The key with BIQ is that ordinary business users can benefit from sophisticated technology without having to understand it or to hire people who understand it. Now descriptive statistics can also be calculated at BIQ speeds to provide instant insight into data distribution.
Southborough, MA (PRWEB) January 9, 2009
BIQ, a provider of innovative spend analysis and data analysis tools for businesses seeking better visibility into corporate data, today announced the availability of a major release of its software. The product, also called BIQ, gives business analysts unprecedented freedom to explore and manipulate large datasets from a variety of sources, without IT assistance. This release extends that freedom by providing optional real-time descriptive statistics across every drill point of an enterprise-size dataset, without noticeable loss of performance.
Eric Strovink, BIQ's CEO, commented, "Descriptive statistics like standard deviation and median are painful to calculate, and you'd normally have to use a stats package or a separate process to derive them, one at a time. Now, BIQ can roll up statistics at every node, or data position, calculating millions of statistical measures at virtually the same speed as a normal BIQ drill. We believe that the ability to instantly view descriptive statistics at all nodes, at any drill position, is a powerful and unique capability."
Descriptive statistics are used to gain an understanding of the "shape" of data. For example, given the temporary office workers that a company employs, what is the standard deviation of their salaries? A large standard deviation in the wages paid for a particular job category, i.e. a wide and flat distribution as opposed to a tall and skinny distribution, means there is a discrepancy with salaries at that position. Discrepancies of this nature can indicate an opportunity for savings. With BIQ, the shape of the data distribution can be ascertained instantly, not just for one particular category in one dimension, but for every category in every dimension, simultaneously.
BIQ was founded on the premise that business analysts could gain much more insight into the valuable information that often lies fallow inside the enterprise -- if they had a tool for independent, ad hoc analysis. Instead of being constrained by pre-determined data structures, BIQ users have the ability to create their own datasets quickly and easily, and to change them in real time by adding dimensions, adjusting hierarchies, and refining data mappings for any analysis. This enables BIQ users to perform fast, ad hoc analyses on almost any data source, without being limited by structured Purchasing or Accounts Payable data, or by rigid data warehouse constraints. As a result, BIQ users spend their time actually analyzing the data, rather than struggling with it.
Strovink added, "The key with BIQ is that ordinary business users can benefit from sophisticated technology without having to understand it or to hire people who understand it. Now descriptive statistics can also be calculated at BIQ speeds to provide instant insight into data distribution."
BIQ's mission is to provide innovative, enterprise level data analysis tools for the business analyst at a reasonable price. BIQ users are from both large and small enterprises within the financial, services, retail, healthcare, and manufacturing sectors. Because BIQ is extremely cost-effective, it can be used alone or in concert with other enterprise tools. The product can be deployed on a laptop, desktop, or server in any number of configurations. BIQ is available on a month-to-month basis, without prepayment or cancellation penalties. For more information about BIQ, visit http://www.busiq.com.
Marie LeDonne, Marketing Mosaic