Transforming Business Intelligence into a Business Advantage
The convergence of IoT, cloud and big data has launched the age of information overload. This has propelled the necessity for a technology-driven process of analyzing data to derive actionable insights from it in order to make informed business decisions. Otherwise, known as business intelligence, this process assists in optimizing business processes, increasing operational efficiency, driving new revenues and gaining a competitive edge over business rivals. The following are tips that would help one convert the results of BI into a business opportunity:
1. Strategy for Effective Data Consumption: BI provides the advantage of making business decisions on evidence rather than intuition. Yet, to effectively apply these insights in addition to hiring experts, software such as MicroStrategy BI software should be used to its optimum potential. In this age of information overload, it is essential to filter the right information, separating the relevant from the unrelated information. This involves consolidation and enhancement of data flow around the business and efficient utilization of all the BI tools.
2. Considering BI as a Work in Progress: While BI has made great strides in the industrial landscape, the key point to remember is that it’s an evolving technology. Tools such as visualizations tools are widely adopted and are utilized by employees in the organization to acquire better visibility into performance in key areas such as stock availability and product returns. Even self-service data recovery is used to create interactive dashboards, which comes with the potential to visualize data almost instantly and discover groundbreaking methods to improve customer experience.
3. Augmenting In-House Data Capability Using Algorithms: It cannot be denied that there is a considerable difference between human and AI performance with respect to faster completion of tasks, fewer errors, and cost-effectiveness. The dataset allows the organization to make decisions that improve the overall employee performance. Despite, the potential benefits, it is critical to remember that human emotion is still a key determiner in the decision-making process. Hence, algorithm-powered AI can never be viewed as a replacement for employees, rather an augmentation that helps them perform better.