In the digital age, if information is wealth, then data is the currency. Smartwatches or internet service providers – the technology penetration into multiple facets of daily lives has transformed the sources and transmission of data inputs. However, the real question is: How can a business use this data to provide a tailor-made product for the end user? Experts at Bhavyam Inoftech, a global IT consulting firm based in Singapore, explain why Business Intelligence is the answer to this question:-
What is Business Intelligence? (BI)
In layman terms, Business Intelligence is defined as a collection of methodologies, technologies, applications, architectures, and processes that help in extracting useful information from raw data, which directly contributes towards the improvement of operations, business strategies, and decision making abilities.
How does an organization execute BI?
Data Warehousing, ad hoc reporting, discovery tools, and cloud data services from IT consulting firms such as Bhavyam Infotech help in executing business intelligence. These tools and technologies use a pre-defined or customized set of parameters which measure the data relevance for an individual organization. It uses old as well as the current industry data.
The analytical output of tools and software converts the raw data into information that can solve multiple purposes. For instance, the engagement, platform, and relevance analysis of a product campaign via Business Intelligence can help a company determine its performance, user response, shortcomings, customer behavior, converted sales, feedback, and required optimization. In addition, it can further be useful before launching the campaign with strategic analysis, risk percentages, e-commerce analysis, process optimization, etc.
What are the benefits of employing BI?
The following advantages have been determined by the collective response of companies that employ Business Intelligence in their business practices:-
- Simplified strategic planning and easy alignment
- Real-time customer insights
- Better product planning
- Improved manpower allocation with respect to data
- Expenditure analysis and sources of minimizing them
- Smooth across department flow and internal communication
That said, with technological advancements and new practices in the market, the optimum use and effective execution of Business Intelligence could improve the company’s products and scale the market growth without increasing its expenses.