How Your Business Can Benefit from Business Intelligence Solution
In this technology governed world, data is everywhere. We create it merely with the touch of a button. But how much of this data is actually useful? Whether you work in finance, operations, sales and marketing or planning, you may be in touch with million data points’ everyday without being aware of how to derive valuable information from this data. With Business Intelligence you will be able to extract useful information from millions of bytes within minutes.
Business Intelligence(BI) includes a variety of tools, applications and methodologies that enable business organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against the data, and create reports, dashboards and data visualizations to make the analytical results available to corporate decision makers as well as operational workers.
With the varying market dynamics where we see multiple mergers and acquisitions, addition of new tools, Open source BI stabilizing, and majority of the workforce is on the move so mobility becomes critical etc. The use of Business Analytics is extensive across all industries and functions, including Information Technology, Web/E-commerce, Healthcare, Law Enforcement, Banking and Insurance, Biotechnology, Human Resource Management. Some of the application areas include critical product analysis, target marketing, customer lifecycle management, customer service, social media behaviour and link analysis, fraud detection, genetic research, inventory management, etc.
The possible advantages of business intelligence services fasten up and improve decision making; optimizing internal business processes; increasing operational efficiency; driving new revenues; and gaining competitive advantages over other marketers.
Business Intelligence can also help businesses and marketers to recognize different market trends and identify business problems that need to be solved. Business Intelligence helps marketers to perform management by “facts”. It helps in data-based decision making that drive and improve the business and discover hidden trends.
Customer Challenges
In the present shifting market situations, in order to sustain and extend the business, client needs to tackle the following challenges:
- Implementation of solutions
- Lack of time to implement solutions
- Analysis of a large volume of information for decision making
- Need for greater precision in the prediction process
- The absence of persistent business intelligent systems leads to the following:
- Drop in business performance
- Enterprise risks
- Customer, partner, vendor relationship deflection
- Operational inefficiency
Business Intelligence applications helps organizations and business drive innovation, and optimize processes while, delivering great performance. It helps organizations gain more insight, across more data, and drive better results in each part of their business.
The question arises why organizations should use BI. Here are some reasons on why BI -
- BI Innovations — Save up to 40% of effort on DW / BI deployment with absolute focus on quality.
- Actionable Intelligence — Optimize the returns on Business intelligence & Analytics investment by identifying opportunities to build operational efficiencies.
- Predictive Analytics- Create a 360 degree customer view to predict the business outcomes Enable smarter decision making
- Global delivery and sourcing- Maximize return on investment by outsourcing and off-shoring.
