How to achieve business growth with a business intelligence solution using your own data?

MUMBAI, India - April 30, 2021 - PRLog -- They say "Data is the new oil" and it is not without a reason. There are numerous success stories of companies that have built robust business intelligence based on data analysis – Netflix, Spotify, Amazon to name a few. Data has stories to tell which would be hard for a human mind to fathom without spending an enormous amount of time of significantly skilled people.

Wait!!! Does that mean that only Big Companies can take advantage of the data and built efficient Business Intelligence? The answer is a Big NO!!!

By using data, Small and Medium-sized companies can position their niche skills against bigger competitors.

Even during the dreadful pandemic, 83% of data-driven Companies in India gained critical business advantages.

In an uncertain environment, it is the intelligent use of the Company's "data" that acts as a key differentiator between Companies, as the Company using data is able to take "clear, thought-through, data-driven decisions" as against organizations who are not using data to drive their business.

I have tried to summarize the key steps you need to take which is based on our BI journey with multiple data-driven Companies.

A.     KPI Management

I.          Identify your Key Performance Indicators (KPIs)
II.          Set benchmark for your KPIs

B.      Decision Management

I.          Identify all key decisions you need to make
II.          Set decision criteria

C.      Data Management

I.          Identify all Data Points for KPI and Decision Management
II.          Perform data gap analysis
III.          Data discipline analysis
IV.          Data improvement planning

D.     Design a Business Intelligence Framework

I.          Designing dashboards and data visualizations
II.          Role-based access
III.          Alert and Alarms
IV.          BI automation

E.      Set up resources for BI

a.      A strong BI tool
b.      Functional experts
c.       Technology team

The organization has to evaluate the total costs of procuring a self-service BI tool, engaging functional and IT teams to run the BI system vis-à-vis the cost of going for a completely assisted BI solution where all the elements (functional, technical, and the BI tool) are managed end-to-end.

Some of the popular self-service BI tools are Tableau and Power BI whereas BiCXO is a good assisted BI solution that provides tremendous value for money.

In conclusion, I would like to say that implementing a good BI system will go a long way in improving operational efficiencies, customer satisfaction, and significant monetary benefits for the organization but all this can be possible only under one circumstance – Complete belief and support of top management in the BI solution.