Business Intelligence — A Powerful Driver for Growth
The term “analytics for business intelligence”, can set off a string of puzzlements among experts.
For example, the words analytics and intelligence are interchangeable in business circles, even though they can have differing meaning and usage.
Yet certain underlying commonality exists.
A very short definition of business intelligence is, “it meets business needs through actionable information”. This definition appropriately is apt in a broad manner.
Frankly, no one would be bothered if there is too much technicality in an explanation for analytics for business intelligence.
What matters is how much you can leverage information by putting in place the right technology to meet your business needs.
Today we are witnessing the dawn of Big Data. The sheer amount of data and the tempo at which it is being amassed is rising exponentially.
The ubiquity of cell phones, social media and other technologies is continually creating new data torrents that are flooding data stores, including transaction records and financial data.
Big Data allows businesses a wealth of opportunities to manage, analyze and grow. But a key challenge is accessing the data sets and interpreting the analytics for business intelligence.
The objective of business intelligence is to enhance the timeliness and quality of various inputs to the decision making process.
Business intelligence is proactive in that it reduces the time frame to make the information useful for the user. Most of the business professionals and experts are now saying that organizations must be more analytics driven to be competitive in the market.
That said, we must also accept the fact that there is some amount of inertia among chief executives to harness business intelligence.
The question on their minds is, can business intelligence help them dig and analyze big data and improve company bottom line?
The answer is a vehement yes. Investment in Business Intelligence software can deliver positive returns.
Here is how
Analytics for business intelligence can give fast answers to critical business queries
Managers are overwhelmed by the flood of information they receive. Business intelligence filters data and delivers the right information at the moment of value to the company. For example, a manager can assess all trends in their sales cycles and come to a conclusion about which ones are going to affect their business most.
Analytics for business intelligence will help them decide a course of action faster than by any other means.
It aligns business activities with corporate goals
When companies inadvertently focus on issues that are not aligned to their business strategies, huge costs are incurred. Correct metrics and indicators in conjunction with Business Intelligence software will drive accountability, and deliver outcomes in line with the company vision.
There are many other advantages.
Business intelligence can empower employees and minimize time spent on data entry.
There is no any doubt that that technology is helping analytics for business growth.
It is high time organizations analyze big data and small to maximize information capital. Backed by relevant real time information, managers can make data driven decisions to boost their company bottom lines.