5 Ways Automation Unleashes Business Intelligence and Analytics
Business intelligence and analytics are data management solutions implemented in companies and enterprises to collect historical and present data, while using statistics and software to analyze raw information, and deliver insights for making better future decisions.
Whether you are already on the path to being a fully data-driven organization, or you are early in your journey, we’ve identified five ways automation can help you realize the full potential of your analytics and business intelligence (BI):
1. Improve data quality
Data preparation is an important step to identify data quality issues ahead of analysis and to aid data repair. According to Forbes, “data scientists spend around 80% of their time on preparing and managing data for analysis,” leaving only 20% of their time for analysis.
Automating data collection, cleansing and data repair can significantly reduce the time analysts spend on preparing data. Proprietary products like Tableau Prep are purpose-built to automate tasks like data collection, cleansing, and labeling.
2. Analyze data from any system
Organizations around the world continue to rely on legacy systems and mission-critical business applications that do not have APIs, like mainframes. In fact, according to a global mainframe market report, “70% of banking corporate data still resides on the mainframe.” And the global mainframe market continues to grow. But extracting that data for analysis can be very challenging and often requires manual work.
Additionally, artificial intelligence (AI)-powered RPA can wrangle unstructured data like emails, PDFs, images, handwriting, and scanned documents for analytics. The unstructured data is consolidated into a single data source, like a line-of-business system, spreadsheet, or database, and immediately ready for analysis.
3. Take action when and where you make decisions
Turning decisions into actions is the last mile of the analytics pipeline. It’s where the knowledge worker acts upon the analysis produced by their BI platform.
A recent Forbes article says it best, “The idea of providing business intelligence when and where it’s most illuminating is incredibly compelling. But the prospect of enabling users to act immediately on these insights is even more powerful.”
Leading analytics platforms are starting to include one-click calls to action alongside the related analytics dashboards while leveraging information from the BI tool to trigger downstream business processes.
4. Use BI data in complex business and IT process automation
Organizations are embracing analytics and data science to gain insights into their business and make more informed decisions. BI data can also drive better decisions as part of an advanced business workflow.
Extracting data from your BI system would (in most cases) require either manual extraction or new code. But with RPA, BI data extraction can be quickly automated.
For example, finance departments can report and act on invoice payments reaching their maximum payment terms. Using information from the automatically downloaded BI report, an RPA robot can automate reminders and escalations to ensure the payment is made within the payment terms.
Automating BI data extraction, and then utilizing that data in your complex business processes helps your organization make faster and better decisions.
5. Democratize BI through automated reports
Automation can aid the democratization of business intelligence, streamlining the enterprise-wide sharing and consumption of insights about your business. Imagine starting the day with a summary combining reports and data visualizations from all the different places the information might ‘live’. These insights will cover unexpected changes in your customer behaviors, demographics, and conversion rates. And you’ll be empowered to take action and improve your key performance indicators (KPIs).
By applying automation to BI data using the five ways discussed in this article, your people will be able to focus on making better decisions, act faster on data-driven insights, and spare your business from costly mistakes.