The famous buzzword among enterprises, both growing and well-established, is ‘Business Intelligence (BI).’ It is currently estimated that about 33% of large-scale businesses will include business intelligence in their decision-making process.
As per a report published by ReportLinker, the business intelligence market is expected to thrive and grow by leaps and bounds to about $33.3 billion by 2025. It is quite apparent that business intelligence has become a crucial part of running a business and will be a major driving force behind your business transformation in the future.
Along with your digital transformation efforts, you must also explore the BI space, as much of your digital transformation goals cannot be achieved without the proper use of data analytics. Here is a brief rundown of how BI can help optimize your business decisions and operations.
Business agility is always a good indicator of better results. Agile practices like workflow optimizations, employee skill improvement, mentorship programs, and so on foster a positive workplace and improve the company’s overall performance.
And a big part of running an agile business is to adopt BI tactics. BI solutions provide the necessary data and insights business leaders need to strategize and implement effective agile methodologies in their organizations.
Business analytics gives the proper metrics to assess and validate every agile effort and can thus be used as evidence to base further decision-making. Here are some ways BI can help identify solutions and improve business agility:
- Helps eliminate departmental silos and complex workflows
- Helps in digital transformation and thus helps reduce operational costs
- Reduces administrative burden and thus improves the quality of the work processes
- Helps with staying compliant with data regulations and increases the speed of data operations
- Ensures better ROI with insights-based investments
As an offshoot of agile practices, you can expect organizations to integrate their teams efficiently and operate in a positive collaborative environment. BI can help eliminate the need for various individual tools used by employees from different departments and replace it with unified, integrated systems. This will boost collaboration among the various teams. Instead of isolated data silos, teams can easily share and view data insights from a unified dashboard. For instance, the marketing team can easily collaborate with the sales team and get accurate data on current customer profiles and user behavior.
Integrating Artificial Intelligence with business analytics will further help take advantage of the company’s digital transformation efforts and reflect positively on its performance.
Furthermore, BI can also use advanced integrations with APIs and third-party systems efficiently. BI can help you quickly gather data from all your endpoints, consolidate data and get useful insights to help you make more effective decisions.
It can also help you implement more efficient systems with advanced functionalities. For instance, the data from your emails and customer interaction from various channels can be used to develop AI-based chatbots.
Machine learning for self-service
The machine learning space is rapidly expanding, making BI software more intuitive every passing day. BI, initially touted for its predictive capabilities and insights, can very well be used to provide much deeper insights and personalized services.
For instance, your BI tools can determine custom service offerings for each customer based on their preferences and specific consumer experience.
BI, with the aid of machine learning, can accelerate data transformation and analytics, allowing you to quickly make sense of the huge amounts of data that get generated with each consumer interaction.
And it’s not just your customers that will benefit from a self-servicing data application. With BI, data can cross boundaries beyond your traditional data teams, and everyone in the company can easily understand the insights it presents. Self-service from BI can help reduce dependencies, present uniform and consistent information across the organization and avoid data inaccuracies. As everyone can now have easy access to information, there will be fewer communication issues, better transparency, and better collaboration.
Intuitive data renderings
With BI, data visualizations can be made simple, more effective, and meaningful. Advanced BI tools can go beyond traditional dashboards and graphing features to give you superior innovative and engaging visualizations. You can simply type in a question, and your BI system can quickly analyze and give you the right information and insights relevant to your query.
BI can not only transform your work processes but also help you innovate much faster as it becomes easier to make sense of your data. This means your stakeholder meetings and business decision-making processes will become more streamlined, evidence-based, and efficient.
Real-time business intelligence
Real-time business intelligence tools allow you to quickly look at current trends and any emergency event that needs quick attention. You can get alerts and notifications on your network status, any data breaches, outages, DDoS attacks, a surge in consumer complaints, and so on. Getting these alerts as soon as possible gives you a good chance at rectifying the issues before they get too big.
Explore new opportunities
BI can greatly help analyze the market and your target audience. You can gather data from multiple channels like your email subscription list, sales data, customer support interactions, social media handles, website stats, etc. BI can help you make sense of all this data and help you enhance your customer experience, and product roster, and even find any opportunity for further expansion. You can identify existing problems and develop the right solutions, thus capturing a whole new market.
BI can also help you with predictive maintenance of your business operations and ensure you don’t leave any stone unturned when running your business at the highest performance.
Let BI reshape your organization
BI, undoubtedly, has a lot to offer. It all depends on the organization to harness its goodness. If you want to make the most out of BI but are unsure of the starting point, we are here to help. Contact us today to learn more.