Business Intelligence is a practice to leverage Information from internal & external data to make better, well-informed, timely & apt business decisions thereby increasing Business Value.
Business Information can be one or more of Information about Organization like Business activities, Key success factors etc.
What is Business Intelligence (BI)?
PBI is a practice to leverage Information from internal & external data to make better, well-informed, timely & apt business decisions thereby increasing Business Value.
It is an organized and systematic process by which an organization acquires, analyzes, stores and disseminates business information from both internal and external sources significant for its business activities and for operative and strategic decision-making.
BI includes a variety of intelligence such as Competitive intelligence, competitor intelligence & market intelligence. In summary, BI can be said as operating with Business Information. Details on these are included in the section “What is Business Information?”
Such intelligence is on the top of the Hierarchy represented in the figure below, built on the foundation of Data & Information:
What is Business Information?
Business Information can be one or more of these:
Information about Organization like Business activities, Key success factors etc.
Information about Industry like Process changes in the industry, supply and demand status etc.
Information about Business Environment like Political, legislative, demographical information etc. where such information have influence on entire industry.
Information related to single departsment or unit.
At different levels of decision making, different business information is used.
Potential source of Business Information can be:
Who needs BI?
Every enterprise owner who wishes to make his venture profitable needs BI at varying levels to help him have an edge over competitors.
Right from SME’s to large scale enterprises BI is the backbone of an organization’s strategic framework.
A common misconception prevalent is that BI is affordable only by huge business houses since it can only be applied to a business collectively as a whole and not in segments in terms of independent departments or projects.
This has contributed in a large way in many SME’s shying away from the concept.
BI can be applied to every process of an enterprise individually, depending on individual business needs.
Basically every enterprise has data, which is always on accumulative mode.
Nothing can be more detrimental to a business than disorganized data. Absence of systematized data and information not only hampers growth but throws all operations out of control in critical situations.
No enterprise can be successful having islands of information systems that fail to work cohesively and provide the right data at the right time to the right sources to help make the right decision.
It is an effective aid to get a whole picture of Organization’s capabilities and business environment.
Helps in understanding where an Organization is defenseless.
Supports in identifying threats and opportunities while avoiding surprises.
When you are forced to take important decisions guided by intuition rather than by accurate historical and current happenings.
When deals are getting stuck mid way through due to lack of coherent information.
When you see opportunities slipping by because you are struggling to analyze market trends and are unable to cash in at the right moment
When business managers spend more than required time in accessing data from multiple sources and are still not sure if the final version is correct.
When you have no clue on the correction methods to be adopted to increase efficiency in terms of production, sales & service.
When you want to decrease reaction-time and out-think the competition.
Who do we cater to in BI?
Banking, Financial Services & Insurance (BFSI)
Advantages of BI
Enables the organization to recognize and utilize external information.
Equips the organizations to read weak signals.
Increases the quality of strategic and operative planning
Reduces time to decision-making.
Gauge performance on all levels and aspects
Reveal patterns in Customer behavior, purchase / sales pattern etc.
Help you evaluate the set target vs. achieved target, set future goals
Analyze and predict trends [demographic, products & customer wise] across regions/ departments / divisions
Determine pricing policies
Fine tune marketing strategies
Plan outlay for your financial budgets
Analyze customer behavior & enhance customer satisfaction in terms of product & service
What do we do in BI?
DASH BOARDS & REPORTS
Complete implementation of Dashboards / Reporting Solutions.
Maintenance & Support of existing solutions.
Enhancements to Existing Reports / Dashboards.
Independent testing of Dashboard / Reports solutions.
Report tools upgrade
Implementation of Analytical Solutions
Consultancy in Analytics with Functional Expertise