Data is the new oil. Data is the new currency. We have heard multiple such phrases which accentuate the importance of data and analysis. The quantum of data generated by an organization may be largely structured. However, there is a mammoth amount of unstructured data which also plays a vital role in influencing decisions, outcomes and eventually revenues and profits.
Are you leveraging this data efficiently enough? If yes, then you are ahead of almost 90% of your competition. Do you already have business intelligence tools that are generating reports for you? Or are you still relying on engineers to pull out reports from disparate systems and trying to make sense out of them cumulatively?
The two questions to address here are:
- Do you want to spend quality time of your organization to just make sense of data?
- Do you want to work with business intelligence solutions that can ensure that the underlying data is presented to you in a format where you can make sense out of it?
The obvious choice for most of you would be the latter. While there are many “business intelligence definitions” available online, it is easily explained as a set of systems and activities that can enable you to make sense of the data that your organization and its stakeholders generate.
What stage of Data discovery are you at?
Are you still struggling to capture the data in the right fashion? If yes, then you have a long way to go.
Are you able to capture data well, but not able to collate it in a format that helps to derive insights? If yes, then you are closer to business intelligence than you think.
Are you able to capture the structured and unstructured data and enable business intelligence and analytics tools to make sense of it? If yes, then you would be able to generate reports and insights that address well-informed and faster decision making, and help an organization to grow its revenues and profits while predicting and mitigating risks.
A few facts to believe:
- 87% of the businesses which rely on BI and successfully manage to undertake predictive analytics have a distinct advantage over their competition
- Organizations that rely on a robust BI framework have seen a 10% increase in sales and a 15-20% increase in marketing ROI
- 32% of the organizations which rely on BI can predict fraud and mitigate financial risks
The Future of Business Intelligence:
If you can tap into the rich data that your organization is able to generate, you are, at best, on a level playing field with your competition. In today’s digital age, what you need is to ensure that the analysis, reports and insights are derived with a click and “on the go”.
That’s where mobile BI comes in. It connects to your core enterprise business applications and derives insights for you, on your mobile, when you need it. Further, with artificial intelligence, chatbots and Natural Language Processing (NLP) coming into the picture, you can talk to your mobile and fetch the insight you want, in real-time. Imagine the possibilities for creating robust strategies and driving the business in the right direction. We say, it’s endless and data is a goldmine. It’s about understanding how to comprehend, analyze and leverage it for better business outcomes.