As businesses are producing more and more data than ever before, organizations are investing in tools with business intelligence (BI) features quickly to help them create insights. These insights are generated from that business data to make better business decisions and learn to find out new opportunities by joining advanced cognos analytics training. Last year, a leading market research firm, Research, and Markets forecasted that the global business intelligence and analytics software market would reach $55.48 billion by 2026, symbolizing a CAGR of 10.4 percent that was $22.79 billion in the market accounted in 2017.
What is IBM Cognos Analytics?
IBM Cognos Analytics is a self-service analytic tool that combines cognitive computing technology, involving artificial intelligence (AI) and machine learning, initially developed as Watson Analytics. For instance, the platform makes use of cognitive tools to get help in automating data preparation. The system discovers the users’ data and can produce recommendations for data connections and visualizations. It’s proposed as an all-in-one platform, presents analytics features, ranging from building dashboards and data integration to exploration, reporting, and data modeling.
Principles of Advanced Cognos Analytics
This business intelligence tool helps in managing and analyzing data easily. Its self-service features help users to prepare, explore, and share data. It includes predictive, descriptive, and exploratory methods, also recognized as numeric intelligence. Cognos Analytics uses a lot of statistical tests to evaluate your data.
It is significant to appreciate the descriptions of these tests as they implement Cognos Analytics. Numeric algorithms are utilized as a part of the workflow to present features to the user that provides information about the numeric assets and relationships in their data.
Different than traditional statistical software, where the target audience is a qualified data analyst, the algorithms of Cognos Analytics are intended at users who are well-known to it but, not a specialist in data analysis. It means that when tradeoffs are considered in Cognos Analytics, its effectiveness is chosen over complications.
Cognos Analytics makes use of algorithms that are powerful and are able to deal with a range of assortments of unusual data. This way, the algorithms that are more fragile are able to get better results than strong algorithms. They require you to ensure that they are appropriate and make correct data transformations for the results to be significant.
A slight fall in accuracy is worth the security that is given by an algorithm, which does not provide wrong results when the data is not as it is expected to be.
Nearly all algorithms need tailored decisions to be made regarding them, which needs the combinations of fields to discover data transformations. Cognos Analytics helps to choose suitable values automatically by evaluating the properties of the data. As a user, you may not be able to discover all the decisions that are made manually.
In Cognos Analytics, the numeric algorithms and methods are intended to generate reliable results automatically. To make the most probable prediction, categorization, or analysis, a specialized statistician analyzes the data by making use of IBM SPSS Statistics or IBM SPSS Modeler.
The objective of Cognos Analytics is to present meaningful insights that can help you to know your data and its connections and to make it achievable for a wide variety of data automatically. Cognos Analytics aspires at offering results like a professional statistician without creating hurdles for the business user.
Unlocking Business Intelligence with Cognos Analytics
The days of providing strategic Business Intelligence (BI) solutions have passed. Now, the market is seeking more tactical projects and insight-driven Analytics, and numerous tools in the market place can no longer provide those features.
Based on a recent survey by MIT Sloan, 85% of CIOs consider artificial intelligence (AI) as a strategic prospect. AI-driven Analytics present actionable insights through their self-service capabilities and enable organizations to attain transformation.
So, how does IBM Cognos Analytics differs from other tools? Here are a few features that make this tool more beneficial for your business.
DASHBOARDS – Almost all BI tools can deliver the capabilities to create dashboards. But Cognos Analytics provides smart features to create dashboards on-the-board based on the data presented, removing the need to have reporting writing knowledge, which opens up the tool to a larger audience across the organization.
STORYBOARDS – It is a unique capability of Cognos that allows users to tell the story of data discovery results with this dynamic approach.
REPORT AUTHORING – It helps in professional report authoring, guided authoring practicing, recommended visualizations, on-demand menus, and subscription-based reporting.
EXPLORATION – To achieve the right value from your data assets, Cognos offers advanced pattern detection to help uncover concealed insights. It provides predictive features that emphasize relationship strengths and key factors. And its AI Assistant helps to direct you in the right direction.
DATA MODELLING – It immediately drives data from any source with a simple drag and drop facility.
MAPPING – The top-class mapping and geospatial functionalities built into the latest version helps to examine certain data in a more powerful way. This feature is available for free, unlike other BI retailers.
COLLABORATION –Users can obtain their visualizations and dashboards and convey them to Slack so teams can give feedback straight for a more flawless approach to information sharing.
MULTIPLE DEPLOYMENT OPTIONS – The choice will always be yours! On-premise, SaaS, or cloud-based, whatever you need for your organization, IBM offers all of them. So choose the best solution that meets your IT strategy needs. Want to know more about the tool? Join ExistBI’s IBM Cognos Training with live virtual training or on-site courses in the USA, UK, and Europe.