Business Intelligence for a thriving business
The main purpose of Business Intelligence(BI) and data analysis tools in an organisation is to help corporate executives, business managers and other operational workers make better and more informed business decisions. Companies also use BI to cut costs, identify new business opportunities, and spot inefficient business processes ripe for re-engineering.
The idea of data analysis tools has been looming around for numerous years, most companies now ensure to secure all the data which flows into their business, allowing them to exploit analytics and acquire substantial value from it. Before big data, enterprises were only implementing basic analytics such as numbers in a worksheet in order to discover trends and insights. Big data analytics is a process where businesses can examine huge amounts of data in order to discover correlations, hidden pattern, market trends and other useful insights.
Businesses which implement big data analytics often reap benefits including revenue opportunities, effective marketing campaigns, better customer service delivery, and more efficient operations.
Importance of big data analytics tools
Businesses nowadays possess large amounts of data but do not extract any value from it. It is perceived as a missed opportunity to capture the power of analytics in order to gain an understanding in regards to huge amounts of data. Big data analysis tools are of significant importance for companies as they are able to extract valuable insights.
These tools help organisations save time and money, as well as assist in gaining insights. Big data analytics tools serve to improve the process of data cleaning, data mining, data storage and management, data visualisation, data integration, and collection. There are several big data tools available which are effective in saving money and utilising time in a proficient way to uncover valuable insights
Who uses business intelligence?
With business intelligence tools, organisations can start analysing the data themselves, rather than wait for IT software to run complex reports. This information access helps users back up business decisions with hard numbers, rather than personal intuition and anecdotes.
Business intelligence is serving as a technology that helps businesses to stay competitive. A business which relies on quick and agile decisions mostly use big data analytics.
There are several sectors which are also using this technology such as travel and hospitality, healthcare, manufacturing, e-commerce and retail, and government agencies. Armed with massive amounts of data, these business sectors can now inherit in-depth knowledge and understanding about customers and the ability to foresee trends, suggest new products and increase productivity.
Data warehousing optimisation is the topmost used case for big data followed by predictive maintenance and customer analysis.
Some beneficial factors of using business intelligence tools include the following:
- Accelerating and improving decision making
- Optimising internal business processes
- Increasing operational efficiency
- Driving new revenues
- Gaining competitive advantages over business rivals.
- Identifying market trends
- Spotting business problems that need to be addressed
Examples of Business Intelligence solutions
The Populous XBRL Platform (PXP) accumulates masses of data and makes it view able in a way that will provide business intelligence. XBRL is the international standard of digital reporting for businesses.
The format is a computer language which is used for communicating and exchanging business performance reports. XBRL brings all this information together in a standardised format, making it easy for users to draw comparisons and weigh up the financial health of a company.
A magnitude of data, matched to an equivalent of around 20 million file cabinets is not of much help to any business, unless converted into a business intelligence form, which is exactly what PXP does.
As an example, the data can help a company give a credit rating, and help the lender to a company make a decision as to whether this company is eligible to be loaned finance. The PXP data can also help businesses produce forecasts, benchmarks, company comparisons and heat maps (which identifies the best companies in the area and its competitors’ locations), as well as property registrar. Another advantage of PXP is that businesses can spot whether there are any opportunities in its competing market.
The function of the PXP business intelligence platform allows people to buy reports or create them personally, in order to make intelligent business moves and explore what markets to divulge in and how to expand.
As such, XBRL data has become a global standard for exchanging business information and is freely available to anyone.
PXP has built XBRL into its in-house credit reference system, and with this XBRL engine, useful data can be extracted that gives users the ability to predict multi-industry trends in real-time.
Lou Chan, Populous World.
