As the new year ushers in new technologies, businesses are armed with a host of new tools to improve efficiency, productivity, and customer relations.
But most businesses are pouring money down the drain just to ride the coattails of trends that have a very short shelf-life.
Finding valuable data and information and using it wisely is a challenge every business faces, but business intelligence can help solve some of these challenges.
Business Intelligence (BI) supplies an arsenal of transformative tools for your business, turning meaningless data into insightful analysis. By structuring the raw mass of data, BI optimizes the business decision making process, garnering insights about customer buying patterns and behaviors, their likes, dislikes, and more.
If you have yet to integrate BI into your business, now is the time. It's ease of use, customization, and productivity enhancement means more profit for your business.
The recent influx of cloud services has allowed self-service BI options to grow. In our app driven world, people and businesses alike want platforms and apps that are useful and unique to their needs. One way cloud integration is being used is to collect outside data from a wide-berth of sources such as news, competitor announcements, etc, then integrating it with on-premise data. This gives businesses greater freedom and utilization from a growing body of data, selected within the context of a business’s needs.
Discovery tools are growing more efficient, and number representations are being replaced by interactive visualizations and dashboards. Businesses can tailor these graphic images to serve their needs and draw from a wide-range of sources to get the full picture of data and its meaning. Some vendors offer explanations of search queries, while others use storyboards and narratives to better explain analytic results. Ultimately, it's all about ease of use and user customization.
Improved Data Discovery
Often in the past, data discovery was cumbersome and its productivity was often questioned. Recently, BI vendors have re-engineered a host of data discovery tools to provide better functionality. These include data lineage and hierarchy generation, simplified user interfaces, and automated visual data representations.
The auto data discovery feature is also a lot smarter. Now, it can find hidden patterns in the most complicated mass of data, without the need of algorithms or search queries.
The tools have also been designed with laymen users in mind. Any user, regardless of their software fluency, can easily prepare data for integration, uncover data patterns, extract customer experiences and opinions as well as sales trends, niche value, etc.
Choosing The Right BI Platform
According to Gartner, the BI market worldwide was over $14.4 billion in 2013, and it is predicted to reach an estimated $21 billion by 2018.
Here are just four of the reasons you should invest in Business Intelligence now:
- Business Intelligence will increase revenue
- It leads to new sales from new and existing customers
- BI cuts down costs and increases efficiency
- It improves services, decreases customer attrition, and shortens the sales cycle
Because every business has different needs, you should research emerging BI technologies with your needs in mind to invest your money wisely.
Contact CQL to learn more about how Business Intelligence can benefit your business.