Making the Most of Data: Analysis and Business Intelligence (BI) Tools

However today, with the rise of scalable and affordable data analysis and business Intelligence tools, any business having vision and willingness can use a more holistic use of BI to their advantage.

Strikingly, the picture was rather different not many years ago. Integrated BI, or Business Intelligence systems and processes, was a luxury that only big enterprises could afford to employ.

But in the future, more and more companies of all sizes will be looking to modernise their infrastructure and use advanced BI analytical tools. This will help them:

• survive modern data-driven world
• drive towards the insights gained from credible BI

A Bit About Business Intelligence (BI)

Business Intelligence uses strategies and technologies to analyse business data and information. BI technologies help organisations gain historical, current, and predictive views of their operations.

How does that work?

• BI tools gather data and present it in a way that helps recipients make insightful decisions.

• From data mining to operational business performance management, BI covers a wide range of tasks and functions.

However, you must also acknowledge that it’s no longer enough to look at historical trends. It’s now important to identify patterns in the data, shifting focus towards predictive analysis so business managers can make crucial strategic decisions.

Making the Most Out of Data Available

In today’s digital landscape, businesses must fully use the data at their disposal — along with growing data from external sources. As people increasingly recognise the value of understanding this information, data is rapidly becoming a major business asset.

Therefore, using the right set of BI tools is essential to manage and thrive in such an environment.

Here are some key ways to do this:

1. Start with the Data You Already Have

In the beginning, focus on building your understanding and keeping things simple. You do not want to overwhelm your team; instead, support them as they grow and develop in this new landscape.

For example, you might already have more data than you realise. From website traffic, hits, and likes to newsletter signups and online enquiries, there’s a lot you can work with.

Moreover, you can align BI tools to identify and analyse data, helping you recognise patterns and make sense of the information you collect.

2. Get Insights about Your Customers

Understanding your customer is key to any business. By knowing their past preferences and predicting how they will behave in the future, BI tools can connect with Customer Response Management (CRM) tools to gather, analyse, and report this data.

For instance, you can plan campaigns by recognising that your customers from a certain part of the world have an upcoming festival.

Offering seasonal discounts during this time could be a strategic move. Moreover, analysing the response to such a campaign can provide valuable insights into its effectiveness.

3. Measure Data in Real-Time

With the advent of mobile phones, data is now shared, analysed, and displayed on the go across a range of mobile devices.

This real-time analysis is made possible through BI tools, allowing managers to view results and forecasts directly in their hands, even while on the go.

Many off-the-shelf BI products offer this functionality as standard, making it relatively simple to implement. In fact, the IT department does not need to be involved.

By correctly configuring KPI dashboards and generating real-time reports on sales directly to your handheld device, you can see how much can be achieved through BI tools to keep up with the fast turnaround of information needs.

4. Predict the Future Using Integrated BI

The traditional Excel spreadsheet has long been the standard tool for recording information and tracking progress. However, it is labor-intensive, error-prone, and not well-suited for making predictions about the future.

This is where integrated BI tools come in. These tools provide data analysis that helps define trends and identify growth opportunities. Being able to look forward and steer the ship is far more effective than looking back at the wake and trying to make decisions. With BI tools, you can make a real impact on your business’s future.

We at Centelli are a leading Business Intelligence Consultancy   based in the UK, serving businesses across the EU, US, and worldwide. With a team of savvy data analysts and gurus, we help businesses make use of BI tools to face complex challenges and modernise their infrastructure. Contact us for more info.