Do You Know Why Adopting Business Intelligence Matters?
By now I am sure you must have heard tons about business intelligence (BI) and how it’s shaping up to be the next big thing across the globe. With data insights taking center stage as the main basis of business decisions, Business Intelligence adoption will continue to evolve as a necessity rather than a luxury for all businesses.
Unfortunately, there are many small owners and managers adopting the new concept at a low pace, mainly due to lack of adequate knowledge of what exactly BI is and how is it beneficial? I personally feel that Business intelligence is something that needs to be an integral part of any operation.
Why Should You Care About BI?
Today’s approach to business intelligence and analytics software favors easy-to-use, self-service-based platforms accessible to everyone within an organization. Now, do you think that BI is meant for only enterprise companies? No! In fact, every small, mid-sized and large business can benefit from BI virtually. In addition to this, here I would like to mention a few inevitable reasons saying that why you should adopt the technology as soon as possible and not later.
- Boost productivity- Remember those traditional data gathering methods where a user required to compile, analyze data and write related reports. Incredibly time-consuming, isn’t it? Today, with the help of a BI program, one can pull data and create the reports at the click of a button thus freeing up time and resources allowing employees to be more productive on their own tasks.
- Sales & market intelligence-Right from a salesperson to a marketer, everyone requires to keep track of your customers. For this, using a Customer Relationship Management (CRM) solution is a wise decision to make. CRM solution is something that collects data about your relevant customers and tries to make some relevant sense out of it in form of various tables and charts. The information may include from entire sales cycle, from winning new customers to servicing and tracking existing customers, to providing post-sales services.
- Return on Investment- With better strategic awareness, faster reporting, decreased operating costs/lower overheads and access to better quality data and information, BI can positively influence a company’s ROI.
- Improves visibility- In case, if you want to improve your control over various important procedures then it can be achieved with the help of BI. In addition to improving the visibility of these processes and make it possible to identify any areas that need improvement.
- Turn data into actionable information- BI system itself being an analytical tool has the potential to give insight required to create successful strategic plans for your organization. And because these systems are capable enough to identify key trends and patterns in your organization’s data, they can definitely make it easier for you to make important connections between different areas of your business that may otherwise seem unrelated.
5 Ways to Superior Business Intelligence
Data is the oil of many modern organizations, but what are the trends that any BI consulting service provider must be aware of?
- Data discovery/visualization- Over the past few years, visualization and explorative data analysis for business users (known as data discovery), has become one of the most important trends in BI. The increasing variety of data available needs more efficient and user-oriented methods of presentation, according to the report. Moreover, it helps people quickly digest the most relevant information at a glance.
- Self-Service BI- Another BI trend coming to the fore is self-service BI, manifesting itself as an ever-growing demand from business users for ad hoc reporting, analysis, and flexibility. But this demand for BI data to be available anytime, anywhere, and on any device, is putting pressure on IT as enterprises are increasingly allowing users to build and design their own reports, models, and queries.
- More BI in the cloud- BI, and analytics are moving faster into the cloud becoming a mainstream practice in 2017. The concept of data gravity (data pulls in more data), means that analytics is deployed where data lives. According to the tableau Software report, “Cloud data warehouses such as Amazon Redshift will continue to be a popular data destination and cloud analytics will become more prevalent as a result.”
- Artificial Business Intelligence- Artificial intelligence and machine learning will play an increasingly important role in business intelligence. The increasing amount of data available to businesses will mean there is no time to sift through all of it to find trending and patterns. There will also be little time produce reports.
- Embedded BI- Businesses are increasingly embedding BI and analytics closer to where people work. This year, it expects to see analytics put into the hands of people who aren’t BI specialists, such as shop workers, call center staff, and lorry drivers. This embedded BI extends analytics to people who may not even realize they are using it.
Published By: TatvaSoft UK(www.tatvasoft.co.uk) - A Well-known name for BI Consulting Service