Approximately 15 years ago, management information solutions (MIS) were very rare in Slovakia, while today we can say that if a company does not have high-quality MIS, it can not compete with companies who already use such system.
MIS is a part of Business Intelligence (BI) which represent a wide class of application programs and technologies for decision-making support. Today, we know many solutions supported by various technologies in the market which belong to MIS and in most cases have one common denominator, data warehouse (DWH).
The issue of data warehouses is no longer something new these days, quite the opposite. Most of the large companies already own data warehouse, or they plan to build it. DWH provides an opportunity to collect, extract, clean, transform, consolidate, and unify data from various information systems, as well as transaction. Quality data warehouse which use so-called Master data management contains a single truth in the company and thus it serves as the base for reporting at all levels of the company.
Master data management
Master data management (MDM) is a method of identifying the most critical information within the organization. It involves a number of technological solutions, data integration, data quality and process management.
Main benefits of MDM:
- unified view of the interpretation of information from multiple data sources
- defining administrative links between data within the business rules
- complete view of all interactions for monitored business entity.
Integration and data consolidation
With an increasing number of data, used applications and systems in companies, it is necessary to consolidate information and edit them in “a comprehensible language”. Therefore, companies are forced to transfer data from their systems to the new environment, which can be complicated, time-consuming, but also costly.
Management staff use reporting systems for a perfect overview about the current status of the company. Fast access to information is a powerful tool that allows them to consider whether the business is in conformity with the company, and short-term and long-term objectives emanating therefrom.
For companies that want to continue to grow and compete on the market is extremely important work with historical data. Tools and techniques of BI enable better understanding of their potential. Thanks to forecasting (predictions, estimations), it is possible to allocate budgets for the upcoming period, correct plans, and to adapt to a new market situation. A major advantage of BI tools is the link between forecasting, planning and reporting, that maximize the efficiency of work.
DATA MINING AND STATISTICAL METHODS
Data mining promoted statistical methods in many ways. There is a strong emphasis on process automation and its results are presented in the form of reporting.
Did you know that every day there has been more than 3 exabytes (1018 bytes) of data and 90% of existing data over the last 2 years? They come from various sources - from meteorological sensors, social networks, mobile phones, GPS, and have various formats (photos, videos, bank records, and many others). They are referred as Big Data.