Business Intelligence for Insurance

Analysis- Asking Questions

a                 What enterprise/organization and the activity does your dataset represents?

 

The enterprise/organization and activity that our dataset is representing is the income tax data of the 3193 Counties of East, West, North and South regions. It consists of the number of returns, number of exemptions, adjusted gross income, Wages and Salaries, Dividend before earning and interest received. The income tax data has been represented through the FIPS Code and the postal codes of the Counties. 

What is your dashboard's mission statement?

Our Data-set represents the Income Tax Statistics for over 3000 Counties of the east, west, north and south regions. We are analysing the data which County is getting maximum number of returns and exemptions, along with the Adjusted Gross Income, the dividends with the Wages and Salaries and the interest income. The different metrics and the attributes that we are using are number of returns and exemptions on the income tax, the wages and the salaries and the Gross income etc. 

Que: What are the five questions and answers you have asked and answered for your dataset?
Ans: The following are the questions that we have asked to do and had represented in the Micro Strategy 

• Which country is getting the maximum number of return from income tax? 

Ans: the metrics in this question are the number of return whereas the attribute is county.

• What is the lowest number of exemptions   that a county is getting out of  income taxes?

Ans: The metrics in this question is lowest number of income tax whereas the county. 

• What county is getting the lowest salary?

Ans: The metrics is the lowest salary and the attribute is the county.

• Which county the maximum wages and salaries?

Ans: The metrics is the maximum wages and the salaries while the attribute is the county.

• Which county has the lowest interest and how much?

Ans: The metrics is the lowest interest and the attribute is the county. 

  

What is the role of dashboards in business intelligence?

 
The role of dashboards in business intelligence are that it is a data visualisation tool that displays the current metrics and key performance indicators (KPI’s) for an enterprise. Dashboards consolidate and arrange numbers, metrics and sometimes performance scorecards on a single screen. The Dashboards play a vital role in determining the specialised Dashboards. The benefits of the dashboards include the following:

• Visual presentation of the information
• Ability to identify and correct negative trends
• Measure efficiencies and inefficiencies
• Ability to make more informed decisions based on the collected business intelligence
• Quick identification of data outliers and correlation. (wikipedia, 2012)

How are dashboards useful in business?

Business Dashboards are the tools that are useful that provides a snapshot of the most important number that needed to conduct an effective business analysis. It provides a quick glimpse of the performance of the company by the higher level managers. There are many ways that how dashboards are helpful in the business. Some of them are as follows:

·         The primary function of the dashboards used in business is similar to the function of a     dashboard used in an automobile.

·         Many industries already utilize dashboards to help plan organizational strategy and gauge past performance. For instance, dashboards are used in the health care industry to monitor various trends and prevent bigger problems from occurring.

·    Some dashboards provide the convenience of being able to customize the dashboard's components to meet the individual needs of each business. (Media, 2001)

How can dashboards help with Big Data?

There are different definitions to look at data depending upon the applications and the vendors that provide support. The organisation that maintains the data infrastructure can plan effectively and efficiently. For this, the Dashboards and the application visualisation provides easy access to business information which is derived from the large volume of data. The technologies such as Hadoop and Map Reduce provide an access point to a dashboard and large data sets. There is new science that is supporting the increased adoption of big data and the dashboards. There are new trends that are emerging in the field of adoption of dashboards and big data warehouses:

• Data warehouse vendors and dashboard providers are forming partnerships to provide full-scale solutions for organizations. As more partnerships develop within the next couple of years, actual big data solutions will emerge to enable organizations to access complex analytics through dashboards.

• Real-time/right-time data insights that take into account increasing complexity and different types of data are closer to becoming a reality. The mix of operational dashboards and data warehouses that support continual data updates means that companies will be able to integrate the two to get access to streamed datasets and create forward-looking analyses based on this information.

• Self-service dashboard solutions that support large data sets will help organizations interact with more information and, at the same time, provide insights to a wider range of users. (Lyndsay Wise, 2011)

What is a dashboard?

         

 A dashboard is the graphical representation of the current status (snapshot) and the historical trend of an organisation’s historical performance which consists of key indicators to enable the instantaneous and informed decisions to be made at the point of glance. This is very easy to read and contains only single page that represent the whole information in a single snapshot and makes it the real-time user interface. This makes the information simple and self-explanatory to understand by just looking at the dashboards. There are three main types of dashboards that dominate the business market in this scenario. These are as follows:

·         Standalone software applications

·         Web-browser based applications

·         Desktop applications

Specialized dashboards can track all the type of functions such as Human resource, Marketing, Information Technology, Project Management, Customer Relationship Management and many more departmental dashboards. (wikipedia, 2012)