For a decade now, the Business Intelligence industry has promised access to data that helps make smarter decisions, and the new generation of BI is gradually turning this promise into a reality.
Most organizations lack complete visibility into the fundamental process situations despite investing heavily in consultancy, skills and technology. The primary reason for this is an incomplete understanding of the power of business intelligence and analytics (BI&A). By 2023, approximately one-third of all global large-scale enterprises will adopt business and decision intelligence. With analytics making the process of decision-making 5x faster, BI&A is fast becoming the most sought-after tool in the business world. For a decade now, the Business Intelligence industry has promised access to data that helps make smarter decisions, and the new generation of BI is gradually turning this promise into a reality.
Many organizations are now embracing BI&A to improve customer relations, business outcomes, and operational efficiency. Empowered with detailed spending reports and analytics, businesses can better manage credit exposure, optimize inventories by building a supply chain and decrease revenue leakage, fraud, and losses from diversion and counterfeits. In this article, we’ll look at how companies can use Business Intelligence and analytics to drive operational efficiency.
Unified Data Access and Discovery:
Struggling to find data, whether unstructured or structured, costs a company its productivity. BI&A tools are effective in collecting data from multiple databases and silos, and consolidating it into one source that can be easily analyzed and evaluated. Unified access to structured and unstructured data improves the overall productivity across different operational levels Not only does BI&A unify several traditional and big data sources, but it also lets organizations execute multi-dimensional queries across different sources and get provisional data through ODBC, Rest APIs, or JDBC and OLAP layers. This creates relational and multidimensional data sets that offer unified data access.
Additionally, BI&A also provides a glimpse into the competitive landscape by analyzing data to highlight market share and user preferences. It turns data into actionable insights by analyzing customer feedback and highlighting why clients prefer competitor products. This is particularly helpful in e-commerce, where data is more structured and easily traceable.
Increasing Revenue by Informed Decision Making:
Every company sits on a mountain of data that houses critical insights to increase revenue. That is why data-driven decision-making can be used in almost every process, from marketing, finance, HR, supply chain, manufacturing, risk and compliance, and even sales. Additionally, enterprises that use analytics are five times more likely to make faster decisions.
However, breaking complex data from various sources into digestible information for informed decision-making is not always easy. That is why BI&A is often used along with internal databases and tools to get unmatched insights through intuitive dashboards, which allow users to manipulate data on the go.
BI&A can be embedded into an internal software system to predict and track trends in client interactions, compare these trends with different variables, track expenses, uncover ways to reduce costs and boost revenue, identify the right market, discover high-performing and profitable product categories, and much more. Such data not only improves decision-making but eventually gives a competitive edge to companies and increases their revenue amid a rapidly changing business environment.
Optimize Internal Processes:
As technology is increasingly becoming an integral part of our lives, customers across industries demand a personalized experience. This means that customers want minimal waiting time, inter-connected departments for sharing their information, and smooth customer touchpoints. However, this is not possible without an efficient and optimized analysis.
To meet rising customer expectations, stakeholders must identify and understand the threats and weaknesses of their business. They need to leverage solutions that guarantee seamless customer experience. That is where BI&A comes in handy.
BI&A highlights the pain points and needs of customers, the problems faced by the business in the past, and how to avoid them in the future. It can also measure workforce productivity by collecting and analyzing data from various sources such as calendars, timesheets, emails, etc. It can easily track and measure KPIs, even in remote work environments. All this information lets businesses design innovative transformation initiatives for customer experience and internal processes.
According to Wikibon, the big data analytics market will touch $103 billion by 2023. Market predictions also indicate that the Business Intelligence market is slated to grow to $33+ billion by 2025. Most enterprises are likely to invest heavily in BIA, especially in cloud-based BI. Instead of being limited to a few avant-garde companies, BIA is likely to become a mainstream trend over the next few years.