Business intelligence has been intrinsically linked to a successful business. This is why many enterprises have started incorporating business intelligence tools into their holistic business strategy. The general expectation from a BI solution is that it should offer a versatile platform where large volumes of data from multiple sources can be quickly processed, accessed, and visualized.
In a study conducted by Statista, the market size for business intelligence tools and solutions is forecasted to reach about $18 billion in 2024. From this figure, it is quite evident that business intelligence is gaining immense popularity in the business world. Many organizations have experienced boosted revenue generation and improved business efficiency with BI tools. For instance, Coca-Cola automated manual reporting processes, saving over 260 hours a year—more than six 40-hour work weeks with their BI platform.
Now, as a business owner, there may be an initial confusion as to whether a business intelligence tool would make a noticeable difference in your organization. You may also have questions about how to begin the implementation of such technology. In this article, we will take a look at the various opportunities that business intelligence provides to businesses. We will also talk about what you will need to consider before integrating a BI solution in your organization and how to get started.
Now before jumping into implementation strategies, let us take a look at what business intelligence is and how it works.
How did the concept of enterprise business intelligence come into existence? It all started with inaccurate or missing information that would lead to misinformed decision making. Managers began realizing that they would be able to make much better decisions if they had the right data and information to work with. This is essentially what business intelligence is. It provides enterprises, companies with key insights so that they can make informed decisions. This occurs through the collection, storage, and analysis of the data produced by a company’s activities. BI is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics.
Most organizations have extremely large volumes of unstructured data, which makes it very challenging to collect and analyze. Therefore, many business intelligence solutions have cropped up in the market to help these companies optimize the information gleaned from data and present cohesive reports, performance measures, and trends that inform management decisions.
BI tools go a long way in helping organizations identify new opportunities and implement effective strategies based on key insights. Some of the major capabilities of a BI tool include:
In order to make the use of BI tools more clear, let us look at an example of a company that leveraged a BI tool for improved business performance. Charles Schwab, a financial services company adopted a business intelligence tool to gain access to a comprehensive outline of their branches across the country. This helped them analyze performance metrics and detect new areas of opportunity. This platform helped Schwab see all of its branch data in an organized manner. It allowed bench managers to track if a region’s performance is above or below average and click in to see the branches that are driving that region’s performance. This leads to more opportunities for optimization along with better customer service for clients.
Every business has a set of organizational goals. In order to achieve these goals, they must track their performance by gathering the required data, analyzing it, and determining what actions need to be taken. Generally, organizations need to follow the following steps for business intelligence-
BI tools make use of advanced AI algorithms to acquire key insights that may be useful for the business. For example, we developed a BI solution for ADNEC (Abu Dhabi National Exhibitions Company). This solution helped them improve their facility management to a large extent by making use of computer vision technology and machine learning algorithms to detect visitor traffic, abnormal events, customer emotions, in-premise user journey tracking, etc from real-time videos. This helped the management make data-driven decisions for the arrangements of facilities. The solution also identified security threats and recurring customers. All of this was done through advanced algorithms that were trained with data sets to produce a rule-based outcome.
There are several reasons behind the adoption of BI solutions. They can support business processes like hiring, compliance, production, and marketing. They also allow companies to benefit from more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs, increased revenues, and the ability to make better business decisions. Some of the primary ways through which business intelligence can help companies make better decisions include-
BI solutions can help various departments in your business. They are often used in organizations for-
There are many business intelligence tools and platforms in the market today. They help in streamlining the analysis process and improve decision making for many organizations. This makes it easier for people to see and understand their data without the technical know-how to dig into the data themselves. BI tools can also aid in ad hoc reporting, data visualization, and creating customized dashboards for multiple levels of users.
However, many of these business intelligence tools have generalized features that are not specific to a particular organization. This means that they do not perform very well when compared to customized business solutions. This is why companies should ideally hire a development partner that can help them build a solution that is tailored to their specific needs and requirements.
A good development partner will provide you with the following services-
Adopting a BI solution can be a hectic task if you don’t have any technical support. Our team of experts is always ready to help you out in case you have any doubts. Reach out to us today.