Business Intelligence isn’t just a term but one of the highly trending ones. If you have given a read to the top technologies bubbling in the digital world, you might definitely have come across BI.
Before delving deeper, let me introduce you to some mind-blowing facts about BI.
Business Intelligence Facts & Figures
The global market of business intelligence is expected to reach $29.48 billion by the end of 2022, projecting a net CAGR of 11.1%. (source)
Around 46% of SMEs deploy BI tools as one of their important business strategy. (source)
The cloud adoption rate has doubled in a two-year span. (source)
112% increase in ROI within five years. (source)
23% of early BI adopters opine on the fast response time of their business. (source)
BI definitely helps organizations attain an onus over other non-compliant organizations. But only when implemented right. All the facts and figures stand undeterred if an organization manages to successfully implement Business Intelligence solutions within their workforce.
Keeping this as the base of our discussion, let’s move ahead with what is BI and how can you implement solutions.
What is Business Intelligence?
Business Intelligence is an amalgamation of tools and smart software with the proven ability to turn data into meaningful information. The fact that millions worth data is produced by organizations every day, data scientists have come up with solutions that can extract influential information from these unordered data.
Business Intelligence as a technology combines data analytics, data tools, data mining, and business visualization, all under a single roof. Business Intelligence tools have the capacity to organize and structure raw data, study them, and then represent it in a suitable form. This visual data is further used to make smart and intelligent business decisions.
In case you are wondering how and when to implement Business Intelligence, here are five smart ways to adopt BI within your business.
Five Ways Your Organisation Leverages BI
1. Embedded BI
Suppose that your organization is running an application say CRM. Embedded BI gives the flexibility to augment reports and dashboards within the application to extract data and use it to render significant information. All of this data is reflected over the BI platform and shared directly with the user interface.
Put simply, embedded BI allows you to fuse your enterprise software with the BI platform. Data analysts no longer need to switch between platforms to drive actionable insights. Instead, access all under a single roof.
- Enhance & Optimize Visualisation
- Reduce the time and efforts needed to gather data and generate reports
- Have all the BI reports and KPIs displayed on the application itself.
- Accelerates the time taken to make decisions
- Customize reports and personalize results by dragging different data within the application software.
2. Data Discovery
As a user-directed process, Data Discovery entitles them with the task of locating patterns within unused and unknown data. What happens here is that all of the data (from silos and databases) are gathered and stored in a centralized location. The entire suite of data can then be easily studied and analyzed to detect patterns and values.
Automated tools are used to discover trends within a given set of data. For instance, consider a particular group of people withdrawing all of their money from their bank accounts. Using their data, one can come up with insights as to why such a trend persists. It could be anything from their age to the profession that binds them in a group. With data discovery tools, drawing conclusions become easier and isn’t something that guessed.
- Fact-based real-time consumer information
- Faster delivery of results
- Find patterns in siloed data
- Visualization tools used to integrate maps, geographical locations, etc.
3. Self-service Analytics
Imagine a big fat organization with around 1000 employees. Generating reports on their day to day tasks is definitely a daunting task. Had there been a single report per year, your IT team could effectively pull the plug. However, when there are so many employees and you require a weekly report, if not daily, self-service analytics come to rescue.
These are tools that give your organizational employees to build their own reports on an ad-hoc basis and use it to drive actionable insights. The end users can efficiently modify their reports by changing data and customizing it as per their needs.
- Eliminate the need to hire a dedicated department for analytics
- Allow customization of reports and information based on data
- Enable extraction of maximum information in real-time
- Empower employees with the ability to control their data.
4. Augmented Analytics
Another authentic way of implementing business intelligence is through augmented analytics. This is probably an advanced form of BI integration and allows you to embed automation in the overall process of data analysis. It leverages the power of machine learning and NLP algorithms to trigger data analysis. With this, one can pace up the job of gathering, manipulating, and assessing data for insights.
It helps you surpass the manly limitations and embrace a whole new infrastructure, one that enables real-time decision making. For organizations that ramble with data generation and analysis, augmented analytics is the ideal solution.
- Eliminates dependency on data scientists
- It guarantees accurate and precise information.
- Speeds up the time taken to gather, study and assess raw data
- Enhances the overall productivity and efficiency of an enterprise to make decisions
5. Hiring an Expert
Lastly, when everything seems to go out of hand or if you aren’t in a state to spare time on data, the best way to implement BI is by consulting an expert. They are a plethora of organizations that extend support towards integration and implementation of business intelligence tools. They are equipped with knowledge and expertise that makes it easier for you to benefit from the solution.
- Steer up growth and success
- Be sure that your business is in safe hands
- Eliminate the need to train your staff on BI tools and strategies
Having said all of the above, it is clear that BI holds tremendous potential in terms of facilitating growth and empowering organizations with success. In case you are looking for an expert to consult with, consider collaborating with Claptek. They are a reliable support partner and has been entrusted with accuracy and precision.
With a team of skilled consultants and data experts, they pledge to provide the best in industry data analytics services. What makes them one of the best choices is the fact that they never fail to apprise their customers. Their job needs no description and surprisingly, their name resonates with all of the success they have attained so far.
Not so long ago, business success was reliant on the manpower and the technologies embedded within. Today, the time has changed and power lies in many other things. Data being one of these demands a stringent approach towards analysis and implementation and that’s why we recommend partnering with industry experts.
Claptek being a major contributor to the segment offers Revenue Assurance and audit services to help you find the gaps within the enterprise and help you deploy BI services with greater ease. They are not just a BI partner but will stay along to make sure your business remains up and active throughout the journey. Connect with them to know more.