What’s your Business Intelligence (BI) Strategy?
While the “need to get the most value” out of the information hasn’t changed in 50 years- TODAY, the need to use this information to stay competitive in your marketplace, be cost effective and operationally efficient is what will make the difference in your bottom line. You need to get to the information in order to USE the information; information which can lead to smarter business strategies and more effective decision making across the enterprise. When BI strategy has been effectively implemented, it can provide you with a competitive advantage in the market, and stability in the long run – Intelligent business decisions require Business Intelligence!
Where do you start? ResiliEnt Business Solutions “BI Assessment” or “Enterprise Data Management Assessment” is the easiest way to see if your systems, data and data warehouse strategy is giving you the information you need to develop your operations strategy and execute smart business reporting.
BI technologies provide historical, current and predictive views of business operations using technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence gathers, analyzes and disseminates information with a topical focus on company competitors.
An effective BI Strategy is designed to provide the strategic advice companies need in support of their efforts to manage data from disparate sources and convert it into consistent, actionable information that can drive competitive advantage. The ResiliEnt approach helps you make the most of your valuable data resources through effective use of the right technology, Enterprise Data Management and Enterprise Content Management applications to design the most adaptable and agile reporting system to meet your goals. Our approach allows key functional areas, such as finance, supply chain, HR, sales and marketing and customer service to uniformly interact with each other in response to organizational issues and opportunities.
Reliable data is the key. Data problems can affect nearly every part of a company’s business, from customer relationship management to finance, operations, marketing, risk management, vendor relations and beyond. ResiliEnt consultants bring an agnostic approach- a broad set of capabilities that involve reporting applications, portals, information delivery and basic and advanced analytics – all grounded in a deep understanding of business issues that drive the industries and sectors we serve. We have expertise, scope and capabilities to help companies in their efforts to address their most complex information management challenges.
Bottom-line benefits:
- Improve business operations efficiencies and decision-making by providing data that is accurate, reliable, accessible and consistent
- Establish a strong data warehouse on which business capabilities can be built to achieve enterprise excellence
- Establish a “single version of the truth” across the enterprise
- Reduce information costs and improve productivity across the enterprise
- Facilitate transparency, cooperation and collaboration across organizational boundaries
- Improve regulatory compliance, control and risk management
What is Actionable BI?
- Business Intelligence is the process of collecting, presenting and analyzing data for the purpose of tracking and monitoring the health of an organization, then subsequently taking actions to sustain or improve the profitability of the organization. To that end, if your BI systems don’t present you with information that can result in an action being taken, then it’s just data.
- If you’ve ever said to yourself “Well, this certainly looks pretty, but what does it mean? What can I do with this?” then your BI systems aren’t presenting you with actionable BI.
Why your business needs it:
Not having Actionable BI is the same as not having a BI system at all. To stay competitive, you need information that guides you as to what actions you need to take to meet your goals, respond to negative trends before they get out of control, and ultimately, improve the profitability of your company.
What is BI Reporting?
Dashboards /Customizable Key Performance Indicator’s (KPI)
- A BI dashboard, like the dashboard on a car, visually presents information in a quick and easy to read format. This information, typically key performance indicators (KPIs), is presented in the form of scorecards, reports and/or charts, which can be either dynamic or static.
- KPIs are metrics that show current status, historical trends, or progress towards a goal.
Why your business needs it:
Being able to easily see the trends and relationships in your data can have a positive effect on productivity and your bottom line by:
- leading to better and faster decision making
- assisting in goal setting
- quickly identifying and correcting negative trends
Business Analytics
Business Analytics is a subset of Business Intelligence. It is the practice of methodical and iterative analysis of an organizations data. Where the information on your reports and/or dashboard tells you the “what”, Business Analytics tells you the “why”. Business Analytics includes statistical/quantitative analysis, data mining and predictive modeling.