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ria to Select the Best Solution Instantly, your mind begins to focus on those items below the 0K profit line. With 10 seconds of analysis, you likely determined we have some real issues with the items below this line and far to the right (lots of gross sales, but significant losses). With another 30 seconds of review you likely focused on the four worst offenders in 2008 and started to note that we have poor performers in both product categories. Another 30 seconds and you know the offending product names.
In less than 90 seconds, you have made significant progress towards analysing your data, without any manipulation.
Criteria 4 - If BI is to aid in decision making it must aid understanding/ analysis/interpretation with a minimum of manipulation.
Much research has been done on how humans interpret information. This has lead to a body of knowledge (cognitive theory) on best practices for simplification/enhancing of understanding. The leading visualization products on the market apply these best practises to ensure that the end results aid understanding. For some fascinating reading on this topic, I highly recommend the works of Stephen Few. He has several excellent books on the market and his blog offers ongoing commentary and insight into the world of visualization best practices and products.
FOUR CRITERIA FOR SELECTING A GREAT BI TOOL
1. BI is only meaningful when it is specifically tailored to your business. It cannot be pre-canned from a vendor and effectively support your decision making.
One of the best ways to do this is to optimize the presentation of the data graphically. There is a growing movement in the BI industry to develop products that facilitate this “visual analytics” capability.
2. In order to support better decision making, BI must be left in the hands of decisions makers. Decision makers - not IT experts - must be able to collect, analyse & present the data. The BI systems must therefore focus on ease of use and not require a high degree of technical ability.
Making BI visual/graphical does not in-and-of itself make the data easier to understand. Poor graphical displays will obscure meaning, confuse decision makers and delay decision making.
3. BI systems must make analysis and understanding of potentially complex and large data sets easier. 4. If BI is to aid in decision making it must aid understanding/ analysis/interpretation with a minimum of manipulation.
To see a ranking of several BI tools (including Excel and other products you may already own) and links to product reviews, specification sheets, please visit http://BI.fhblack.com.
Jamie Black, Partner & Director of IT Services for F.H. Black & Company. F.H. Black & Company provides Canadian wholesale distributors with ONE source for business support, focusing on accounting services, business systems and technologies, business process enhancement, human resource and management consulting.
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