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Leveraging Business Intelligence

    The business world has its foundation in making strategic decisions. What makes the difference between a successful company and one that is not is the correct and timely decision-making. It is essential to have adequate and timely information that supports all the company's operations in an agile and fast way to carry out this in the best way.


    At this point, information technologies cooperate by permitting the gathering, storage, and processing of data produced by the company. It enables entry to reports and decreases the margin of error that could occur when creating the same capture many times.

 

    It is crucial to be aware of the produced information because it is just as significant to have data to identify how to handle and understand it. For this, there are convenient tools, such as Business intelligence.


“An organized and systematic process by which organizations acquire, analyze, and disseminate information from both internal and external information sources significant for their business activities and for decision making.” 

( Lönnqvist and Pirttimäki p.32)


Benefits


    According to Watson and Wixom (p.97), there are several advantages to highlight:

  • It reduces IT infrastructure costs by eliminating redundant data extraction processes.
  • BI also saves time for data suppliers and users because of more efficient data delivery.
  • It brings control of the functional areas of the business.
  • It develops customer service: By having the most critical information in real-time, the enterprise can offer their clients a sophisticated value service from order to after-sales service by understanding more about them and their requirements. 


Business Intelligence dashboard


      Business intelligence tools typically display information in the kind of dashboards and precise descriptions that can be shaped from the data acquired from the ERP – Enterprise Resource planning - that the business uses for its administration, in such a way that the info is represented to the user in an elegant and available way so that the conforming clarification and analysis can be carried out.


    Tableau is a company that evaluates collected data to troubleshoot other companies. Some examples in which they have benefited stand out:


  • HelloFresh saved the marketing team nearly 20 working hours per day by automating reporting procedures.
  • Coca-Cola, by report automation through mobile dashboards, provided real-time sales information to the team.
  • Des Moines Public Schools (DMPS) uses analytics to understand each teaching method and student outcomes, so the school can predict which student is at risk of dropping out and assist.


        The correct use of the tools can make BI a significant distinction between a company that reaches development and does not, between well-organized inventory administration and loss of money and resources, between exceptional or deficient customer service, between the triumph or breakdown of an organization.


Is your company already applying BI? Let us know.


Written by: Carlos Sáez Muñoz




Lönnqvist Antti and Pirttimäki Virpi “The measurement of business intelligence”. Available at: http://cjou.im.tku.edu.tw/bi2008/MeasurementOfBI.pdf (Accessed 22 February 2021)


Watson Hugh J, Wizom Barbara H. “The current state of business intelligence.” Available at: https://www.researchgate.net/publication/2961945_The_Current_State_of_Business_Intelligence (Accessed 22 February 2021)

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Comments

  1. Prajakta Jadhav4 March 2021 at 10:14

    Well said that Business Intelligence major purpose is helping business and operational heads to take better data driven business decisions. The major issue arises when business owners mix business analytics with business intelligence. The BI has power of transforming the organizations however, the problem arises due to lack of knowledge about what BI involves, where should they start and how long does the result take to show up.
    Understanding the nitty-gritty of Business intelligence can transform the business process making it successful like,
    1) Smarter decision-making process
    2) Enhanced Customer service and providing better knowledge
    3) Better productivity
    4) Better ROI
    5) Turning data into actionable information

    Amazing insight, great article

    Comment by Prajakta Jadhav

    ReplyDelete
  2. Mandar Butkar4 March 2021 at 13:35

    Also business intelligence system can be a valuable tool for a company's sales force because it offers access to up-to-date information identifying sales patterns, product changes or acquisitions, current consumer desires and unexplored markets. Detailed and up-to-date data is also a valuable backup to negotiations with suppliers or other suppliers.
    Business intelligence can help an organization determine its own capabilities; compare its relative strengths and weaknesses with its competitors; identify patterns and market conditions; and adapt rapidly to change—all in order to gain a competitive advantage, according to the Journal of Theoretical and Applied Information Technology. It allows decision-makers to react quickly and accurately to opportunities; helps the business recognize its most successful customers as well as potentially profitable customers; and assesses the reasons for consumer dissatisfaction before it starts to cost them sales.


    Comment By - Mandar Butkar

    ReplyDelete
  3. amar7 March 2021 at 05:00

    Today, we’ll be focusing on business intelligence. The goals of organizations are to gain a competitive advantage and out-deliver industry competitors. To do so, some have turned to business intelligence to better transform their data into actionable insight.

    Many companies have disparate data stored in various locations for different departments and groups that use numerous analytics tools to access it. Having local control might make the manager or decision-maker more comfortable, but it has many limitations and liabilities company-wide. Consolidation through business intelligence enables a company to organize and centralize all its data within a data warehouse. Having a centralized BI platform significantly helps an organization discover hidden patterns and trends that individual systems often do not uncover. Centralized data analysis leads helps facilitate better interpretation and communication of data sets into the kpis needed for making business decisions. Centralized bi platforms also improve business processes as they provide centralized real time data with reporting tools through the use of mobile applications instead of having to be on-premise to.

    Comment By: Amarbant Singh

    ReplyDelete

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