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Here is why your organization needs modern business intelligence in 2023

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May 12, 2023

In the business world, where observing the consumer’s behaviour matters the most, business intelligence (BI) has already become indispensable. With the right business intelligence tools, organisations collect data in order to deliver a seamless customer experience. Moreover, this customer information leaves trials, that help organisations modernise their business models and strategies to compete in the future.

Here are the five best ways top business intelligence tools can help organisations to response future challenges.

1. Making sense of your organisational data

Nowadays, data is a goldmine for any organisation because of its value and all around. Websites, social media, sales records, QA information, and financial interactions generate data. To adopt a robust futuristic organisation approach for success, you just have to understand how to extract the right information for this data.

Full-stack business intelligence platforms let you mine this data generated from disparate data sources. Technological developments like augmented analytics use artificial intelligence techniques to prepare data faster and generate more reliable insights quickly, providing data decision-makers with more time to understand, apply, and act on those insights. In many cases, self-service business intelligence tools have already made it so quick that you don't even need to hire a data scientist or data organizers.

2. Empowering your enterprise with "what-if" scenarios

Organisational teams perform best when they’ve got the opportunity to make informed business decisions at the right time. The traditional approach of floating ideas to the top and waiting for an answer is already fading away. This conventional approach is slower and more inefficient due to the involvement of people from multiple hierarchies & departments, such as production lines, departmental operators, sales teams, and service teams.

Self-service business intelligence empowers employees to explore multiple scenarios directly to take decisions quickly. They no longer need to stand in for IT experts to plough through data and wait days for the results. They can ask "on the fly" questions without the need for massive systems and with fewer dependencies on the other teams.

3. Working toward organisational objectives

An organisation with multiple departments on the same page, evolving together for business objectives, is the best-case scenario for many CEOs. Unfortunately, for many organisations, it's not that easy because their organisations are too busy fighting against siloed information. This hinders the capabilities to achieve organisational objectives.

Read more. Business intelligence – A way forward for the insurance industry

With modern, self-service business intelligence solutions, these barriers can be shattered. The insights from these tools produce a “single version of the truth”, which results in planned actions with fewer arguments. Sharable dashboards with natural language query (NLQ) boost collaboration between individuals, teams, and multiple organisational departments. As everyone knows well, modern dashboards are more than static reports, spreadsheets, or slideshows. Interactive dashboards allow teams to add value to accelerate progress toward your business goals and objectives.

4. Deciding strategies for the future

Business intelligence and predictive analytics are designed to give a clear picture of future objectives. These tools are likely to evolve more with time and can save heavy investments, as has been done in the past. Modern business intelligence tools are infused with AI capabilities, so they’re perfect for finding patterns in historical data and referencing the current data against those patterns and choices that were made by customers. So, organisations can start by adding the right data analytics software to their organisation's needs for answers and outcomes.

5. Getting ahead of the curve

Business intelligence capabilities are now being embedded in multiple organisational applications. Vendors and software developers are also adding interactive dashboards with real-time insights that help organizations to accelerate their strategic business plans and strategy. Real-time insights are a powerful competitive edge for products and services. It’s no wonder that market researcher Forrester predicted that future embedded BI software will become the norm within the next 3–5 years.

Wrapping up with some food for thought

Understanding your data has already become the key to success in today’s business landscape. Whereas, in coming years modern business intelligence platforms infused with AI, will add more value in navigating organisations.

Empowering the teams with efficient knowledge of data management is necessary. Therefore, a proper data democratisation strategy will become a necessary element in future. New roles and functions like self-service business intelligence tools, a robust data governance architecture, and new roles like chief data officers are required to handle the modern business intelligence landscape effectively.

At Systems Limited, we offer comprehensive Business Intelligence consulting services, tailor-made for your business requirements. For more information on our business intelligence capabilities, you can visit our data management & analytics page.

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