What-if Analysis Using BI Tools
What Does What-If Analysis Mean:
What if analysis is a technique that lets you assess changes before, they happen. It greatly helps the business to predict their outcome of their decisions, lowering the risk. It also helps to quickly test a wide variety of scenarios using real-time data pulled straight from the database.
Transition from Traditional BI to Modern BI:
In today’s digital era of exponentially growing data, as significant and process oriented it is to extract the information from data, equally important is the process of visualizing those insights. The value of the insights gathered from the data processing and analysing is justified when it is visualized in the right way. There is a shift happening from the traditional BI to modern BI which looks for a digital transformation with sophisticated features in an easy-to-use integrated BI environment. It focuses more on the accessibility and flexibility aspects irrespective of where the data comes from and where the analytics is viewed, all this while maintaining the data governance and the data security is where the BI is heading.
When it comes to right way of visualizing, the best thing to do is simulating and playing with the visualization and its underlying data. Many tools provide this feature of interaction with the visuals in form of filters, tooltips, parameter selection, on click filters and many more options. But there are very few tools that emphasize on recording that input from interaction by the user and reflecting that on the view as soon as its refreshed.
What-if Dashboards, the need of the hour:
Having that visualization where you can simulate these situations is the need of the hour. All these are what-if situations which are very useful in being proactive. What-if analysis has been the key to making informed decisions/actions reducing uncertainty. It keeps us prepared for the alternative scenarios that could occur and to know what and how it would impact. A tool that lets you do this with a complete customization to your case is a bliss.
QlikSense WHAT IF ANALYSIS:
What if analysis is a scenario-based analysis in QlikSense which enable user to visualize output in different case studies. Within QlikSense you may wish to add further power to your applications by giving your users the ability to drive the analysis by variables that can be defined on the fly.
For instance, revenue of the company is 10 crore and a given scenarios where Interest Rate is 10%. Now you may be curious to analyze what would be revenue if the Interest Rate will increase up to 15%. How it will impact to sales and revenue etc. These kind of analysis needs inputs of multiple parameters by end user at run time to see the data differently.
Embracing the Modern Business intelligence service’s evolution is the way to up the game in analytics. With Qlik and BADRI, we can help you achieve your analytics goals with a futuristic approach and help you utilize the data asset to the fullest.