As companies contend with increased regulation, competition and globalization, the ability to leverage and analyze quality-related data to gain insight across the enterprise is critical. Organizations of all sizes are turning to business intelligence (BI) tools that empower end-users to develop reports and conduct ad-hoc analysis on real-time data. Most of these business intelligence tools are not true business intelligence solutions. These BI tools provide data exploration and visualization capabilities, but leave the onus on already strapped IT departments to develop complex SQL scripts to locate, extract and reassemble data before these BI tools can be leveraged.
Simply put, business intelligence transforms raw data into meaningful information through various methods and technologies for the purpose of making business decisions. The adoption of business intelligence platforms is being driven by corporate initiatives designed to increase competitive advantage and improve the long term strategic view of the organization by leveraging cross-functional data.
One can find similar analogies with the adoption of ERP (Enterprise Resource Planning) systems that are driven by corporate initiatives aimed at streamlining operations across the different functions of the business. Very often business intelligence platforms are built on-top of ERP systems and their data. Another similarity to ERP systems is the large scale, complex architectures and the teams of resources required to support them. After such significant investments, the resulting BI platform typically supports senior management and executives who are looking at a top down view across the entire organization, but does not support the decisions of day-to-day operations within individual departments or operating units.
TrackWise Analytics places the power of data in the hands of the end user. It delivers a true business intelligence solution by supporting evolving customer needs with a self-service model that provides:
The TrackWise Analytics business intelligence solution embeds self-service reporting tools directly into an enterprise quality management system, with no sql scripting or coding required. Embedding BI reporting tools into an enterprise quality management system removes the barriers associated with corporate initiated BI tool deployments and significantly reduces the total cost of ownership compared with traditional BI systems.
The TrackWise Analytics Business Intelligence Solution allows end-users to gain insight into every aspect of quality across the enterprise and provides the data necessary to foster strategic development, formulate plans, develop predictive data analysis models, and optimize business operations in a self-service model that enables greater data availability while eliminating the dependence on IT. This is accomplished by automating the metadata creation process in real-time and making familiar data objects available directly to end users so they can analyze what they want and when the want to instead of just standard monthly or quarterly reports.
Predictive analytics software enables organizations to turn historical data into a predictive data model that can provide proactive and actionable information which can be used to mitigate risk and identify opportunities that are likely to generate the greatest value for the organization. Predictive analysis software works by finding patterns in historical data so that one can make predictions about what is likely to happen under the same circumstances or conditions in the future.
Three key areas where organizations can apply predictive analytics software to make data-driven decisions include:
Manufacturers from a variety of industries can leverage predictive data in quality operations to derive proactive and actionable information on which to base strategic business decisions including: