BI: Get Answers For Critical Questions In Business
What is key element for the success of any business?
Right Information at the Right Time.
Issues like marketing competition, customer retention, inventory control, financial modeling bother organizations all around, and to tackle with the same they invest huge sums of revenues. But if we look into the matter closely, then solutions of all problems are hidden in the above answer!
To answer a company’s critical questions (where the money is being lost or made, why market share is going to competitors, which product mix is more profitable, which market segment is more attractive, why some divisions are not profitable, which plant produces at lower cost, how to improve productivity, etc ) we need to learn the art of knowing and gaining the business advantage from data i.e. Business Intelligence (BI).
Once implemented, BI has an incredible impact on the business. After analyzing and comparing chronological data, what ever propositions are evolved help the organization to formulate strategies.
Today’s BI tools are Automated, Web 2.0 enabled, Industry specific, Offer Real Time Dimensioning and Integration to other applications like CRM. This creates a leveraged effect. Even in this period of recession, the business intelligence market is thriving with 22% despite flagging IT budgets (Link). BI directly improves the profitability of the business and can be useful for cost cutting too.
For an example one of the well known and fastly growing organization from construction industry build concrete base by installing BI. They captivate, what every firm dream about-
- Comprehensive analysis and reporting from single tool
- Integrated intelligence with business process.
- Employees at all levels empowered with hands on access to information related to there daily task.
- Develop front line decision making
- Minimized it support cost
And so many other which gave the total transform to the business processes; make the company to move in forward setting.