Data is ever-present in any organization. In this age of automation, everyday transactions, processes and functionalities generate a large amount of data in a business. Empowering information and making it actionable for decision making, strategy formulation and control is what business intelligence is all about.
Business Intelligence empowers unstructured data
Business Intelligence is a broad term enveloping the methods, tools, functions and infrastructure needed to gather, assimilate and analyze information and make it presentable for optimized decision making. Through an intelligent analysis of internal and external information, and by the strategic use of BI technologies, big data is processed in order to make critical, time-bound managerial decisions that result in pocketing new business opportunities as in the case of Pathwwway Romania, for example. The following steps are involved in enlivening raw data:
- Devising appropriate information management strategies that can assess enterprise metrics, processes and employees performance, investment portfolios and go-to-market strategies.
- Validating and consolidating unstructured data and channelize them into well-defined and clearly demarcated buckets for further analysis.
- Using predictive tools takes big data analysis to newer heights, rather than curtailing them to mere processors of historical data and making tall, unrealistic projections.
- Insulating the information architecture of the organization and ensuring that it is proactive, secure and flexible. Building generators of real time and actionable information.
BI uses a set of logical, computational and statistical tools, layered with human intelligence quotient (IQ) to bring to the table, streamlined and processed information ready for action. It is a multi-faceted tool that uses the following technologies to make information more engaging and actionable for the core team of business strategists.
BI inundates information pools and facilitates data understanding
In the first place, a business has to understand its data. Voluminous data collected as result of everyday operations must be properly segregated so that the BI team is saved from processing unwanted data as well as prompted from missing out on vital data. BI technologies can help make information worthwhile by:
- Adopting an open door approach between different departments and by implementing a system of cross-collection and sharing of information is possible.
- Improve access to information as well as protecting it from irretrievability.
- Identify key trends and patterns in the historic information and assess market readiness for your offerings and the probabilities to penetrate into unexplored market segments.
- Pin pointing lapses and suggesting improvisations to R & D so that product enrichment and evolution pave way for better positioning.
- Channelizing and optimizing the business development budget across various endeavours like public relations, social media marketing, outdoor advertising, client cultivation and retention strategies.
Big Data Analytics
Big data does not mean large amount of information. Hoards of information may not lend themselves to business intelligence, unless they are capable of being scientifically analysed. Big Data is the term used to represent large and complex sets of data that can be analyzed to yield futuristic insights to support long-term strategic decisions of an organization. That is why firms allocate sizeable chunks of budget to generate and process quality data, both unstructured and structured. Big Data Analytics is the starting point of Business Intelligence, that presents a crisp, to-the-point and well-tailored dashboard to aid planning and decision making. Some features of big data analytics include:
- Facilities to capture, store and analyze data using dynamic tools and technologies.
- Assimilating external data the power of which was ignored in traditional decision making.
- Mining and synthesizing information that can unravel hidden information, market patterns and product capabilities and lead to informed decision making.
Enterprise Data Warehousing (EDW) is considered to be one of the cardinal components of Business Intelligence. It aids information processing and analytics by:
- Integrating data from rich and varied sources both from the micro and macro environment of a business.
- Cleaning up, rationalizing, consolidating and integrating data; transforming simple and raw data into actionable data
Benchmarking is a widely used BI tool for continuous improvements of business competence and for steering a business towards consistent profitability.
- Business benchmarking is the identification of the core process metrics and comparing them with those of the star performers in the market.
- Benchmarking can be internal and external. While internal benchmarking helps evaluate and sound internal methodologies and processes, external benchmarking is the external comparison of statistical data between organizations.
- Performance benchmarking helps in an objective performance assessment and in sharper fixation of KPIs
This is a very important BI tool that serves in making every shred of information actionable. It is the systematic process of generating reports from data, by crunching numbers and creating management-friendly and informative dashboards.
- By running critical queries on data, they are sifted and filtered in order to yield timely information.
- Enterprise reporting tools are not verbatim records of data but they present them in an understandable format preferably on a single screen so that they become actionable at first sight.
Yet another way to make your data work for your business is by employing process mining. It extracts vital information from process trails or event logs and helps strengthen future workflow management models. Bu auto-creating process work flow diagrams, process mining tries to fill the gap between data analytics and model based analysis of processes. It is also possible to discover new business processes that will result in huge savings of overheads and fixed capital expenditure.
To adopt BI technologies there must be a cultural openness in an organization like Pathwwway Romania to keep all eyes and ears open to capture all relevant data and to store it in a secure manner. Above all, there must be a cultural modification to innovate, adapt and embrace change. Data must be readily accessible and kept away from cyber threats. To make information meaningful and understandable all organizations, irrespective of size and market position must employ BI technologies that can delve into data and lend a competitive edge to all key decisions made in the business.