Business Intelligence – Need of the Hour
Data across the organisations is becoming complex and dynamic in nature due to ever changing and disruptive business landscape. It is important to derive intelligence out of data and use it to respond quickly to these changing environment by constantly looking for new patterns, outliers and emerging trends. Informed and effective business decision making process is centric to the future growth of an organisation. To be able to make data driven decisions in the VUCA world has become more important for organisations to thrive. Today, in the world of IoT’s and cloud computing, data related to any product or business lifecycle can easily be captured, which when processed can provide real time business intelligence.
Business Intelligence system refers to an ecosystem where strategic management decisions are taken for a data driven digital transformation. It entails everything from collecting data through various sources, cleaning it, storing it in data warehouse and data marts, transforming unstructured data to structured data to draw information. It also includes data and analytics culture of the organization and processes laid around it like data stewardship, data management and roles like CDO.
Bilight Solutions is a company that provides end to end Business Intelligence implementation as well as consulting services. Whether you are looking to set up your BI infrastructure from scratch or trying to level up from your existing setup, Bilight solutions is here to help you.
Why do you need business intelligence ecosystem?
Well established business intelligence ecosystem enables the organization to get the insights faster and more importantly action around the same.
Making strategies and roadmaps to achieve business goals involves some tough decision making. It is embedded at each and every stage. While navigating through a business decision making process, managers are faced with some touch questions that need to be answered based on data and insights.
Interactive visualisations help draw business insights and hence help in better decision making.
Should we close the branches that are in bottom 20% of the income?
What is the product mix, an RM to sell, so the profitability increases?
How do I know if my customer is engaging at the right level?
Own Fleet Utilisation for profitability improvement?
What season is best to offer discounts and how much?
How well you answer the important questions can decide the fate of your business.
are comfortable questioning KPIs and metrics used in organizations
are asked to communicate using data-driven methods
say actions are driven by data analysis
find it easy to find internal or external collaborator that can help
What drives decision making?!
Situations that trigger decision making in an organisation can be varied and sometimes even unforeseen. Changes in demand and supply chain, government regulations, increased competition, technological innovations and environmental factors can decide the course of business. Right action need to be taken keeping in mind all the stake holders involved. One required carefully thought out decision support tools as this helps in business process optimisation and goes a long way in deciding the fate of an organisation.
Taking the right action involves using using both left and the right side of the brain. Left side of the brain is analytical. It breaks down the constraints and tries to solve it with logic and data. Right side of the brain deals with intuition and feelings. It more often comes as a tactical knowledge that comes being in the particular environment for an long time.
Business Intelligence eco-system helps managers apply logic and data to their intuition and experience and take right actions that benefits the organization.
Would like to appreciate Bilight Team’s help in building the entire Tableau Dashboards & Flowcharts for all the Products from scratch.
All the Management Team members have liked the Dashboards and are delighted with the Insightful information that it gives to us. The complex calculations & Dynamic Tableau capabilities like Slicing & dicing of data are helping us in understanding our Portfolio better
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