As per the statistics, 2.7 zettabytes of data exist in the digital universe today, and the most surprising fact is that 90 percent of this has been generated in the last 2 years. This is why data becomes so important, and the term “Big data” became a buzzword in today’s technological world. The massive amount of data collected in organizations have the capability to deliver impactful information to them. This triggered data analysis for digging out the meaningful information from this abundant unstructured, dynamic data, and both our technology and industries have succeeded in this using numerous data analyzing tools. But analysing alone cannot bring out the necessary results; an efficient visualization of the same is also important. This paved the way for intelligent visualization tools.
Business intelligence tools use a technology-driven approach encompassing a multitude of applications, tools, theories, and technologies for analyzing data and displaying actionable results. Even though BI tools can do magic in your business decision making, most of you are confused about when and why your business needs BI integration for data analysis, and how they help your organization to improve performance. Let’s have a look into it.
Why do you need BI magic in your organization?
- A massive amount of data but no real information- if your organization has a stockpile of data and struggling to create valuable information out of it, then the BI tool can help you.
- Relying on spreadsheets for handling a significant amount of data- in a growing business, within a short time, data grows out of excel capacity even though you manage it in an organized way.
- When you dread joining data from different sources-If you’re running reports in different systems, and making connections out of it, then you’re working too hard and probably gaining just a fraction of the insight you could be gaining by using a BI tool to cross data sources.
- You can implement a BI dashboard if you want to draw on specific data without working on the entire report.
- If you want to work on dynamic data & trends -Dynamic dashboards can identify and analyse positive trends while isolating and modifying negative ones. The centralized and portable nature of BI dashboards provides a level of freedom and flexibility that translates into higher productivity and enhanced business intelligence.
- For generating more insightful information out of your inventory management software- Can make your year to date sales and inventory counts data comparison easier and can give the insight to profit margins, stocks on hand, customer, and sales performance.
Almost every data-driven organization requires some BI tools like Microsoft power BI to move their business running on intuition to run with intelligence. If your organization feels any of the aforementioned pain points, then it’s peak time to make a BI data transformation for data analysis and visualization.
How does it help?
Improve Business decision making
- Can interpret information quickly – BI data visualization helps your business to interpret massive data quickly by presenting it in an infographic or user-friendly mode. So that you can address business decision making challenges utilizing insights from BI Dashboards.
Improve business performance
- Help identify correlation and comparison of data – even the most complicated and extensive data can be represented infographically to generate insights and analytics about business performance
Enhance user experience
- Communicate the story with enhanced user experience- BI Dashboard implementation can ensure seamless access to insightful data for a diverse set of users operating at different levels in the organization. This can create a rich interactive user experience.
Ensure real-time reporting
- Using the BI tool we are able to generate both preset and ad-hoc reports in real-time using a massive set of complex data, which otherwise might take weeks when using the legacy system.
- BI tools help businesses to identify resourceful data and to draw insightful decisions through effective data analysis techniques. Thus integrating BI can aid the discovery of new revenue streams.
- With BI integration, we can generate effective reports in minimal time without the help of multiple systems and personnel from the IT department. This additional time and resources can be utilized to improve organizational performance.
- Benchmarking is used by businesses to gauge their productivity and overall success relative to their competitors. Benchmarking is often a complicated process; with BI integration, it becomes easy. BI tools can generate accurate, and reliable benchmarked reports, which help the businesses to move ahead of their competitors instead of chasing behind them.
Streamline Business processes
- BI software has the ability to identify and pinpoint bottlenecks and alleviate inefficiencies in the manufacturing, operations, and sales with its predictive analysis features.
Improve Supply chain management
- BI systems can extend its advantages to improve purchasing, procurement, and inventory management. It can generate detailed purchase requisition reports and inventory track records, which helps the organization to draw future buyer trends and to reduce inventory wastes.
Business Intelligence software can provide a wide range of advantages as mentioned above, through its targeted insightful analytical and decision making capabilities. For this BI software collects, organizes, mines, and visualises crucial KPIs. Through this powerful combination of features BI provides organization a tangible competitive edge which make them inevitable in today’s competitive data driven world.
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