Nimble Advancement Business Intelligence – Business intelligence (BI) success in 2022 is based on information integration and collaboration, data literacy and storytelling, and providing ubiquitous access to data trends and insights through the cloud and mobility. Tapping into these business intelligence trends to grow your business from new and existing customers has never been easier now that complex data correlations and trends can be discovered and presented in a way that is accessible to everyone. This is the fuel to drive better decision making and revenue.
Given today’s challenging business landscape, ever-changing markets, and the need for pandemic centers, organizations are finding that siled systems can seriously stunt their growth.
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While integration has been a hot topic for years, businesses are now leading the conversation to ensure that critical knowledge is freed from silos to be shared across the organization.
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Many robust systems integrate seamlessly with existing ERP, CRM, marketing and sales automation systems. This can protect and enhance the significant investments organizations have made in their existing software vendor/relationships by improving access and usability of key customer, product and sales information.
The integration of an industry-specific BI component provides a comprehensive view of each customer – preventing missed opportunities and uncovering invisible dotted lines through next-level data interpretation. This highlights where your business meets wins and gaps to guide decision making and next best actions.
What level of data literacy do your employees have? Can you discern key trends and patterns from this data that can inform your decision-making?
Data literacy and storytelling are vital for companies to collect data from myriad sources, find correlations, and deliver reports, alerts, and dashboards so that data is easily consumed by staff across the organization—not just by data analysts.
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Gartner defines data literacy as “the ability to read, write, and communicate data in context.” Their experts predict that by 2023, data literacy will become essential to driving business value. But while collecting data may be easy, evaluating and communicating around it is daunting. Only 21% of employees are confident in their data literacy skills.
As organizations champion data-driven environments and advances in data literacy, implementing an easy-to-use BI platform accelerates this mission to help more employees access, understand, and use sophisticated tools that tell complex stories, driven of data, clear and concise. Progressive BI platforms are easy to adopt and use artificial intelligence, machine learning and natural language processing to derive meaningful insights and interpretations of complex data.
It has been said that a picture is worth a thousand words. Imagine never having to stare at a dizzying spreadsheet full of black and white figures that make your eyes cross again. Instead, BI programs today integrate and transform business data into coherent collections of information presented in an easy-to-use and engaging presentation—usually highly visual in nature.
Data storytelling enables anyone—operations staff, marketers, sales professionals, executives, and more—to quickly and easily review, interpret, understand, and present the state of business operations, threats, and opportunities. These can be displayed as infographics, interactive reports, sound bites, animations, and more. This allows business data to be formatted and shared in an easily digestible format in the boardroom, in team meetings and even during sales calls.
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Another key trend in business intelligence is the use of cloud and mobile technologies. The pandemic is driving the adoption of a remote workforce and cloud and mobile applications. And as we move forward, the shift to working from home appears to be here to stay. This makes cloud services and the ability to service a virtual workforce paramount. Gartner predicts that 40 percent of enterprise workloads will be deployed in the cloud by 2023—up from 20 percent in 2020.
A remote workforce requires productivity-enhancing applications that can quickly adapt and move with employees and customers as needs and demands evolve. Sales teams need to work with flexibility, always having full access to BI data from their digital devices and being able to access information when engaging with customers face-to-face or across time zones.
Look for software options that offer mobile BI, featuring a fast, lightweight version of the analytics platform to ensure powerful insights are at hand during sales calls. Products like White Cup BI provide user-friendly software available in real-time to connect effortlessly with key profitability and productivity platforms for improved employee and customer engagement.
Integrate systems at the data level to infer valuable correlations and trends, help improve data literacy and storytelling to help drive data-driven and responsive operations, and leverage cloud and mobility. These are just a few of the many ways that experienced distributors are using BI to drive business visibility, decision making and growth.
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Masses of useful data no longer sit stagnant in silos or on-premise systems. Employees no longer need to feel a lack of confidence when working with corporate data sets. Today, BI keeps pace with ever-changing business requirements to ensure that data is released to enable distributors to succeed.
Join other industry professionals and be among the first to learn about the latest articles, events, product releases and training opportunities. Getting valuable insights from data is the number one priority for any organization. To do this, companies use various business intelligence tools to extract data from multiple data sources, visualize it, generate reports and dashboards that can be used by multiple users to better understand the requirements of its customers. This entire process is called Business Intelligence Analytics.
Business Intelligence Analytics plays an important role in helping organizations become data-driven. It includes all the software, hardware and expertise of multiple teams to make strategic decisions.
In this article, you will learn about the importance of Business Intelligence Analytics for any organization. You’ll also learn how data can be a valuable asset in this process with some real-world examples. You will also be introduced to Business Insights in this process and how you can choose the right BI tool depending on your business needs. Read on to find out how Business Intelligence Analytics plays an important role in the development of your organization.
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BI is a general term that encompasses the collection, crunching, analysis and presentation of business data; to use it to make correct and optimal business decisions and to increase productivity. BI includes all the software, hardware, best practices, and expertise that go into this process.
It reveals the real picture and provides insight into the various operations of the business, making it easier to make sound business decisions based on actual data rather than intuition or hunch.
BI can also predict future trends, changing market dynamics, variations in supply and demand, and predict lean and fat periods. However, the final BI results should be simple enough to be understood by non-technical users. Users should be able to view the knowledge provided, drill down using filters and drill-downs, and create new “what if” or “alternative” scenarios.
Business intelligence is defined as the process of collecting, storing and analyzing data from all your business operations. Business intelligence helps make better decisions with comprehensive business metrics in near real-time. Business intelligence, you can create performance benchmarks, spot market trends, increase compliance and improve all aspects of your business.
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Hevo Data, a no-code data pipeline, helps load data from any data source, such as databases, SaaS applications, cloud storage, SDKs and streaming services, and simplifies the process of both ETL and Business Intelligence Analytics. It supports 100+ data sources and is a 3-step process, simply select the data source, provide valid credentials and select the destination. Hevo not only loads the data into the desired data warehouse, but also enriches the data and transforms it into an analysis-ready form without having to write a single line of code.
Its fully automated data channel offers data to be delivered in real-time without loss from source to destination. Its fault-tolerant and scalable architecture ensures that data is processed in a secure, consistent manner with zero data loss and supports various forms of data. The solutions provided are consistent and work with different BI tools as well.
Data plays a vital role in Business Intelligence Analytics. Data by itself is just a set of numbers, with 1 or more numeric values, individual data doesn’t matter much, but when combined with related data, compared to its peers, processed with other data to derive metrics seen in appropriate context; then a piece of information can provide you with valuable information.
Let’s say there is a real estate sales and leasing company operating in a certain geography. It needs to know which areas to focus on, where to place most of its agents or open new offices. Let’s say you have this simple data (shown below) to start with:
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Using the above data and applying some Business Intelligence Analytics to it, we can draw a heat map that depicts the location of the properties in question. This heatmap is also based on their price and relevance to the searches performed and is shown below.
The heat map above clearly shows the areas of the target city where most of the relevant properties are concentrated. It also depicts the areas where business opportunities are few and far between ie. peripheral areas with greenish and bluish shades.
This simple analysis and associated graphic/heat chart show where sales/leasing efforts should be focused and
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