Data is the new oil. And it’s here to stay.
Smart businesses have long realized the potential of data and how they can harness it to grow by leaps and bounds. Whether historical or real-time, data plays an integral role in identifying demographics, optimizing customer retention, enhancing customer support and predicting sales trends accurately.
Corporations across the globe employ Business Intelligence (BI) solutions- a collection of intuitive analytics tools- to extract, evaluate, and process this data into actionable business insights. The findings are then presented in simple-to-read visuals like graphs, charts, and dashboards to make informed decisions for the organization.
BI solutions essentially retrieve internal data that the organisation generates into an analytics platform for valuable insights in order to understand how various segments of a business impact one another. This is in contrast to Competitive Intelligence which studies data derived from external sources. A multitude of quantitative consumer and company behaviours are interpreted by this groundbreaking and futuristic system to provide queries based on data patterns. BI may take many different shapes and utilise a wide range of technologies.
Business Intelligence and analytics solutions today are extremely competitive, offering a neck and neck range of advanced applications. Some deliver avant-garde solutions that offer a full portfolio of pre-developed reports and analytics, while yet others boast of strong development environments that enable the quick construction and deployment of bespoke reporting tools.
However, regardless of what your expectations are from your services, there are some key features every efficient BI system must possess. Let’s quickly walk through a few so you have your bare minimum requirements sorted out:
Your BI solution should be able to seamlessly integrate data from external sources in addition to your ERP, CRM, and finance systems.
Even the most ambitious BI solution falls flat on its face when it is unable to connect with your existing sources of data. No matter where the data is located, an ideal analytics platform offers optimal native connectivity to carry out analysis more efficiently.
You can swiftly retrieve the database without having to write any new code or investing in extra products which may risk destabilizing your present data architecture. A competent system should connect effortlessly with your current data strategy.
Regardless of their skill level, everyone in your business should be able to engage with the data and draw actionable insights with a dynamic BI platform. By making relevant data accessible to everyone, self-service analytics capabilities aid in the development of data culture.
Ideally, Business Intelligence tools create a controlled and protected environment to safeguard data and guarantee fidelity without forsaking flexibility and creativity.
While subpar BI tools are capable to provide data from the recent past, proficient intelligence software develops apps that pull real-time data from your database.
Real-time data helps organizations make astute yet swift decisions in this cut-throat market, that is based on the freshest data available. A mediocre BI system hampers your decision-making through the absence of live data, limiting the great potential of BI technology.
Businesses need to work with a plethora of data. Everyone needs access to real-time data in this fast-paced workplace so they can make data-oriented decisions whenever and wherever they choose.
Every day, more businesses adopt mobile apps, similar to SaaS applications, for crucial business operations. Whether you're the CEO, or an employee belonging to any department, mobile business intelligence helps you raise productivity, decision-making, and your company as a whole.
App-level security with Business Intelligence enables you to design a flexible roadmap for how users can access and engage with data. You may control your BI solution using specific attribute-based access through it. For maximum access, this can be applied across bigger groups or set at various levels for specific users. Additionally, app-level security enables you to modify the amount of access for certain individuals or groups in response to changes in their demands, enabling your system to develop and adapt to your company's needs while preventing unauthorized access to classified data.
Depending on the requirements, corporates demand an array of custom Business Intelligence features and benefits. It is preferable to start by investing in a system that delivers fundamental capabilities like reporting, data integration, dashboarding, and visualization. You can always scale it up with a flexible solutions system in the future.
Web Synergies, a certified Microsoft Gold Partner, assists businesses with BI Solutions or Business Intelligence suite to share their data and make wise strategic decisions. Our BI system is integrated, steady, and measurable to analyze complex business data and contribute valuable insights for consistent revenue growth.
To know more benefits of Business Intelligence solutions and how you can implement them in your organization, contact our support team.