This powerful tool comprises the technologies used for data analysis of business by enterprises. BI technologies provide historical, present and future views of Business operations. It can handle large amount of structured or unstructured data to help to identify or develop new strategic business opportunities. The main objective is to allow easy interpretation of the big and complex data.
BI tool can be used by enterprises to support wide range of business decisions. Certain strategic business decisions such as priorities, goals and directions can be determined using effective BI tool. Internal data of the organization can be combined with data derived from the market in which company operates. This creates an “intelligence”, and this business Intelligence empower organizations to gain insight into new markets, to access demand and suitability of products and services for different market segments. It can also be used to derive at different financial ratios of the company resulting in increased profitability.
Your business can use BUSINESS INTELLIGENCE (BI) to give the right, accurate information to people who need it, at the right time. This means that you can take informed decisions, faster. Eventually, you can get rid of expensive and time consuming manual processes, have accurate data at hand, and be able to analyze the root cause of any problem!
When your sales, marketing and finance departments start crying for detailed analytics or miss important decisions due to lack of data, you know that you need a BUSINESS INTELLIGENCE (BI) in place!
Many! You can use your BUSINESS INTELLIGENCE (BI) system to analyze a vast range of functions including, sales, customer service, financials, product segmentation, demo graphical performance, cost & revenue, market analysis etc.
Key stake holders and top management would definitely be the target users as they would need to look at the reports. Within different departments analysts and department heads could use BUSINESS INTELLIGENCE (BI) to create these reports and track performance.
The success of a BUSINESS INTELLIGENCE (BI) system is not dependent on the IT department. Though this is a popular misbelief, the fact is that success of BUSINESS INTELLIGENCE (BI) depends largely on the people who use it, the departments that run the reports. Further, you need to construct your plan in a bottom up approach. Identify and build the basic data blocks first and then tweak them to generate reports.
BUSINESS INTELLIGENCE (BI) is much more insightful and customized as compared to the standard MIS reports. Moreover, it provides real time data every time you fetch the reports.
When considering a BUSINESS INTELLIGENCE (BI) system, evaluate it on parameters like: ROI, scalability, agility, support, adaptability to business changes, types and number of reports, single solution for entire gamut of departments.