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Business Intelligence (BI) and how it is useful for Common Man

18-Jan-2017
business intelligence for common man

Now you have deployed the software to all the business managers and workers – hundreds of them – that will be using it. Time to relax, right?  Very few people are actually using the new BI tool.  When you show users how to use software over their own data, to solve problems they’re facing, it becomes real. 

Most of the time the decision makers in a business commit the cardinal mistake regarding BI: They let the capabilities of the BI software drive the whole BI program instead of expecting the BI software to assist them in achieve their own business objectives,” explains Dr. Vasudeva Akula, CEO of VOZIQ.

Business Intelligence, also known as BI for short. You hear the buzz all around. It sounds like all of your competitors have been doing BI for ages and you’re feeling a little anxious that you might be left behind.

What is Business Intelligence (BI)?

Business Intelligence is to support better business decision making. These BI systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. To build up business's profits and stocks while bringing down other business competition.

Why is Business Intelligence important?

If you want to improve your control over various important processes in your organization, you should consider investing in a good BI system. BI can also be used to gain an insight into what your competitors are doing. This strengthens your company’s ability to make decisions and plan for the future. BI has advanced from data collection to various optimizations and now towards the data-driven organization.

What are the advantages of Business Intelligence?

  • Enable Decision-Making: Data trends and relationships can help you understand which direction your projects or entire business should go. Gain confidence and resolute, rapid-fire decision-making capabilities with data at your side.
  • Quick and easy consolidation of data: It has an automated data collection, which data’s from multiple sources can be consolidating on the same server.  If you can decrease the time you would usually spend consolidating data and spend more time improving the company, you’ll find a greater impact on your bottom line and eventually see a more successful company.
  • Wide Finances Made Simpler:  As the company grows, the data collection will increase, physical paperwork and basic document on computers will work, but for a better scope and to make effective projections business intelligence should be considered.
  • Audit Operations in Real Time: Business Intelligence helps to measure day-to-day activities and progress relatives and gain oversight performance and in-house activities.
  • Central alignment: It helps the company to become more execute and more aligned while being on the same page. You will be confident to find that your employees are not missing outdated business information.

What are the disadvantages of Business Intelligence?

  • Cost: Small companies may not be able to afford the costs. The use of such system can be expensive for basic business transactions.
  • Time Consuming Implementation: It’s a time-consuming process, but it makes data easier to understand and analyze to the user especially in business.
  • Piling of Historical Data:  To gather a large number of historical data about different transactions and convert this data into useful information which is helpful for decision making.
  • Complexity: It's being difficult to understand the business processes with lots of efforts and problem and hence many organizations do not consider business intelligence systems as that essential.
  • Limited use: Many of the firms do not consider business intelligence system as highly essential, for its inflexibility, so even today most of the companies are not affordable.

How BI is useful for common man

In every small or big company, reports are been made as such for e.g.: daily activities, customer feedback, sale activity etc… Such reports are stored in the database in the form of report or dashboard. These reports can be seen in the chart or a graphic way in good looking. Each and every detail information can be seen through BI. Reports are the end product of Business Intelligence. Through these reports, one can decide how the business can run more efficiently. Business Intelligence can help to identify issues and fix the problems as well.

 

Shreeja Manoj
Business Intelligence

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