First, I want to make you all familiar with the biz term called Business Intelligence(BI). As the word collectively say: To put intelligence in your business. Now how can my business become intelligent is the next I am going to answer. But before that why do you even need this intelligence if your business already doing good? Let me explain.
Why Business Intelligence for My Business?
In this information driven era information is the real power behind any business decision. Information no matter if you running a small business solution or SME or large enterprise provide the power to predict future and be ready for the challenges. However, at the same time if the information is not handled correctly it can be seen as burden to you and a very important aspect can be untouched.
When we talk about adopting which business size is good for having business Intelligence solution it is certainly a myth among people that BI is not a fit for small business solution and can only be beneficial for large business enterprise. Business Intelligence should be a must have enabler for each and every business irrespective of the size.
Having said that let’s drive deep in to effective Business Intelligence solutions and understand how it can help you or better to say drive you all business departments and decisions.
How Business Intelligence(BI) Solutions help Businesses?
BI is a process where it performs majorly three actions to have ready BI infrastructure and running a long-term solution to get business insights for business owners:
- Data extraction: In this process, ETL (extraction, transform, load) tools are used to extract raw data from different LOB units and transform data into meaningful information required to apply Intelligence. Once information is transform into structured data it stores it into a secure infrastructure to perform Business Intelligence process.
- Data analysis: This process includes to take the extracted data and apply business logic to get detail insights. With the help of past data, it analyzes the past data trends, consumer buying behavior. This will help then to apply predictive analysis and give insight about future data trends and eventually helps in defining right business strategies.
- Rich Data Visualization reports: This process allows business intelligence solution to have strong visual representation and reports for business owners. They can easily access and view each insight and prediction. BI Tools also allow business owners to filter and view reports with just one click of button. Eventually this save a lot of time, increase business efficiency and save cost for business owner.
Having all these process in place give a strength to small business solutions and SME’s to target and treat customer with better approach and at the same time make themselves ready with what customer can ask for in future by analyzing the consumer buying behavior and various BI reports.
In this digital economy it is very right to say that we can’t ignore the power of Business intelligence and the values it can add on to every organization. So, have your data and information work for you and enjoy the data driven future.