The Chief Information Officers (CIO) of a business organization is liable in setting their priorities right in business decision making process. In this regard, it is never a surprise that the process of bringing forth the right data management solution, continues to pop up on top of their list. The logical reasoning behind this decision is the exponential rise of the amount of data stored by the companies.
Business intelligence is the one stop solution which is a technology-driven process for deliberation of data and displaying actionable knowledge to aid business makers execute a more secure and informed business decision. There are an extensive range of tools, applications and methodologies that facilitate organizations to compile data from internal systems and external sources to strengthen it for analysis, run research against the data, and create reports. These data visualizations make the analytical outcomes readily available to corporate decision makers as well as operational workers.
The promising perks of business intelligence programs may include
- accelerating and enhancing decision making;
- optimizing the designs of internal business processes;
- boosting operational efficiency;
- maximising new revenues and reduce costs;
- gaining competitive benefits over business rivals;
- identifying market trends and eyeball the business problems that needs to be addressed;
- modelling accurate reports by extracting data directly from the data source;
- An established data security infrastructure ensures to keep data private
Business Intelligence data holds up the structure of both strategic and tactical decision-making processes by including the historical information as well as new data gathered from source systems. BI tools are primarily about organizing data so that you can spot metrics, track trends to help improve business processes and make future projections. A lot of varied business areas where these tools can be used are marketing & sales, manufacturing & supply chain management and customer service.
Once the different business areas are classified, it is time to look at the possible signs when and where a business intelligence solution is needed for these specific business processes.
- No real information but loads of data. It’s quite adequate to collect data but there’s no point if there is any gain from it. The vital answer lies in the variance between data and information. When speaking about business analytics, the terms information and data are different but often these words are used interchangeably. Information is data that has been converted into a meaningful and useful context ready for audience to harvest observations. But if this information that the audience are looking for is missing then it is at the point where the Business Intelligence enters into picture to help aggregate and analyze data into actionable insights. It helps in increasing the ability to identify trends and issues, uncover new intuitions and tweak operations to meet business goals.
- You’re still relying on spreadsheets, but your data is BIG. Only to a certain extent can a spreadsheet be scaled to fill with the amount of data coming in. After that it is always struggle to go beyond that as spreadsheets are not designed to handle more data. The data always gets bigger even if the data sets are cleaned and managed. To handle this, the usual step is to create multiple spreadsheets which are not going to enable real-time data sharing and updating. To make a consistent analysis of any amount of data and fast, the best option would be the use of a Business intelligence tool. The tool is going to easily crunch up the data from multiple sources like information from different managers, consolidation of multiple spreadsheets, and debugging broken macros and formulas. This is going to help in getting a breeze in the business process.
- Boost productivity. The compilation of various reports related to analyzed data is usually done through a traditional data gathering methodology. This can be particularly time consuming, notably for small businesses that may not have the right employees to deal with it. With a Business Intelligence application, data can be hauled and reports created at the click of a button which is less time consuming. This a positive reason to allow the employees to be more productive on their own tasks.
- Return on Investment (ROI). Business Intelligence influences a company’s Return on Investment through better strategic awareness, faster reporting, decreased operating costs/lower liabilities and access to better facet of data and information.