As business intelligence tools continue to be the buzzword in the enterprise arena, companies looking to adopt BI technologies for business management have to make significant changes to their business to get the BI advantage.
In this blog, we look at the value BI offers organisations of all sizes and industries, and why a collaborative environment is the key to a successful business intelligence implementation.
Business intelligence provides historical, current, and predictive views of business operations, by combining data derived from both external sources, such as the marketplace, and internal data from its current business processes.
Aside from analysis and reporting, business intelligence is instrumental in helping businesses to create a competitive market advantage by identifying and developing new strategic business opportunities based on predictive modelling and statistical analysis.
Database administrators, IT developers and business analysts are usually tasked to make sense of this large amount of data. The multi-skilled teams ensure that data is accessible and useful to stakeholders and management for reporting and important decision-making.
Business intelligence tools can assist with this process, simplifying management and keeping data secure while giving people access to the insights they need. Data analysts can finally connect to hundreds of sources, prepare data with ease, visualise data updates via interactive graphics and charts, and create compelling reports in minutes on any device.
However, business intelligence does not work in silos. Team members from multiple departments and locations need to effectively collaborate to access important business data, share data visualisations across the enterprise.
Undoubtedly, cross-functional teams can accomplish these goals faster and more efficient if the company adopts a speedy and collaborative culture, for example by moving IT towards a DevOps culture, and connects all business operations via an integrated business platform.
Data analytics tools can be embedded in the ERP platform or added-on later as a standalone application. Before the implementation, team members, IT professionals, developers and analysts should all work closely to ensure the underlying infrastructure can support BI.
Cloud-based BI tools enable fast data processing and progressive analytics, as well as accessible real-time data sharing and team collaboration.
Finally, teams must align the business intelligence applications with the organisational management strategy, ensuring the efficiency of business operations no matter where the data lives: on-premises, big data, streaming data, and cloud services.
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