In these challenging economic times there is a greater need for data analysis to understand what is going on and to determine what to do about it.
There are a plethora of data mining and business intelligence tools on the market today. Even Microsoft’s SQL Server has business intelligence multi-dimensional data cubing and data mining algorithms built-in as part of its capabilities.
Still, while there are lots of great analysis tools available, it is a fundamental step that you need to first have your data properly organized to gain the benefit of these tools.
For example, if you are analyzing transactional data for multi-entity organizations, the first step is to identify and link all of the separate, but related entities and individuals that are part of the same organization in order to get the complete analysis of an organization. Also, the data needs to be organized in an efficient manner, so that the analysis tools can work in an efficient manner as well.
Further, a continuously updated data framework is going to enable analysis on an on-going basis and not just a moment in time snapshot. Without first organizing and coordinating the data, you either will be unable to perform the necessary analysis or your analysis will be incomplete and inaccurate regardless of the analysis tool.