Business Intelligence is the process that converts loads of information present with a business into analytical and actionable intelligence. For example, an organization collects data on its sales revenue and customer base. This raw data becomes actionable intelligence only when factors like customer lifetime value, churn, shopping-cart stage abandonment figures are drawn and studied. Information source is crucial for BI. Each source needs to be genuine, bankable and objective, for the whole BI machinery to perform in synchrony.
Using cutting edge technology to elicit information for BI
Management Information Systems from Pathwwway White Label
Also called MIS, the system collects information that pertains to all key verticals of a business, namely production, marketing, logistics, human resources and financing, to mention a few. The MIS removes uncertainty and bias in information.
- MIS collects only relevant information that are validated. IT also ensures that critical information is captured in time so that vital decision making continues uninterrupted.
- Interactive dashboards makes it easy for resources to extract information in convenient formats.
- Report generation is a dynamic feature that forms the foundation of big data business analytics.
Customer Relationship Management Software
Customers are the most performing assets of an organization. It is not mere sales data that an organization collects with regards to its customers. A full-fledged CRM is the most powerful business intelligence tool available in the hands of a business, to apply intelligence on:
- Customer profiling. Understanding customer tastes and preferences, their buying patterns and buying psychologies
- To get maximum mileage from the Frequent Communications Calendar
- Optimize the publicity budget by understanding where customers stand in the conversion funnel
- By recording customer feedback and quantifying them, providing an actionable base for corrective action.
Data Warehouse Technique for Information Gathering
Also known as enterprise data warehouse, it is one of the reliable Pathwwway White Label approved systems for efficient reporting and in-depth data analysis. Many of the present day BI systems are dependent on Logical Data Warehouse for making the most out of their big data.
- The speciality with data warehouses is that they are not wedded to any particular information source but instead uses heterogeneous data sources.
- Data drawn from these diverse and disparate sources are integrated for analytical reporting.
- Pools of information from different operational systems are assembled onto a staging area where they are classified into different buckets such as metadata and raw data and into different data marts representing information type. The processed data is made actionable by incorporating different BI techniques.
- The upcoming trend is that of Logical Data Warehousing, that accommodates even new users and eliminates complex steps in the pre-aggregation stage, with novel data audit features.
SAP Business Intelligence
This tool is to do with business processes and how well is each process connected to the core of the business . It binds together different running applications and milks them for required information in a user-preferred format.
- Data cleansing feature improves the quality of business intelligence, using which enterprise users can access real-time information on the processes.
- The tool is a powerful information gatherer aiding in managed reporting, thereby allowing firms to optimize costs and multiply business revenues.
- The SAP tool steps in to collate the large quotient of unorganized data residing in XML files, spreadsheets and flat files and gets them processed using warehousing options.
- The Business Intelligence Delivery module ensures that incessant information is rushed to the executive dashboards for analysis and decision making.
Data mining is the process sieving information and gathering insights into how pre-existing data can be used fruitfully to solve problems and save time. It is the statistical process of examining big data and identifying patterns using which BI creates equations on the basis of relationships between the patterns.
- Data Mining tools allow the businesses dig for new information that lies hidden in pre-existing data.
- Data Mining is used extensively in quality control, fraud detection, production control, marketing analysis and client acquisition.
- Using mathematical algorithms, these informative tools, segregate and segment data and process them so that even future trends can be predicted accurately.
- It is a process of unleashing the knowledge possessed by huge data bases and polish them for more pragmatic and future-oriented decision making.
Business Activity Monitoring
BAM stands for both Business Activity Monitoring and Business Activity Management. More than an informative tool, this takes the role of an explorative tool that throws light on both positive and negative factors that surround an organization and its activities.
- By gathering information from the micro and macro environment, it helps business to identify and develop critical performance indicators.
- It enables business executives to stay on top of their global operations and also not miss out on potential opportunities, even before they arise.
- What is more important is, business activities are monitored real-time and information is ploughed back on a continuous basis, so that no loops are left disconnected for BI deployment.
This is a cost-effective way for firms, especially for those at their emerging stages, to make BI a reality without lump sum investment in sophisticated technologies. GA can render relevant information on how the business concept is flourishing.
- GA tools crunch those numbers of leads of generated, quality of organic leads, website traffic and online advertising performance, to mention a few.
- Using Google Analytics and Tag Manager, firms can generate as much as information needed to start the BI process.
The above analysis reflects the fact that surfing for timely information from various bias-free sources discussed herein, will lead to more realistic harnessing of information. BI has reached a stage beyond analytics wherein, it is no longer post-mortem analysis of what happened in the past or what went wrong. BI enables firms to take a strong hold of future, banking on opportunities and negotiating with risks and uncertainties strategically.