This article is based on the video tutorial published in our YouTube channel Business Analytics Tools. The objective is to understand how we can implement and simplify process using these tools.
In this short video, it briefly explains the main objective of the implementation and its processes to simplify business KPIs which includes the following:
- What types of Business Analysis tools?
- How can we gather business insights?
- How can we integrate reports to dashboards and mobile dashboards?
1. Choosing the right Tools.
For this case study, we will look at a company which use Microsoft SQL, Excel, Google Analytics, Facebook and Power BI for their business process. We will look at how they used these different types of tools and the purpose of using these tools.
2. Customer Analysis
To perform customer analysis, we use the Microsoft SQL to help us identify the RFM – Recency, Frequency and Monetary rate. This is possible for us as we could easily retrieve the historical data based on their past transactions. This historical data includes all the necessary information that we need about the customer such as – Name, ID, Customer ID, Amount purchased and Date of purchased.
With these information, we can then use RFM methodology to identify their purchasing behavior. This will help the business to identify opportunity for them to target the different segments and can be used for personalization e-mail marketing. RFM analysis is also based on “80-20” rule which can be used to identify the 20% of your customers that contribute 80% to your business.
3. Reporting Analysis
In this case, we provide the business will some Excel reporting as this is part of their business regular reports. We did a comprehensive and neat reports which summarize their reports requirements and KPIs. We add in some charts for visualization and use functions like conditional formatting and trendline to compare the performance of the different measures.
4. BI Dashboards Creation
Next, we provide the business users with dashboards to monitor their KPIs and business performance with real-time information. These dashboards are available and share among the business users following the business rule and requirements.
These dashboards are based on the previous reports and is available on web online using Power BI application, which means no printing/report is required. These are interactive dashboards, which means the users can drill down and do filter for further analysis by selecting their options on the dashboard. This is a user-driven tool that will support the business users in identifying opportunities and act on upon it.
5. Different Sources Integration
Next, we will look at how to integrate to different sources and create dashboards to monitor the business KPIs. As a business, we will have a lot of sources where we need to monitor necessary data. How can we get all in one place and automate to simplify process?
With Power BI, you can connect to your Facebook account and Google Analytics account directly which will make it easier to manage and maintain. This means that you can then have multiple dashboards and reports in a single application! How cool is that! No more scrolling through excel files and flipping through papers to get your numbers right.
6. Enabling Mobile Dashboards
Power BI is an online application which you can access with your PC through desktop version or web and on mobile. The users just need to download application in their phones to enable them to view their dashboards. This will make everything so handy and easy for the users.
They get all the dashboards from different sources all in one place and it is available on their mobile. This information is automatically loaded every hour and the user just need to click on the “refresh” button and the latest data will be shown.
Benefits For the Business
Save Time & Cost – Business can make informed decisions based on facts with real time information.
Simplify Process – No need for reports/papers printing or any complicated processes
Quality Performance – Business intelligence tool is an automated process and a user-driven tool