance.
The idea is to improve processes and reduce operational costs and losses. Find faster ways to analyse the concentration of best components, ore extraction and processing, which are all agile processes at an operational level. Improve the logistics side of a critical role in mining, which is transportation. Identify areas of inefficiency so your company can strategise quick enough for a vast improvement on the next day.
Health and Safety analytics are essential to supply the advantage of creating a safe work environment for your employees and to improve where possible risks might arise. Analytics can streamline this process to provide management with early warnings of risks that might cause significant problems in the road ahead. With Drivatic reporting dashboards, you can drill down to incidents, managers on-site at the time of an incident and the injury which an employee incurred.
Access control of employees in areas on-site is a critical facet to analyse. See where employees have spent their time the most and to tie it back to health and safety, one can immediately see the incidents that took place in some regions of your site whether it’s above or below ground. Analyse injuries over time in segments of your site to know where to focus on improving safety and where your budget should be allocated to.
Contact Drivatic today for a demo for your mine.
The significant part of extensive visualisations is the ability to create synoptic panels to emulate the maps of your site and extraction areas. Interact with a dynamic map that comes alive to provide you with the data you need to know what blocks of mining offers the most value to your bottom-line.
Create strategies to produce the most value over time and smartly navigate your way to successful day-to-day analysis-to-action routine to know the ground your mining on better than before.
As mentioned before, equipment and machinery are the heart of any mining operation and to lessen downtime would be of the essence to any mine.
Get insights on which settings would be optimal on machines to produce the best extraction and know when they are due for repairs or subject to a breakdown. This proactive way of taking into account the details and acting on it should be part of any mining company’s risk management strategy and integral to their success of the most valuable extractions for lower operational costs and fewer injuries to employees.
For years Microsoft Excel was the backbone comfort zone when it came to reporting financial figures to executives and analysing data. However, data had become the most valued asset of today, and it comes in large volumes.
When it comes to capturing data, calculating formulas across columns and generating simple static graphs, Microsoft Excel makes the cut. However, to analyse your data on the fly and to link vast amounts of different sources to generate the appropriate KPIs and creating dynamic graphs for easy filtering and drill down into the facets of your company, Power BI will be the overachiever.
One of the problems ordinary Excel users encounter is when facing the analysis of large files of big data. Records of 300 MB are harder to run on most computers, and when it comes to performing dynamic analysis, it can become a drag for any analyst, especially when multiple sources of data need to be linked.
Power BI’s new compression algorithms can handle more significant amounts of data to produce swift analysis and links between tables.
When KPIs need are calculated from various datasets, Power BI includes more powerful tools for building data models that will create a coherent machine of analysis. Power BI saves all the steps made in queries when building a model, and so each level will be applied to new data added.
Another matter is the challenge of time intelligence. Many analysts would perhaps spend hours writing macros via VBA to produced time series analysis. Power BI can take the load off by creating date tables within any model to build better communication between datasets to provide accurate measures at a given time.
Set aside from the mighty features Power BI supplies, another significant aspect would be its user experience. Once your data model is created, the journey from a first visual to a full-blown dashboard is a pleasurable challenge and a fun way to see your data come to life. With easy switching between multiple options of visuals to choose from, any analyst would find it a dream to work with such a versatile tool.
Another big win for Power BI is its ability for cloud computing within the Power BI Service platform. Instead of sending large Excel files to colleagues and letting them know data are updated on a shared drive, one can easily publish new reports to the cloud to quickly analyse the latest data as it streams in. All measures and calculation were done with Microsoft Azure’s cloud computing crunching the numbers.
Are you still stuck using Microsoft Excel to harness the actual value of all the data your company accumulates?
Allow Drivatic to provide you with the easy solution of taking all development off your hands and giving room for you to do fun parts of seeing your business come alive with its data in stunning visual dashboards, created for practical use to drill down to the specific piece of info you need to grow your business.
Contact Drivatic today for a demo of our analytics platform.
Power BI vs Excel
|The basis Of Comparison Between Power BI vs Excel||
Excel does have some of the newer charts now; they can’t connect to the data model.
Power BI is ideal for Dashboards, alerts, KPIs, and visualisations, including analysing your data visually.
Excel reports are average and ordinary comparing Power BI.
Power BI offers beautifully branded reports comparing Excel.
Excel does not advanced Cross filtering between charts.
Power BI allows advanced features in Cross filtering between charts.
Excel does not allow dashboard refreshment.
|You can refresh data in Power BI.|
Excel offers simple analytics compared to Power BI.
|Power BI offers High-level analytics.
Reports available is limited to specific users.
Reports available to a broad range of readers with varying degrees of tech-savvy.
Excel is your traditional spreadsheet program with a very long history, which leads to a vast array of features.
|Power BI is an advanced version of the analytics tool with a large number of features to play with data.
Excel is entirely focused on structured and straightforward data models with a wide range of features.
|Power BI is really focused on data ingest and building potentially complex data models quickly.|
In Excel, it is difficult to relate the separate table to one another.
In Power BI, you can easily relate separate tables to one another.
Capable of handling a limited dataset.
|Capable of handling larger dataset.|
Dataset and report are not so resilient.
|Sharing data and reports are very flexible.|
A user has limited features to build up reports.
|A user can build up a customized dashboard.|
Speed for processing with table, graph, and filtering is slow.
|Faster Processing with table, graph, and filtering.|
|Purpose||Excel is historical analytics tools for an analyst.||
Powerquery is a very good idea to simplify cleaning and crunching of any source of data.
Excel applications are a little bit difficult to use comparing Power BI.
|Powerful tool and easy to use compared to Excel.|