Business intelligence or BI means the tools and systems that strategically help a business in the planning process. It helps to put together, store, and analyze corporate data to help with decision-making. The technology in BI extracts information for users so that they can analyze the raw data they are presented with. BI software suite or BI tools are often used for the purpose. Support for IT infrastructure like hardware, database software and networking devices are also installed. Statistical analysis of customer or market-related issues, concerns on profitability and inventory management are some of the crucial areas where BI helps the most. Business analytics, a significant aspect of BI, helps to assess organization-wide operations in all the departments from marketing to production to innovation.
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Let’s look at how you can make BI more effective and build an infrastructure around it.
Problem-based solution – Follow an approach based on the problem at hand. Decide upon the metrics to be analyzed and then search for the required data. For instance, address pain points related to the conversion rate of your e-commerce business.
Practice anticipation within the pool of data – Out of the plethora of data, learn to categorize under different areas of concern. The next step would be prioritization of the information you have gathered. Develop a BI strategy to advance, solve and expand. If you are in marketing, give your strategy a personalized touch keeping the portfolio of your company and its interest guarded.
Enlist the full support of your staff – In order to do so, train them well. Motivate them to use BI as an extra advantage. Encourage them to use data and build their own insights based on the information they have. Ask them to give their own interpretation backed by the intelligence that your business already supports.
Use data judiciously – Look at the larger picture, be cautious and judicious with use of data. Consider all aspects. Remember if you don’t use BI with a comprehensive outlook, your interpretation will be flawed. Never forget to account for data reliability, availability and data completeness.
Trend analysis – Look into useful projections for trend by BI. Don’t forget to maintain and index it. Monitor any significant development or disturbance. Try to answer questions raised by looking at the trends. BI should be such that it meets your expectations and arms you with effective alternatives.