Facing a more cutthroat market, their battle to attain higher efficiency levels along with the latest overall collapsing economy, in conjunction with numerous other challenges, have forced many organizations to continually seek out brand new approaches as well as tools to help make their top priorities achievable.
The principle enhancements occurring during the last decade that assist businesses to make the most effective decisions include the rapid development of information engineering, the replacing many organization procedures through automation, as well as the possibility to store and handle vast amounts of raw data.
Enter Business Intelligence. Business Intelligence refers to having the ability to foresee future events, improve response times and prevent obstructions long before they’ve even taken place. Apparently a growing number of enterprises are checking out these approaches, according to Constellation, as the results of a recent study that they had conducted, Big Data along with Business Intelligence tools will be rocketing in use during 2013. According to these same results, 50% of CTO’s take into consideration that Big Data along with Business Intelligence tools will be must-haves for the majority of companies and SMB’s.
Business Intelligence. When and why do we need this?
When a business expands, logically, the methods and amount of data collected and generated expand at the same time. During this growth, frequent tasks such as creating accurate reports or even disclosing certain information at each week’s group meetings begin to develop and expose a myriad of troubles. This, combined with diminished productivity ranges as well as disappointing revenue projections, can give companies more determination to carry out distinct Business Intelligence strategies and seek out tools and resources to begin collecting along with mining all of the data into useful information swiftly. Minus the correct tools, looking for the reason for reduced efficiency levels can be an extremely hard process.
Driven by this increasing demand for Business Intelligence applications, numerous companies are bringing new services to the marketplace, centered both upon the larger organizations as well as much smaller businesses.
Principal benefits of Business Intelligence
1. Time savings. Among the key features of Business Intelligence is that most enterprise techniques are computerized and automated, which results in the generation of incredible savings in terms of both time and actual costs, which experts claim plays a role in increasing overall productivity and efficiency levels.
Let’s think about one example. It might take days for an accounting department to organize its monthly fiscal reports employing traditional resources. But, together with the right Business Intelligence application, the same department can quickly have the necessary fiscal data, and routinely create the statement using only a quick mouse click.
2. Quicker and easier access of information. It can be apparent that, over the last couple of years, the amount of organizational information has grown exponentially. For that reason, it is essential that organizations increase their attempts at digitizing and gathering their information through document management software. Nonetheless, it’s also essential that Business Intelligence tools offer you easy to get at details in which allows the company to see how the data has combined and evolved so that they can better predict future events.
3. Correct as well as pertinent decisions. In order to stay ahead of the competition, reduce costs and also enhance earnings, an organization needs to make proper decisions. To achieve this, these types of choices must realistically be based upon reliable as well as pertinent information, which is where the traditional processes cannot succeed. Most of these tools as well as underlying systems can’t ensure the relevancy and accuracy available within the company’s data.
4. A quick Return (ROI). Huge companies like McDonald’s™, Tesco™ or even Google Inc.™ are usually “intelligent companies” that were implementing Business Intelligence techniques during the last decades in order to keep up their high-level status in their markets. So far, the majority of SMB’s have not deemed employing Business Intelligence resources to be critical, possibly because of their high cost and increased complexity, or even given that they don’t even know where to begin. These days, however, a whole new era regarding Business Intelligence software programs has been directed exclusively in the direction of these types of firms. These kinds of new tools are likely to be quite simple to utilize, are usually targeted specifically for the financial market, and, on many occasions, they’re very easily incorporated using a department’s present spreadsheets.
In short, on the one hand, current Business Intelligence tools can be easily implemented and integrate well with the current software, they’re less complicated and are available at a much lower cost. Alternatively, the vast array of basic business processes and operations acquired through the implementation of this software are, certainly, beneficial strategies that can significantly improve the organization’s on-going business activities and also enhance efficiency levels with an almost immediate return on investment.