Business Intelligence (BI) Analytics: What Will It Bring?
As discussed in a previous article, business intelligence analytics combines both approaches to provide a comprehensive view of business performance and support strategic decision-making.
Why Is Business Intelligence Analytics Important?
Here are some examples of positive outcomes of BI project:
⎯ A single point of truth: data loaded regularly in a controlled manner from multiple sources.
⎯ Consolidated data that helps to compare results, especially when coming from multiple business units.
⎯ Data that can be trusted by everyone (rather than "I only believe in statistics that I doctored myself" ― Winston S. Churchill :D).
⎯ Data that can be used by any other project.
⎯ Always fresh data, updated regularly.
⎯ KPI or other metrics that can be calculated regularly and automated.
⎯ Data is available every day at the same time.
⎯ Alerts when necessary.
⎯ Automated steps are taken when KPI or metrics reach a set level.
What Are the Top Benefits of Business Intelligence Analytics?
Improved decision-making: Business intelligence analytics can help decision-makers make more informed, data-driven decisions by providing insights into business performance, trends, and opportunities.
Increased efficiency: Business intelligence analytics can help identify inefficiencies and bottlenecks in business processes, allowing companies to optimize their operations and improve efficiency.
Competitive advantage: With better insights into market trends, customer behavior, and competitor performance, companies can gain a competitive advantage and make strategic decisions that position them for long-term success.
Better customer service: By analyzing customer data, business intelligence analytics can help companies better understand their customers' needs and preferences, enabling them to deliver more personalized and effective service.
Cost savings: By identifying inefficiencies and streamlining processes, business intelligence analytics can help companies save money and improve their bottom line.
Conclusion:
Overall, a successful business intelligence analytics project can help a company become more agile, efficient, and profitable, while also providing the insights needed to make informed decisions that drive growth and success.
Authors:
Tomas Kavicky
Identification & Valuation Manager and a huge fan of Data Science, BI, MS Power Platform, and Six Sigma Principles,
Lukas Lani
Project Manager, technically based, open-thinking with strong analytical skills.
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