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Any discussion regarding digital technology is incomplete without the mention of data science. It is one chapter in the world of business which holds enormous potential for existing and future businesses. Data science gives you a multi dimensional view of the entire business cycle starting from customers to customer satisfaction. Data science maps all the functional areas of a business. Thus, studying and analysing data becomes the secret sauce of success for brands! Today, most of the worlds leading enterprises are using the power of BI and Analytics to support their business operations. However, the major challenge remains in the choice of a BI consultant.
BI and Analytics have been a major support system for businesses by giving crucial insights on key areas.
BI platforms conduct heavy duty data processing on the cloud or the company’s server. The data pulled by BI platforms are then are stored in a data warehouse. It then analyses the data on the basis of queries, dashboards, drag and drop reports etc. we can take the use case of Lenovo to understand the semantics of data warehousing and dashboarding. Lenovo used BI to enhance reporting efficiency by as much as 95%.
BI provides business leaders a neat picture of their business performance. It helps them compare their performance with a set of benchmarked standards. Using BI, one can continuously improve business efficiency. The organization leaders can also identify multiple areas of opportunity through the BI tools. The holistic view of the business allows the business leaders and key decision makers to take vital business decisions. BI results highlight the key areas of opportunity for a business and raises red flags on the possible threats.
Business decision making becomes highly effective when it is taken on the basis of data. Real time business data and dashboards help customer acquisition, sales and support teams to a great extent. With a clear vision about the market trends, the actionable plans can be streamlined and set across the right channels. In the past, the lack of availability of data resulted in a lot of problems for managers and business decision makers.
The BI and analytics tools help in improving the overall customer experience. As a use case, we can refer to the example of Verizon which received a very positive impact after incorporating dashboards for employees. The dashboards displayed crucial data on sales, customers, feedback, performance, and complaints.
BI systems improve the quality of data. In the traditional data analysis model, different departments compartmentalised the data. Hence, suers needed to access different compartments for different types of data. Modern BI platforms creates a hybrid environment where internal databases are combined for storage. Users from different departments can access same data at one point of time.
The competitive advantage of data is strong! Organizations can better compete with a clear view of the overall market conditions. They avoid the suspicious markets and thrive in the areas of opportunity. BI helps businesses stay competitive and adjust to the constantly evolving market needs. Plus, BI gives a crystal clear view of the customer lifecycle. BI is your business engine’s dashboard and also deploys the air bags in case of an emergency.
The BI implementation requires extensive planning, resource allocation and a digital roadmap. The entire process can take several months if it is done by an expert BI and Analytics consultant. Enterprises must choose a BI consultant carefully by keeping the following points in mind.
ITPN data analytics practice provides high-quality services in Data Warehousing, Business Intelligence, Big Data, Data Sciences & Data Visualization. We deliver advanced insight to enable drive outcomes that help organizations improve performance & profitability. Our pioneering expertise range from data accessing to reporting on big data using advanced machine learning modeling, forecasting, and business statistical analysis.