29
Jul
As technology has advanced, so has our ability to measure key metrics and deliver insights from within your business processes.
There are a host of Business Intelligence solutions that your company can choose.
Some of these emphasise analytic ability, which supports confident decision-making while under pressure – a common stressor facing businesses today.
There are also offerings for forecasting demand, spoting opportunities, understanding environmental disruptions, highlighting customer sentiment, and determining the effectiveness of staff productivity in a working from anywhere arrangement.
Other solutions include detailed reporting on any developments related to your IT, operational process, and business management while highlighting which processes have an impact on your bottom line and identify areas of improvement.
Whatever you decide to do, BI technologies provide visual representations of a set of data in the form of charts, graphs, gauges or tables to help you make the most of the knowledge. It creates space for discussion and challenges your assumptions, with data.
While larger companies were the first to benefit from analytical, reporting and data visualisation capabilities, the adoption of BI technology among companies of all sizes is on the rise as they are becoming more accessible, affordable and easier to use.
The ANZ state of BI & Analytics Report 2020, Special Covid-19 Edition shows
67% of respondents said BI and analytics programs are more important or much more important to their daily operations today, and 55% of companies are using data sources, analytics and dashboards more often or much more often than before COVID-19.
It is likely your competitors are already benefiting from Business Intelligence technologies to improve sales revenue, reduce costs, build stronger customer loyalty and more. And the companies who operate without BI will likely find themselves at a disadvantage and still making decisions based on their “gut” rather than on factual evidence visualised by BI.
As with any new implementation, return on investment (ROI) is important, and business intelligence (BI) tools are no exception. If anything, showing the cold hard numbers is even more critical given the current tight economic landscape.
If you would like to know your Business intelligence options and their ROI, contact Scope Logic.