BI empowered by the vast mines of valuable data has been making inroads into all business high and wide and in the highly volatile and competitive market landscape it is important for CXOs to be able to realize importance of the insights being created and leverage them in the most lucrative ways for their organizations.
How has BI become a critical market differentiator for businesses today?
Before talking about Business Intelligence, we need to talk about Business Consciousness. Different companies were doing business with the domain knowledge, intuitions and consciousness before, without realising the value and importance of Business Intelligence. As a result, in last decade a large number of Fortune500 companies have been dethroned. In a market, where everything is changing dynamically, it’s essential to foresee the future and key business decision makers require a bird’s eye view of what is happening within their organization.
“In a market, where everything is changing dynamically, it’s essential to foresee the future and key business decision makers require a bird’s eye view of what is happening within their organization.”
Co-founder and CEO
Business Intelligence provides us this power. Dashboards can provide the insight required to plan, manage, and identify opportunities. BI or analytics provide the easiest transition from data to information because end-users can see the direct translation of the outputs they desire through data analysis. In addition, the breadth of analytics enables organizations to look at historical trends, customer sentiment analysis, or project activities into the future through predictive modelling.
In today’s market, BI is not just critical but a necessity. Market is now not only inclined to BI but BA. Every company, be it a service based or product based, wants to see business insights in order to exist in competitive market and to do that BI/BA is the only option.
How have SMAC technologies fuelled the surge in enterprise data?
Businesses these days are not one dimensional, rather a Multidimensional platform. Evidently, a Multidimensional platform cannot be fed with one-dimensional data. Apart from the data that are generating on a daily basis in-house, there are data, linked with your business but not linked with your database. These data are present in social media platform, Mobile platform (Since, 70% traffic comes from this platform for any online hosted business), and Cloud platform (since, users want to be connected and access the data from everywhere). In order to enable all dimensionalities there have been significant surge in data and opportunities.
What are the areas where organizations can extract more value through BI?
BI is all about value addition to the business. The areas in which BI can help organizations extract maximum value include the following Strategic Planning, Sales and Revenue, Finance, Employee Performance and Customer Service.
We are using SSRS for all static reporting and SAP BO for Dashboards and BI reporting. For predictive analytics and different ML studies, we are planning to use R, Python and Power BI in the future.
How can businesses reap the benefits of BI and Analytics moving forward?
There is plenty of scope irrespective of the business domain. As explained earlier by using BI, businesses can get actionable insights that enable them to set a plan and construct parameters useful for business. For Analytics, the scope is even better; you can divide it into three main sections, namely: Descriptive, Predictive and Prescriptive. Depending on the data a business has, you can pitch it into any section and regulate the business likewise.