The Importance of Business Intelligence and What it Means for Your Data
By Pankaj Gaur
As Microsoft puts it, “Business intelligence (BI) helps organizations analyze historical and current data, so they can quickly uncover actionable insights for making strategic decisions. Business intelligence tools make this possible by processing large data sets across multiple sources and presenting findings in visual formats that are easy to understand and share.”
BI tools combine the data from the market you operate in with your own internal data, such as financial and operational, to deliver a comprehensive set of “intelligence” about your business. It presents business intelligence in visually appealing, easy-to-understand formats, and allows for a clearer interpretation of actionable insights.
Centralizing and standardizing your data in a business intelligence platform allows it to be secured, shared, and used effectively. This results in greater ease when adding:
- New users (even acquired companies)
- Central management of the technology
- Simplified BI reporting
- Faster, more comprehensive data analysis
Why is Business Intelligence Important?
By unlocking the value of internal and third-party data for every business and user in your network with business intelligence tools, you can provide real-time insights about your business, anywhere, anytime. These BI tools empower your team with user-friendly access to the business intelligence tools they need to make better decisions, faster.
Often with our own clients, we provide ad hoc reporting, self-service data visualization and dashboards, mobile BI, and more to help business users improve performance and become more effective in everything they do.
We believe there’s true power in building a data-driven culture in your organization with powerful, visually stunning analytics.
For a bit more info, head over to our BI page.
What is a Data Strategy?
Data strategy refers to the tools, processes, and rules which define how to manage, analyze, and act upon business data. It does not just help you make informed decisions based on your data but also ensures you keep your data safe and compliant.
Identifying new opportunities and implementing an effective strategy based on insights makes organizational data work and unlocks its true potential. It helps your organization gain a competitive edge by improving your operational efficiency, driving revenue reducing BI costs, and delivering a superior customer experience.
When establishing a data strategy with clients, the proper approach should incorporate:
- Evaluating data systems, people, and technology readiness and formulating high-level adoption strategy
- Solutioning end to end architecture including data ingestion, processing, storing, and data visualization
- Formulating detailed strategy containing roadmap and indicative timelines
- Analysis of current data environment in terms of process and platforms
- Finalizing best-fit tool for beautiful data visualization
- A migration template-based scrutiny of current data infrastructure, application dependencies to identify areas to re-platform using the cloud
Data Processing, Modeling and Visualization Development
For any BI project, the data processing and modeling are the key areas where most of the development effort goes into.
As the volume, variety, and velocity of data have dramatically grown in recent years, architects and developers have had to adapt to a variety of tools and technology to achieve real-time reporting with fast-moving data pipelines.
When building out your BI solution, that should include:
- Best-in-class visualizations backed by robust semantic model meant for truly self-service reports and dashboards
- Strict adherence to best practices in design principles resulting in user-friendly, intuitive model and reports
- A full-fledged data platform migration strategy containing a detailed plan which aligns IT with business and ensures minimal disruptions to business
- Development using our standard control framework auditing and logging every step of data processing and storage
Looking to develop your business intelligence strategy? Let’s talk.
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