Business Intelligence Becomes An Integral Enterprise Component

bi Business Intelligence Becomes An Integral Enterprise Component

Here are several excerpts from an informative article by Priyanka Akhouri, staff writer for CXO Today, Now, BI Becomes Integral Enterprise Component:

Business Intelligence (BI) refers to technologies, applications, and methods for gathering, integration, analysis, and business information presentation and at times to the information itself.

Enterprises are adopting more and more BI solutions to address the challenges of competition marked by overall improvement of enterprise performance, increase in revenue, growth, and profits.

Here are some insights on how BI can improve performance, growth, and profits for enterprises…

Gartner analyst’s recommend that enterprises need to form a Business Intelligence Competency Center (BICC) to improve development and focus on resources. The center develops an overall strategic plan and priorities for BI, defining requirements (including data quality and governance). It also help the organization to infer and implement the insight to business decisions.

BI software delivers the information that drives better business decisions to improve an organization’s performance. According to Kaushik Bagchi, country manager (Information Management) of IBM Software Group, India/ South Asia, BI gives timely knowledge about customers, products, and markets.

This knowledge can help to boost profits, reduce costs, and support better and effective management. It’s crucial to achieve and sustain a viable lead.

Benefits of BI

Better usage of BI optimizes internal processes for effective management of sourcing decisions, reducing internal documentation, and application processing times (order to cash, claims settlement, and new business applications), to take real-time informed, etc.

Further, Karpe added, “BI assists to increase revenues by predicting market demands, evaluating growth strategies, and helping business plan the most effective, high-impact, and realistic business plans.”

BI solutions can aid enterprises to search vast quantities of data quickly, thoroughly and with sharp analytical precision for real-time insight and decision making to achieve information on demand.

According to Bagchi, these solutions range from department-level data marts for specialized functions — such as sales or financial analysis to massive enterprise data warehouses that span numerous data sources and provide a single view of your information.

SPS Grover, vice president (Technology and Sales) of Oracle, India, said, “Indian organizations are realizing that successful implementation of BI technologies allows them to make more informed decisions that are of strategic value to senior executives.”

The benefits of BI as pointed by Bagchi include: it provides analysis and reports; better decision-making processes; enhanced business processes; knowledge management and management of information systems; planning; monitoring, etc.

Why BI is important for enterprises

BI supports decision-making that can help an organization to create competitive edge and improve its business base. While explaining BI’s importance, Sanjay Manchanda, director of (Microsoft Business Division) of Microsoft, India, said, “Specifically, BI helps to accomplish this by integrating, storing, reporting, and analyzing data. This allows to delivers insight, which in turn drives better business performance.”

Trends in BI

Users of all sizes in various industries are looking for new ways to maximize their information in order to gain a competitive advantage.