5 ways to turn business intelligence into business growth
We’re in a digital transformation era where data is more valuable than ever. Organizations would have the capacity to have an aggressive edge if they genuinely comprehend the intensity of information and advance the utilization of information in central leadership.
It’s the key to smooth functionality and success of everything from BFSI to manufacturing to healthcare industries. Data has become the lifeline of organizations. Big data, as we define it, is structured or unstructured data, so massive in volume that it becomes difficult for traditional software tools to analyze them. But thanks to the improvement in big data technologies, companies can now take strategic decisions in minutes rather than hours or hours if not in days. Acting on big data catalyzes strategizing an organization’s action plan. And this is where Business Intelligence comes into the picture.
Let’s have a look at how to turn BI into business growth using big data.
- Teamwork and Collaboration: One of the main benefits of using modern day BI tools is their ability to provide a platform that allows analyst, data scientists, decision makers to work collaboratively and act sensibly on approaches for solving the main challenges of a company. Collaboration offers a lot of benefits, and it adapts to broader workplace trends. With the help of visual analytics and the power of self-service BI, all the members working on a data project are now able to collaboratively work on one problem with real-time access to all the features of the BI tool. Hence, improving the overall operational efficiency of your business.
- Creating your business plan and Big Data roadmap implementation: Advanced analytics has become an integral part of the big data ecosystem today. Just accumulating data doesn’t work. We expect every business user and IT person to have basic knowledge of BI if they want to be competitive in the job market. Understanding how to interpret data isn’t just for IT professionals; every person interacting with data will require some degree of data literacy. Analyzing the information enables you to strategize your moves. You need to take appropriate action based on your data analysis to remain competitive and productive.
- Optimize Marketing Campaigns: Comprehend the market situations. By breaking down the enormous information, you can show signs of improvement in current market conditions. For instance, by investigating clients' buying practices, an organization can discover the items that are sold the most and deliver items as per this pattern. By this, it can get ahead of its competitors. With the help of Big data, organizations thus can improve decision making in marketing campaigns.
- Identifying KPIs and Implementing BI Strategy: Companies which lay emphasis on KPIs grow faster than the companies which do not. Gone are the days when business users were dependent on IT for dashboards and reports. KPIs are quantifiable values and are utilized to demonstrate how feasibly and precisely an organization can accomplish its business goals. KPIs are at the center of a suitable BI technique of any organization. KPIs indicate which areas need improvement and which ones are performing well. Along these lines, it is basic to distinguish the key performing KPIs.
- Identify trends to stay competitive: The analytics industry is changing at a rapid pace. Latest updates are coming now and then. For example, if we consider Power BI, then there are monthly updates of their products. Recognizing what's happening around and advancing your organization nearby those progressions can keep you aggressive. You need to keep yourself informed to identify and then take advantage of new opportunities.
So, the critical question here is, why suddenly there is a lot of emphasis on BI? And the answer is straightforward. It is because of the rate at which data is generated these days. It is estimated that the amount of data accumulated in the past 2-3 years have surpassed the total data generated in the history of humanity. So, making proper use of data to drive intelligent business decisions is the need of the hour.
In today’s data-centric world, it has become even more important to apply business intelligence strategies to Big data. By leveraging the power of Big data and business intelligence, businesses can improve decision making. Traditionally, data management and analytics have resided in various parts of the organization. Separating authoritative limits and making better incorporation between IT and business offices is a fundamental advance making a course for effective change.
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