Business Intelligence Solutions
Avdvantages come through insight, advantages breed success
Understanding your data gives you an upper hand
Key advantages of business intelligence for business and enterprise:
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Faster, accurate data analysis and reporting
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Better informed decisions
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Improved employee interaction and workflow
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Reduced costs and increased revenues
Today, real-time data analytics increasingly drives optimal business performance. Its ultimate goal is complete data visualisation and actionable insights.
Yet studies show, “Organisations leave 97 per cent of gathered data unused.” (Source: Towards Data Science).
Business performance issues
Lack of up real-time data analyis and predictive data visualisation of both internal and external performance can leave a business or organisation at a real disadvantage.
Typical issues often include:
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Budget constraints
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Time limitations
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Restricted agility
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Lacking differentiation
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Falling short of customer expectations
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Technical skills shortage
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Reliant on paper processes
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Security & compliance
Modern business intelligence solutions are designed to give statistical analysis a ‘big data’ makeover. It’s needed by every business if they’re serious about making informed decisions to gain a competitive advantage.
“Everybody needs data literacy, because data is everywhere. It’s the new currency, it’s the language of business. We need to be able to speak that.”
Source: Piyanka Jain, Founder and CEO of Aryng data analytics
Multiple business users rely on Business Intelligence (BI)
The use of embedded analytics is no longer limited to large, global platforms. Companies of all sizes increasingly rely on data visualization across entire business processes.
The self-service analytics of modern BI solutions apply as much to small, one-off projects. Even if a company simply uses a single reporting tool for specific, predictive analytics.
Proportion of companies now using BI tools
“Three quarters (74 per cent) of employees feel unhappy or overwhelmed when working with data”
(Source: Towards Data Science)
A company which constantly struggles with unstructured data and ad hoc reporting can seriously compromise the efficiency and competitiveness of entire business operations, including the effectiveness of their employees.
Recent surveys highlight the uptake of business intelligence BI for frictionless access to integrated, multiple data sources. And transforming raw data to actionable and successful BI solution outcomes.
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Over half (52 per cent) of software companies use BI tools (Sisense).
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50 per cent of finance companies use BI software (Sisense).
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Up to 4 different business intelligence tools, on average, are used by companies (Wiiisdom).
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Businesses using business intelligence are 5 times more likely to reach faster decisions than non-users (Better Buys).
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Companies with CEOs making data-driven decisions are 77 per cent more likely to succeed (Deloitte).
(Source : Business Intelligence Statistics, State of the Market in 2022 – DataProt).
The basics
The elements of a BI solution consist of:
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Raw data mining
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A data warehouse
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Self-service* data preparation
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Data access
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Predictive data analytics
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Data dashboard reporting
*Self-service BI: As a ‘user-friendly’ application, self-service BI enables non-technical staff to access and analyse data.
Historical data and real-time information
Business analytics typically delivers actionable insights into historical data and real-time information. From customer behaviour and manufacturing performance to employee productivity.
Business intelligence supercharges business performance management. Enabling key decisions designed to accurately deliver enhanced profits and a competitive industry advantage
What exactly is meant by Business Intelligence?
Business intelligence (BI) is an umbrella term to describe the Processes and technical procedures which collect, store, and analyse data generated by a company’s activities.
It refers to all types of information a company has collected and stored. Raw data mining is then used in self service data preparation for required outcomes.
Business intelligence software is uniquely customised to produce relevant answers from specific data analysis.
Unstructured data: It’s important to know…
Collected data by itself is unlikely to serve any real, practical purpose unless it can be analysed with:
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Specfic intent to reveal problems and signpost solutions.
Companies can often build up a huge backlog of unstructured data. It can also be stored in a variety of formats. Data analysts may be presented with a challenge to assemble and analyse.
Company data integrated with business analytics
A business intelligence BI solution will properly optimise data-extracted information. Enterprise-level BI software applications are designed to:
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Integrate company data with dedicated business analytics
Today’s intelligence solutions BI, and next generation machine learning, continues to transform the results-led power of analysing data.
The importance of big data collecting has always to be weighed against ongoing company or enterprise requirement.
Data visualisation
Selected data visualisation can pinpoint company and/or strategy procedures and process. This will reduce the need to capture and reformat all items of data, saving analysis and reporting time.
Without business intelligence solutions, modern enterprise can often find themselves at a disadvantage. Crucially, when needing to make:
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Real-time decisions informed by predictive analytics and accurate insight.
Microsoft Power Platform and Pre-Built Solution Apps
“Low-code” pre-built solution apps are a type of BI tool designed in a ‘hub’ format.
Their role is to:
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Simplify data accessing.
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Solve complex organisational procedures.
Each hub can be uniquely adapted and personalised to individual company/department needs.
The more commonly used business intelligence hub tools for everyday business applications include:
Client Communications
Managed data collection incorporating compliance and auditing. Client responses trigger required ‘next step’ actions.
Employee Service Requests (Internal)
Interactive dashboard specifically designed to handle internal staff service requests including, booking meeting rooms, equipment maintenance and repairs, and budget approvals.
Staff Status and Updates
Staff status reporting and tracking across a company or organisation. Includes news updates, location contact details, and latest information from authorities and other reputable sources.
Return to Workplace processes
Enables management control based upon informed decisions to safely reopen locations. Employees confidently re-engage with self-service tools for safe and productive workflows accompanied by attention to care and wellbeing.
Remote Working and operations
Enables a centralised management and app defined process for remote working including, field surveys, location logging/tracking, map based analytics, remote data capture, logistics, order maintenance and ‘equipment, hub and spoke’ operations.
Process Management
Guideline procedures for precise sequence of action and data for analytics. Applications include customer service support resolution, client/employee on-boarding and handover processes.
BI Tools for SME businesses and organisations
SME Employee Assistance
Extensive, interactive assistance for staff employed at small businesses includes, on-boarding process, time sheets, holiday requests, ‘Hot Desk’ booking, surveys, reviews and appraisals.
SME Sales CRM
A basic, entry level sales CRM for a small volume, small team business without an existing CRM or using Spreadsheet Sales/Order book processes.
Data migration places data where companies need it to be
Typical business intelligence solutions
The multi-functional applications of business intelligence tools are open-ended in their overarching data visualization roles.
However, company and organisations tend to use business intelligence software in specific areas, most typically:
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Business processes
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Data analysis
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Predictive analytics
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Forward planning of supply and demand
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Warehouse management
Data analysis – 2 key roles
Data analytics can also be structured to perform 2 specific roles:
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Results
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Strategy
This means business intelligence can be applied to produce data analysis for:
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Measuring performance results in separate operational departments of a company or organisation.
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Separately analyse each department’s information to develop a new strategy.
Information commonly needed, for which, business intelligence can provide detailed data, include:
Customer Acquisition – ‘Ideal Customer Profiles’ (ICPs) for specific products or services.
Customer Retention – identifiable factors and behaviours affecting ‘life time values’.
Customer Satisfaction – segmented by factors such as product, service, delivery, campaign age and lifestyle demographic, region, etc.
Campaign Outcomes – performance comparisons between historical and current marketing campaigns and promotions.
Future Marketing Investment – predictable indicators based upon sales and growth performance results.
The above basic categories are also commonly adjusted and applied to other business operations, involving data integration from multiple function and/ or data sources.
What types of business intelligence tools and software solutions?
Business intelligence tools and software are available today in many highly sophisticated formats, including:
Online analytical processing (OLAP): Datasets are able to be analysed from multiple viewpoints according to required different business perspectives.
Data mining tools: Used in assembling ‘big data’ for the creation of modelling systems involving AI (artificial intelligence), machine learning, and complex statistical analysis.
Data visualisation software: Datasets are decoded into attractive, easy-to-read and understood graphics for instant info and insights.
Reporting software: A more basic organisational tool which can be often used for simple reporting, filtering, and displaying of collected data.
Spreadsheets: Probably the most widely known and used of ‘legacy’ business intelligence tools, include Microsoft Excel and Google Docs.
Upgrading to BI Tools – what’s my next step?
Key questions you need to ask first to better understand how BI tools can transform your business.
Understand the changes you really need
Your present IT systems and business processes will likely need adapting to the introduction of any size application of business intelligence tools.
A BI solution must be matched to meet two key crtiteria:
(i) Present company or organisation needs.
(ii) Flexibility and scope to adapt and scale to the requirements of a fast-changing business environment.
Investigate all your current data sources
A new BI system will need to incorporate your existing company data. Investigate and analyse what data currently exists, and where it resides to help with the transition.
Identify your goals
Are you looking to expand your current BI capability into different departments or team working?
It’s critical to identify which features and processess – such as reporting or data visualisation – are actually needed to improve any current business intelligence and data analytics.