Business Intelligence in your organization:
Today's digital economy is all about information and data, and thus Business Intelligence BI. Organizations collect and analyze data in a structured manner in order to make fast, high quality and fact-based decisions. The growing importance and use of information has led to new developments which will have a major impact on your business. Those who respond to these trends faster and smarter will gain a competitive advantage. And this is where the effective use of Business Intelligence (BI) comes in.
Navigating the data woods with BI
The enormous volume of data that transaction systems and websites generate is already leading to a data overload: organizations are drowning in data. Business Intelligence BI is a collection of methods and techniques which has been developed to counteract precisely this data overload. But what is BI?
Business Intelligence BI is not a product or a system. It is a collective term to describe a combination of architectures, applications, databases and processes. It allows real-time, interactive access, analysis, and manipulation of available data, and provides the business user with useful and actionable information. Traditional Business Intelligence BI analyzes historical data -data from transactions or other business processes- and supports the business by making relevant relations, trends and patterns in the business process visible. These insights allow decision-makers to make smarter decisions (fact-based), and end-users to have access to reliable business information on their customers, suppliers and partners. Based on this information and these insights, the company can quickly and effectively respond to changes in the market.
Beware of the Business Intelligence BI pitfalls!
Despite the huge potential that BI offers there are pitfalls, however. What is often forgotten is that information, -in whatever form- is only useful if the organization can apply it and thereby improve the decision-making and control process. Information and insights alone are useless if the organization is not able to effectively integrate this information into the business process. To make the information actionable. A major challenge for companies using Business Intelligence BI lies not so much in the proper use of tools and techniques. But in the proper integration of Business Intelligence BI across the organization, whereby the information and insights that Business Intelligence BI delivers can be used directly.
A very different challenge has to do with the type of data that is used and the type of analyses performed. Traditionally, companies use historical data to discover trends and patterns. It’s like looking backwards to determine how the company should be governed going forward. As long as the road is straight, all goes well. But there is no guarantee that the trend of the recent past will be sustainable. In the current business climate that chance is pretty small. Therefore, looking forward becomes increasingly important to predict what will happen and determine the probability of various outcomes. That's what Predictive Analytics does.
The devil is in the data
Ecommerce Result is specialist in Business Intelligence Bi
The developments within the field of BI and Analytics are moving faster than ever and customers demand ever higher quality of service and a customer-oriented approach. The suppliers of business solutions cannot ignore this trend. Just producing a report or dashboard is simply not enough.
Ecommerce Result can help you to realize your current investment in Business Intelligence BI through effective implementation (optimizing BI) and better integration with your primary processes. This can also mean a scan of the performance of your current Business Intelligence BI vendors (tools and services).
In addition, Ecommerce Result can support you in making the switch from reporting and analyzing historical data (traditional Business Intelligence BI) to Predictive Analytics. To predict changes and trends in order to adequately respond to them.
Interested to know more? Feel free to contact us!