The Right Tools to Gen­er­ate the Best Insights Faster

Busi­ness­es are mov­ing at neck-breaking speeds. The trou­ble is, so is their com­pe­ti­tion. To gain a com­pet­i­tive advan­tage, every busi­ness deci­sion must be informed and accu­rate. Irre­spec­tive of the indus­try, every busi­ness has access to a lot of data that they can lever­age to their advan­tage. But unfor­tu­nate­ly, very few do.

Cur­rent­ly, many com­pa­nies, cor­po­ra­tions and busi­ness­es are invest­ing heav­i­ly in busi­ness intel­li­gence to help them in ascer­tain­ing mar­ket trends and how to improve on their ser­vices. They also use it to know what cus­tomers require and ways of serv­ing them effectively.

But what exact­ly is it?

DEFINING BUSINESS INTELLIGENCE

Busi­ness intel­li­gence (BI) refers to the process­es, tech­nolo­gies, and tools used by busi­ness­es to analyse and trans­form data into action­able insights. BI can help busi­ness­es iden­ti­fy, devel­op, and imple­ment new oppor­tu­ni­ties, strate­gies, and deci­sions based on insights from data.

The goal of BI is to pro­vide decision-makers with the infor­ma­tion they need to make more informed busi­ness deci­sions. BI includes a range of activ­i­ties, such as data min­ing, data analy­sis, query­ing and report­ing, and data visualisation.

BI tools and tech­niques can be used to iden­ti­fy trends, pat­terns, and cor­re­la­tions in data, which can be used to inform strate­gic busi­ness deci­sions. BI is used in a vari­ety of indus­tries and appli­ca­tions, such as sales fore­cast­ing, finan­cial analy­sis, mar­ket­ing analy­sis, and sup­ply chain man­age­ment. BI is often used in con­junc­tion with big data ana­lyt­ics, machine learn­ing, and arti­fi­cial intel­li­gence to uncov­er insights from large and com­plex data sets.

HOW CAN BI MAKE A DIFFERENCE?

BI is impor­tant for busi­ness­es for sev­er­al reasons:

1. Bet­ter data accuracy
   BI can help busi­ness­es improve data accu­ra­cy, make bet­ter deci­sions more quick­ly, improve mission-critical out­comes, share data across busi­ness func­tion­al areas, gain bet­ter vis­i­bil­i­ty into finan­cial and oper­a­tional infor­ma­tion, and iden­ti­fy and reduce inefficiencies.
2. Bet­ter decision-making
   BI pro­vides decision-makers with the data they need to make informed deci­sions. By analysing data from var­i­ous sources, BI can help busi­ness­es iden­ti­fy pat­terns and trends, gain insights into cus­tomer behav­iour, and track key per­for­mance indi­ca­tors. This allows busi­ness­es to make bet­ter deci­sions and take actions that are more like­ly to lead to success.
3. Increased effi­cien­cy
   BI can auto­mate many of the process­es involved in data analy­sis, allow­ing busi­ness­es to oper­ate more effi­cient­ly. BI tools can quick­ly gath­er and analyse large amounts of data, free­ing up time and resources that can be devot­ed to oth­er busi­ness activities.
4. Bet­ter risk management
   BI can help busi­ness­es iden­ti­fy and man­age risks more effec­tive­ly. By analysing data relat­ed to risk fac­tors, such as mar­ket trends, cus­tomer behav­iour, and oper­a­tional per­for­mance, busi­ness­es can take steps to mit­i­gate risks and avoid poten­tial problems.

UTILISING BI EFFECTIVELY AND SUSTAINABLY

BI mat­ters. It can empow­er busi­ness­es to make bet­ter deci­sions, oper­ate more effi­cient­ly, and gain a com­pet­i­tive advantage.

Using in-house tools can pro­vide incred­i­ble insight into areas that need focus. Busi­ness data will be cen­tralised from dis­parate sources into a sin­gle dig­i­tal plat­form, where­as pre­vi­ous­ly sourc­ing all that data could be very time con­sum­ing, espe­cial­ly if it resided in depart­men­tal silos.

Com­pa­nies who lever­age their data assets prop­er­ly are primed to become mar­ket lead­ers. They con­tin­u­ous­ly gain deep insights, uncov­er new oppor­tu­ni­ties, get to mar­ket faster and quick­ly increase their com­pet­i­tive­ness. Their dynam­ic, trans­par­ent and agile cul­tures sup­port an habit­u­al explo­ration of oppor­tu­ni­ties at all lev­els of the organisation.

The increas­ing speed of mar­ket devel­op­ments, evolv­ing cus­tomer pref­er­ences, and increased com­pe­ti­tion require com­pa­nies to con­stant­ly adapt to be suc­cess­ful. Nev­er has there been this much dis­rup­tion this quick­ly, enabled by technology’s abil­i­ty to scale quicky.

Large cor­po­ra­tions need to meet the mar­ket and match much small­er, agile com­peti­tors regard­ing speed to mar­ket, cost, cre­ativ­i­ty and cul­ture. Data and ana­lyt­ics pro­vide a path­way to deliv­er this and offer many oppor­tu­ni­ties to build val­ue that all too often remain hidden.

Har­ness the pow­er of data. Unlock the full poten­tial of your data and dri­ve bet­ter deci­sions. If you would like to learn more about how we’ve helped make this a real­i­ty for busi­ness­es around the world, please feel free to get in touch with us.