Achieving Business Success with Business Intelligence
Posted By Asha Devi | 20-May-2019
Business intelligence (BI) solutions play a critical role in making faster and better business decisions. Though BI implementations are complex, the benefits of using standard implementation practices are enormous and significant. This blog post explores why businesses need BI solutions and their impact on improving decision making.
Business intelligence is a suite of software, services, and processes to derive data insights in the form of dashboards, visualizations, reports, maps, charts, and graphs. A BI solution may mine data collated from websites, mobile apps, or connected devices to enable business decisions.
It is a process that includes data mining, analytics, querying, and reporting.
Purpose of Implementing BI in Business
Business Intelligence is an umbrella term used to describe the best practices, infrastructure, software, and other relevant tools that are essential for decision making and enhancing business performance. Business intelligence can be used in any number of ways.
To mention a few, they are:
Make better and more informed business decisions
Strategy, analysis, and planning are essential for consistently achieving business growth. BI can be used to measure staff performance, manufacturing process, market analysis, sales efforts, data analysis, and more. Corporate executives, business managers, and business leaders can make informed business decisions with BI.
Deploy the right resources and reduce costs
Business intelligence provides insights necessary for allocating budgets, cutting costs, reducing data wrangling efforts, formulating effective strategies, curbing manipulation, preventing delays, and reducing costs. When an organization implements all essential BI tools, its capacity to effectively deploy resources improves with significant savings.
Identify new business opportunities
Another advantage of implementing BI is that you can understand consumer behavior better. BI boosts the ability to analyze consumer search and buying trends. This helps to recognize the gaps in new product development, R and D, and understanding consumer requirements to strengthen your position in the market.
Spot inefficient business processes
Implementation of the right BI system enables you to identify areas of improvement, discrepancies, and errors in invoicing or billing to maintain profit and loss balance. A BI system provides greater transparency to gain a better understanding of business processes and modify them as required.
Optimize internal business processes
Business intelligence is essential for achieving strategic objectives such as identifying strengths, weaknesses, opportunities, and threats (SWOT) to make quick decisions and optimize internal business processes. Dashboards and scorecards help to align metrics with KPIs, derive periodic snapshots of progress, trigger automated alerts, and plot business health.
Increase operational efficiency
BI systems enable you to turn data into actionable insights. You can use them to share information across departments, reduce duplication, generate reports efficiently, and improve accuracy. It facilitates organization efforts to take small steps, refine operational processes, gather feedback, and establish new and better processes.
Drive new revenues
With BI, organizations can identify mechanisms for enhancing customer experience and spot new revenue opportunities. It includes employee selection and onboarding, R and D, staff management, decreased attrition rates, tackling annual turnover, and increase service speed.
Identify market trends and gain competitive advantages
Today’s market is saturated with social media advertisements, mobile apps, pay-per-click campaigns and more to attract users. Business intelligence enables marketers to assess the effectiveness of their business strategies, understand competitors, personalize sales strategies, and make marketing decisions based on facts.
The Right Time to Implement BI for Business
The right time for a business to implement BI solutions is when the following events occur -
A huge spike in data
The customer base swells beyond the organization’s ability to handle them
Reporting requirements increase leading to delays
Generating real-time updates becomes a challenge
It becomes essential to collate data from multiple sources
Actionable insights become necessary but difficult to generate
Key Benefits of Implementing BI Solutions
Business intelligence empowers all stakeholders. It brings data integrity, eases governance, and provides fast decision-making capabilities. A few of the main benefits have been highlighted here.
Business leaders don’t have to rely on gut decisions to make critical decisions with BI. It enables them to derive detailed financial, production, or customer data as required. The current return on investment, necessary gaps to close, product enhancement, product discontinuity, and all necessary business actions could be made on the basis of real value.
A BI solution can identify the company’s strengths and weaknesses, evaluate competitors, identify trends, and provide inputs for accelerating processes.
Data integrity challenges are solved by to strengthen business decisions. It plays a pivotal role in reducing business risk.
It is easy to identify profitable customers, potential customers, or dissatisfied customers with BI. Users can effortlessly extract insights that are necessary for improving customer satisfaction.
BI tools that have predictive analysis features provide risk assessment capabilities, prevent customer churn, forecast sales, analyze markets, and perform financial modeling.
So, now you know when and why to implement business intelligence solutions for your business. The next step is to get in touch with a technical partner who can help you realize these benefits. At Oodles, we have a BI team that is proficient at meeting business intelligence requirements of businesses from diverse industry domains.
How we enable you to implement BI solutions
Apart from medium-sized businesses and enterprises, we help small businesses to harness BI benefits with Software as a Service(SaaS) solutions hosted on the cloud.
We build a data warehouse or opt for semantic layers as per your business needs to ensure a value-driven decision process.
We create interactive dashboards for organizing, capturing, and generating reports
Our BI team provides reliable database engineering solutions for sharding, partitioning, and monitoring.
We implement machine learning techniques to improve data processing accuracy of multi-format data collated from different sources
To know more, get in touch with our BI experts.