April 6, 2021
Think business with BI technologies
BI technologiesWhat's the deal with Business Intelligence.How does it put businesses on the right path?How can it boost productivity and improve transparency? These are the fundamental questions that must be addressed.Business intelligence (BI) refers to the tools, applications, and methods that are used to obtain, integrate, analyse, and present business data. The aim is to encourage and enhance better business decision-making practices.Progression is unavoidable. BI wasn't a requirement just a few years ago, and businesses could all get by without it, but now it's a must-have. With it, companies can secure accountability, shape crystal clear business processes, and minimise potential risks related to their processes, supply chain, and so on.BI trends are leading the way. The market, and demand, are moving at the speed of light. It’s no longer a case of but when, all business should be utilising data and data-driven approaches.SaaS BI, Data protection, Data Discovery/Visualization, Predictive and prescriptive analytics tools, Embedded analytics, Collaborative business intelligence, the list goes on. These are just a few of the BI trends that have emerged in the last few years.The benefits of Business Intelligence (BI)It’s pretty awe-inspiring, and then there's the issue of how BI technology will help companies grow. Let's take a closer look at the many benefits of BI (Business Intelligence):
Consider the following existing landscape regarding Supply Chain Management. The Supply Chain is a difficult place to manage; a lack of accountability here can have serious repercussions such as large delays, inefficiency, and distribution issues. Within upgraded Supply Chains, Business Intelligence (BI) improves efficiency whilst saving time and money.What Business Intelligence (BI) tools are out there?Companies are given the gift of foresight by Business Intelligence (BI). Business operations are becoming more predictable, making them easy to track and monitor so that negative outcomes are avoided. You can quickly transform your Supply Chain operations by using the Tableau platform, which allows you to gain precise and refined information while mitigating and eliminating potential risks. By making visualisations, the Tableau tool assists in the interpretation and comprehension of key data.There are several BI products on the market right now, both custom and ready-made, so you can pick and choose what works best for you.Oracle BI platform is a ready-made solution that enables you to simplify and make your analytics more precise with modern and integrated systems. This system will allow you to quickly find answers to predictive and statistical questionsThrough data visualisation extensions, you can present a compelling analytical story.Custom Business Intelligence (BI) reportingThe Magora team had such an engaging experience designing and developing a BI reporting tool for AstraZeneca. AstraZeneca was considering creating a custom BI platform to build сustomizable reports, as it is not always possible with ready-made BI solutions on the market.The Magora team’s BI reporting tool was designed to assist AstraZeneca’s senior management in easily receiving the information they needed, and making the necessary informed business decisions. There are many BI tools available now at the market, both custom and ready-made so you can choose what suits you best.The importance of business intelligence programmes cannot be overstated. They will ultimately enable quicker research, increased organisation performance, improved consumer service, working with data that is trusted and governed. It is unquestionably worth the thought.Anything on your mind? Get in touch!
- Improves Key Performance Indicators, accuracy and precision (KPIs)
- Allows you to conduct qualitative as well as quantitative research
- Aids in the discovery of customer insights
- Overall, BI has a major effect on the turnover level of businesses (by applying predictive analytics to sales and marketing efforts, for instance).