When making investments today, the question always looms about the returns in the future. Investors and entrepreneurs are familiar with the concept of "Return on Investment" (ROI), which is crucial for understanding the success of a venture. Aligning your business concept with competitive industries is essential, and understanding the key drivers of returns is paramount. Industry-wise analysis provides critical insights into competitors, demand-supply statistics, growth prospects, and external factors affecting the industry.
To conduct a detailed industry-wise analysis, the first step is gathering relevant datasets aligned with your business goals. These datasets include target audience information, objectives, sales data of competitive brands, marketing expenses, and ROI.
Several data sources can provide diverse datasets for analysis:
Open Government Data Platform (ODG) India: Offers data on social consumption in health and education, foreign direct investment (FDI) in agriculture, and machinery equity.
Kaggle Sample Datasets: A vast collection of datasets across various genres, often used in competitions for real-money prizes.
Datarade: A reliable platform for downloading marketing datasets containing audience-related stats, demographic information, social media audience stats, and consumer financial data.
Google Cloud Platform: Provides datasets as excellent case study references for new businesses.
After gathering data, the next step is to utilize tools that drive business intelligence and aid in achieving desired outcomes.
Here are three such tools:
Board International
Tableau
Microsoft Power BI
1. Board International
Board International is a business intelligence and performance management platform that aids organizations in making better decisions through analysis, simulation, and planning. It is toolkit-based, offering a high level of customization for various business needs.
Key Features:
Comprehensive Dashboard: Board International provides a comprehensive dashboard that facilitates both simple visualizations and advanced analyses.
Data Analysis and Simulation: Users can analyze historical data, share reports, and simulate the effects of different strategies on micro/macro-environmental changes.
Workflow Management: The platform allows users to control processes using a "go with comprehensive workflow management" command.
Usage:
Non-Coding Platform: Board is a non-coding platform, making it accessible to a broader audience.
Customization: Great customization capabilities enable integration with department-based applications and enterprise-wide data and processes.
2. Tableau
Tableau is a cloud-based data visualization software that connects data sources with integrated artificial intelligence and machine learning capabilities. It focuses on governance, data management, and visual storytelling for business intelligence.
Key Features:
Infinite Data Exploration: Tableau allows users to explore data infinitely without disrupting the flow of analysis.
Roles in Tableau:
Creator: Imports datasets, uses Tableau Prep for data preparation, and analyzes data in Tableau Desktop.
Editor: Edits and generates new visualizations using Tableau Server or Tableau Online.
Viewer: Observes and interacts with visualizations on Tableau Server or Tableau Online.
Admin: Manages site setup, user addition, and permissions on Tableau Online; installs and configures Tableau Server.
Usage:
Community Support: Tableau has an active community with forums for quick tips and tricks.
Mobility: Mobile-friendly, enabling usage while on the go.
Enterprise Focus: More suitable for large organizations due to its cost.
3. Microsoft Power BI
Microsoft Power BI is a versatile tool for gaining deeper data insight through connecting and visualizing datasets. It serves both self-service and enterprise business intelligence needs.
Key Features:
Data Modeling: Power BI's data modeling feature connects multiple data sources using relationships between various data points.
Affordability: The desktop license is free, making Power BI an affordable option.
Versatile Support: Supports various data file extensions and offers customized visualization tools.
Usage:
Integration with Microsoft Ecosystem: Power BI seamlessly integrates with the Microsoft ecosystem, particularly Excel.
Support for SMEs and Startups: Affordable and suitable for SMEs and startups.
AI-Driven Answers: Provides quick AI-driven answers to business questions in conversational language.
These tools are powerful assets for businesses seeking to extract meaningful insights from their data, and the choice among them often depends on the specific needs, size, and budget constraints of the organization. Each tool has its strengths and caters to different aspects of the data analysis and visualization spectrum.