Driving intelligence from data is what really describes the term ‘Business Intelligence.’ It combines analysis and tools to drive data-driven insights in order to make informed business decisions. Today’s BI solutions are enabling better data intelligence. Let us delve deeper.
Earlier, we used to say Data is the new oil; now, it’s like Data is like air and water – as quoted in Tableau Conference 2022.
Ever wondered how much data your company generates every day? Or how much data is produced each day in this aggressively tech-savvy world as a whole? A recent survey says people create an average of 1.7MB of data every second! That’s a pretty good figure, isn’t it?
Just imagine if one person is producing this much data, then calculating figures for your company would be beyond imagination. But that isn’t the point. How much data has been produced is not what I want to convey, but how much data is being utilized completely and added to your efforts in increasing business profits is what makes sense to all of us. Business Intelligence or BI solutions help aid decision-making and bridge the data insight gap.
Today’s data-driven organizations are democratizing data by enabling data visibility and access to the intended audience, which helps to accelerate a competitive edge. They are able to achieve this with a data visualization solution such as data intelligence software.
But before we talk about software, let’s understand the need for data intelligence.
Data Intelligence – Need and Benefits
No more Data silos: Putting data above all means driving fact-based decisions rather than opinion based. It’s congruent. Even though a lot of data is being generated, how to derive data intelligence is still a potential question mark for many organizations.
Having a business intelligence tool (BI solution) to capture insights could help uncover potential growth areas. More likely, we have seen once an organization starts its visualization journey, at a certain point where it requires getting into detail-level information data areas which had never been put to use earlier are now put in place to have more constructive views and analysis to have additional answers to business questions. This is what helps you grow from what to when to where related asks of business. ‘Quick to insights’ is what we call it.
Goal-oriented: It’s true that every year businesses define their organizational goals, to have that relativity or KPI (Key Performance Indicators) reach-to-goal report card. That is where business intelligence tools help you to plan the strategy and convey insights to the leadership through a visual view, analyzing the dashboards at different dimensions and cuts. BI helps identify the bottleneck to re-engineer the process or improvement areas, thereby allowing greater room for the decision-making process.
Edge in a competitive market: It’s fair to say post the pandemic, we have seen a more competitive edge in the market – more like a revolution, right? With a business intelligence tool in place, it helps to understand your businesses better, like what did not work, comparative view, pattern, forecast etc. Having a customer-first mindset is one such way leading organizations are focused on. A dashboard view or analysis-driven story points on related parameters would help ensure customer success is aligned with business goals. Having go-to-market readiness is very important today, and BI enables you to enhance the customer experience, mitigate risk areas, and identify customer preferences and behaviour patterns. With the right data and analysis in place, BI helps you make better decisions to stay ahead in this competitive marketplace, be it driving more customer acquisitions or revenue or having customer centricity.
Traditional methods: Now, with technology advancing with new dynamics and the way businesses operate, it’s vital to have the right business intelligence tool in place offering a plethora of features and flexibility to drive the decision-making enablement than just being limited to traditional reporting tools which have limited in capabilities and compromises with a competitive edge.
Increased productivity: Analytics for everyone is today’s mantra. Earlier, information decision-making was very limited, and hence the time frame for decision-making was often compromised. Also, owing to cost parameters, finding the right skill sets was a tedious task that jeopardized the digitization roadmap. Now, business intelligence helps you uncover data findings and accelerate decision-making. Making data available to the intended audience or performing ad-hoc analysis adds quick productivity to the work process.
Importance of Business Intelligence
- Helps businesses make data-driven decisions
- Improves operational efficiency
- Provides insights into customer behavior
- Helps identify market trends and opportunities
- Facilitates better collaboration across departments
- Enables proactive risk management
- Enhances overall business performance
- Supports strategic planning and forecasting
- Enables businesses to stay competitive in the market
- Helps in identifying areas for cost reduction and optimization
Choosing a BI Solution
Any organization looking forward to driving data-driven decision enablement, ‘Business intelligence’ serves the purpose holistically. Tableau is a recognized BI leader in the Market for the last 10 years. It offers a business intelligence data warehouse and business reporting in analytics as a powerful data visualization solution.
This highly advanced yet simple to use Business Intelligence tool – Tableau is a robust data intelligence software that helps you simplify and transform your complex business data in easy-to-understand dashboards. And the best thing about Tableau is that it doesn’t require any technical or any kind of programming skills to operate. People from all sectors actively use it to understand their data better and anticipate the dynamic market conditions. This means business intelligence data warehouse and business reporting in analytics are easy as a breeze!
Having the right business intelligence tool helps drive long-term business growth and success, and it is all that is required is to accelerate the data power.
As a Tableau Gold Partner, Uneecops can help businesses with Tableau implementation. As a part of training, support and user adoption, we guide businesses on tapping their data potential to the fullest using the analytics tool. Get started on your analytics journey today!