Turn Data Into Opportunity With Business Intelligence as a Service
In an increasingly hyper-competitive world, organizations and businesses are exposed to risks more than ever before. With increased competition and shrinking profit margins, organizations require to be on their toes all the time to survive. That’s where the significance of data comes in. Quite frankly, more data has been generated in the last two years than in the entire human history. However, research indicates that only 0.5% of this data has been analyzed and used. Imagine the untapped potential lying herein. This has propelled organizations to aggressively redefine their patterns of thinking and ways of doing business by leveraging data to draw actionable insights. Business intelligence plays a significant role in making this happen. Organizations looking to capitalize on their data can take up Business intelligence as a service framework to enable and effectively adopt an end-to-end BI solution enabling organizations to benchmark, prescriptive and predictive insights, and text mining, among other functions.
- Importance of Business Intelligence Tools
To survive in a global, competitive economy, organizations and businesses require to stay relevant. In a world where trends and advanced technologies constantly emerge, business owners need to know where to put their money. BI tools enable insights into consumer behaviour, accurate reporting, and KPI tracking, among other things, for more informed decision-making. Given all of that, here is how BI tools can give organizations an edge over their peers.
- Increased User Satisfaction
With access to customer insights at all times, businesses can gauge what their consumers want. Thus, they can target their audience with better solutions, therefore resulting in increased user satisfaction. For example, an e-comm company might find that some of its users find the process of returns hectic. It can then work towards refining the entire process.
- More Chances of Innovation
Insights taken out from business intelligence tools can also unearth new chances for revenue growth. For instance, a food retail outlet might find that many customers are shifting towards vegetarian options. On the basis of that information, it can pivot its short-term strategy to cater to this growing consumer base.
- Operational Efficiency
More informed decision-making based on data insights directly translates to lower operational costs. Simply put, when you know how your business is performing, what the market wants, and where it is straggling, you will only invest money where it is required. Moreover, newer growth opportunities also help companies to be future-proof and boost their top line.
Who organizations should adopt Business Intelligence as a Service
Not all enterprises and businesses are created equal. If your organizations have well-organized data, you could do with a simple front-end that needs you to interact with the data in a normal, accessible way. However, if you do not have a data warehouse and want the benefits of business intelligence, you might consider investing in business intelligence as a service. Here are some ways where BI-as-a-service makes perfect sense:
- You are a med size or big shot business and have limited IT resources at your disposal.
- Info in your company is stored in silos, which makes accessibility painful and slow. Lack of accessibility takes a lot of time to market, which has damaging consequences for growth. A good BI end-to-end solution brings together all the business info in one place for easy accessibility.
- You are looking for swift solutions based on data analytics. Business Intelligence-as-a-service can help companies save a lot of time and money by taking care of the extraction and organization of data.
- You already have a BI solution in place but are looking for something more agile. Business Intelligence-as-a-service takes advantage of cloud computing to make things more scalable and agile.
You regularly experience glitches around information management. If information is scattered around personnel or departments, it can lead to delays in processing critical information. By making a central repository of information, Business Intelligence-as-a-service makes information management a lot more efficient. It also promotes a self-serve culture in a company, where employees have access to data to create reports and insights.
How organizations should choose the right BI Solution
First and foremost, observe if you have the ability to organize and extract data on your own. For companies that can, a simple front-end solution will do the job. However, if you do not have the resources to tackle data organizations, they can either invest in a traditional Business Intelligence end-to-end solution or hire Business Intelligence-as-a-service. Once you have made that decision, examine the following factors when choosing a BI solution:
- Dynamic reporting: This allows organizations to customize generated reports as per the insights you are looking for.
- Integration: Ensure that the solution organizations deploy can work with any existing systems that they might have. This is most crucial for companies that have legacy technology architecture in place, like financial institutions.
- Compatibility: to ensure your teams and departments have access to data insights anywhere and anytime.
- Industry knowledge: Make sure that the service provider is familiar with the nuances of your industry to deliver a bespoke solution.
The future role of Business Intelligence
The business intelligence landscape is continually evolving according to business needs and technology, so we identify current trends to keep users up-to-date on innovations each year. Realize that machine learning and artificial intelligence will continue to grow, and organizations can integrate the insights from Artificial Intelligence into a broader Business Intelligence strategy. As organizations strive to be more data-driven, efforts to collaborate and share data will increase. Data visualization will become more essential to work together across departments and teams. BI offers near real-time sales tracking capabilities, allowing users to uncover insights into forecast profits, customer behaviour, and more. Diverse industries like insurance, and retail have adopted Business Intelligence, and more are joining each year. Business Intelligence platforms adapt to new technology and the innovation of their users.
At Polestar Solutions, our gamut of Business Intelligence (BI) Services encompass BI Consulting, data management, data visualization & reporting, diagnostics of existing analytics setup, and adoption enhancements with smart enablers, extensions & end-user training. We are an elite Business Intelligence Services provider in the US because of our innovative approach & willingness to go out of our way to improve the overall performance & experience with data analytics solutions.