Top 5 Ways That Your Business Can Grow With The Help of Business Intelligence - HData Systems

Table of content

• Introduction

• 5 reasons for a business intelligence solution

• Areas of application

• Conclusion

Introduction

Business intelligence is the collection and analysis of critical and important data from various information sources (websites, Word documents, PDF, graphics, studies), all to users such as your employees or for other companies. Reporting is a well-defined report that is easy to analyse. It gathers the recovered data from different quality sources. In a broader sense, Business Intelligence reporting is also the presentation of this data in a simplified form that is as understandable as possible for your employees.

Finally, remember that data collection is the ultimate foundation of Business Intelligence.

Top 5 Reasons For a Business Intelligence Solution

Basically, we understand a BI solution to be the analysis of data generated in the company in order to be able to evaluate the company's situation from different perspectives. BI systems replace the individual's intuitive gut feeling and subjective well-being with useful information and in-depth knowledge based on data. Here are some of the advantages of using BI:

#1. Company decisions based on key figures

The volume of data to be analysed inside and outside the company is steadily increasing due to the digital transformation. In this context, the possibilities and chances of gaining valuable knowledge through the use of a BI tool are growing. The most desirable benefit of such a solution lies in analysing and evaluating the current situation of the company by analysing the data generated in the company. The enormous volume of data is shown in highly condensed key figures and provides decision-makers with relevant information to make company decisions and define appropriate measures.

#2. Improving operational efficiency

Usually, data collection is done manually within a company. The required information is prepared by hand, analysed and made available to the relevant employees. This elaborate procedure not only costs unnecessary time, it also ties up the capacities of the employees. These routine tasks can be automated and standardized by implementing a reporting solution so that employees in the company can concentrate on their core tasks. In addition to the automated generation of reports, a BI solution impresses with its flexible ad-hoc evaluations. Permanent internal and external changes often require quick decisions in day-to-day operations. At this point, ad-hoc queries not only save time, but also ensure that information is collected quickly. In addition, BI solutions offer the option of processing the enormous volume of data graphically so that the information can be quickly captured by the respective user.

Also Read : How the Data Science Impact on the Education Sector?

#3. Cost reduction

On the one hand, controlling has to keep an eye on the profitability of the company; on the other hand, controlling itself causes costs that reduce the company's profit. As in other corporate areas, the question of profitability also arises in controlling. Mainly rigid structures and the high manual effort involved in creating reports lead to unnecessary additional costs. With flexible structures, the automatic creation of reports and the elimination of routine tasks, BI tools lower the costs of controlling and eliminate the additional costs mentioned. In addition, functioning processes and an improved information basis for strategic decision-making are mutually dependent, because value-adding analyses and detailed information that is created with the help of a BI tool contribute to the sustainable growth of every company through the right decisions.

#4. Increase in flexibility

Against the background of fast and dynamic market changes, a simple and efficient reporting solution is required that can be easily adapted to the individual requirements and information needs of the various stakeholders.

Above all, cloud solutions can be adapted to specific needs and linked to company growth. With its simple scalability, for example, the number of users can be easily adjusted if there is an increased need, without causing unexpected costs or problems.

#5. Recognize opportunities - minimize risks

The database created by a BI solution makes it possible to use mathematical and statistical algorithms to identify opportunities and, conversely, to minimize risks. For example, current trends in connection with the consumer behaviour of customers can be analysed and transferred to production. The increasing transparency enables a company to identify strengths and weaknesses, to recognize important drivers in the company, to optimize processes and to avoid nasty surprises in the future.

Areas of application

• Tasks for employees

The tasks in the area of ​​business intelligence are diverse. Employees have a correspondingly high level of responsibility because strategic management decisions are based on their work. As an interface between specialist departments and IT, they should have good communication skills and solid technical knowledge.

In addition, activities in the field of business intelligence require conceptual skills, strong analytical thinking and the ability to recognize and explain complex relationships.
The most common positions in business intelligence are:

• BI architect

A BI architect designs the BI processes and structures and formulates specifications for the system and the tools. To do this, he has to know the company very well, understand the requirements of the specialist departments and be able to implement them in appropriate processes and data structures. As a (partial) project manager, he defines goals and requirements and guides those involved in the project. Depending on the company size and organizational structure, a BI project manager is also used.

• BI analyst

The BI analyst is responsible for data acquisition and maintenance. In this context, he tests various tools, gives recommendations for action and, if necessary, trains other employees in how to use the various applications. As an expert on (a sub-area of) data, he can not only analyse it very quickly and with high quality, but can also make recommendations for action.

• BI developer

It is the job of the BI developer to analyse the existing data for specific questions and to prepare the results for the decision-makers. Above all, complex issues and the resulting reports are part of his tasks.

• Database developer

The database developer takes care of the management of the data warehouse with all its sub-aspects. This means that he is not responsible for the actual BI tool, but for an important part of the substructure: for performance and problem solving as well as the interfaces of the data warehouse system, for recognizing optimization potential and continuous improvement of the system.

Conclusion

The requirements for a BI platform differ depending on how a company defines business intelligence, how big the company is, what industry it is in and what purposes it is precisely pursuing. It is advisable to work with BI experts to determine the company's requirements for a BI tool and to check which software provides the required service as part of a "proof of concept". However, trends are emerging that companies should consider when choosing a BI tool.