offer complete business intelligence and insights systems, software and solutions to save time, effort, money and resources. Our personalised service gives us a better understanding of your business needs so we can provide you with the best solutions at the best possible price for all your management information systems, executive dashboards and other reporting needs.
Contact Tax Shop to help set it up, provide the software, or do it for you. Your choice. This frees you up to do what you do best – we take care of the rest.
Business Intelligence Systems Software means you have access to better data and reporting, and better analysis can be done, better insights achieved, and more informed decisions made. BIS is an absolute necessity in this day and age to stay abreast, never mind ahead of the pack.
Business Intelligence Systems Provide Better Data For Forecasting
A business intelligence system offers an effective way of acquiring the data that you need for better forecasting.
The better your forecasting, the more efficient, productive, and cost-effective your business.
Changing business conditions, economic uncertainty, and shifts in supply and demand can make accurate forecasting more guesswork than science.
With business intelligence systems you can forecast with greater accuracy and precision and make more informed decisions
Data On Tap
Forecasting tools in Business Intelligence Systems (BIS) can help you improve all aspects of your business – anticipate shifts in customer demand, improve stock control and inventory management, financial management, warehousing, distribution, sales, marketing – you name it.
Automated software systems make extrapolations and projections into the future much easier.
Accurate and immediate access to consistently correct information across the enterprise helps staff get answers to any questions and helps everyone do a better job.
Data mining is a process of extracting and discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems. Wikipedia
Data mining uses software to look for patterns and trends in large amounts of source data – using a broad range of techniques to find exceptions, variances, inconsistencies, patterns, trends and parallels and then extrapolating it in order to predict outcomes. This information is used to make proactive, knowledge-driven decisions e.g. to increase revenues, cut costs, improve customer relationships, reduce risks and more.
Data mining tools help answer business questions that traditionally were too time-consuming to contemplate.
In short, data mining is a process used by companies to turn raw data into useful information.
Why data mining is important
Businesses that use data mining gain a competitive advantage, e.g. understanding their customers better so they can develop more effective marketing strategies and tailor their products and services to cater better to their target market, increase sales and decrease costs.
Because all relevant personnel have more timeous and comprehensive oversight of business operations, they are able to spot and implement new business opportunities sooner.
Much like the real-life process of mining minerals or jewels, the most important task in data mining is to extract valuable nuggets from large amounts of data.
Difference between data analytics and data mining
Essentially, the primary difference between analytics and analysis is a matter of scale. Data analysis is a subcomponent of broader data analytics.
Data analysis (mining) refers to the process of examining, transforming and arranging a given data set in specific ways in order to study its individual parts and extract useful information.
Data Analytics refers to modifying the raw data into a meaningful format. Data analytics is an overarching science or discipline that encompasses the complete management of data. This not only includes analysis, but also data collection, organisation, storage, machine learning, artificial intelligence and all the tools and techniques used.
Knowledge management is the process of creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieving organisational objectives by making the best use of technology to provide the most insightful information in a visual format in order to easily interpret the results.
ERP business process management systems are more focused on the various business functions and the modules that support them. These include accounting, HR, inventory management, etc. ERP is also useful in tracking data across these modules. ERP allows users to track everything from sales to employee wages, all while allowing free flow of information between modules.
ERPs don’t always provide the same granular data that a BPM system would.
Typically, BPM is integrated into a larger ERP system when the ERP isn’t managing a process as well as a BPM would. This can lead to numerous inefficiencies in your business and tedious workarounds to try to fix them.
A BPM system highlights important processes in your business that an ERP would otherwise pass over. This heightened level of detail strengthens the process managed by the BPM, allowing the larger ERP to facilitate more general business functions.
If integrated properly, the two can actually complement each other and give you the best of both worlds; with automated process management that monitors the use of resources and assigns tasks, while being able to store all of your data in a central database.
There are also overarching two-in-one business management systems that have the functionality of both BPM and ERP which means there would not be a need to pick one or the other if using both is the best choice for your organization.
Business insight is when you analyse data to find meaning and a deeper understanding of a situation or issue. The objective is to gain insight into major mechanics related to your particular business, industry, your competition, or some other aspect that will result in a competitive advantage for your business.
Consumer insight is all about analysing your customer data to better understand who your customers are, what they want from your brand so you can better personalize and tailor products to the needs, wants, and demands of their customers. Smart use of customer insights intended to improve customer experience, and could obviously mean more revenue.
Customer insights can provide a deeper understanding of how your customers think and feel about your products and services, understand what they need and why they need it and help you make better decisions about how, when and what to sell them.
Data is more or less useless nonsense without analytics. Analytics is how you make sense of your data and uncover meaningful trends.
Insight is gained by analysing data and information to understand what is going on with a particular situation or phenomenon. The insight can then be used to make better business decisions.
Insight is the value obtained through the use of analytics. Analytical insights are incredibly powerful and can be used to identify areas of opportunity and grow your business.
Decision support system definitions
A decision support system is an information system that supports business or organizational decision-making activities – Wikipedia
A decision support system (DSS) is a computerized system that gathers and analyses data, synthesizing it to produce comprehensive information reports – Investopedia
Decision support systems are generally recognized as an element of business intelligence systems, along with data warehousing, data mining, executive information systems, expert systems, and agent-based modelling in order to help organizations make informed business decisions.
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