ALL >> General >> View Article
How To Achieve Business Growth With A Business Intelligence Solution Using Your Own Data?

Data is a valuable asset, and companies of all sizes can benefit from Business Intelligence (BI) to make data-driven decisions. Small and medium-sized companies have harnessed data to gain a competitive edge.
Benefits of BI:
Studies show that BI can increase operational efficiency, customer satisfaction, informed decision-making, competitive advantage, revenue, and cost savings. The return on investment (ROI) for BI can be exceptionally high, up to 130%.
BI During the Pandemic:
During the pandemic, 83% of data-driven companies in India gained significant business advantages through BI.
Steps to Implement BI:
1. KPI Management:
Identify essential Key Performance Indicators (KPIs) and set benchmarks.
Ensure KPIs meet the "SMART" criteria (Specific, Measurable, Attainable, Relevant, Time-bound).
2. Decision Management:
Identify strategic and operational decisions.
Establish decision criteria based on variables, such as ROI or inventory levels.
3. Data Management:
Identify data points for KPIs and decisions.
Perform data gap analysis to ensure ...
... data availability.
Assess data accuracy and timeliness.
Create a data improvement plan.
4. Design a BI Framework:
Create data visualizations and interactive dashboards for faster insights.
Implement role-based access for relevant information.
Set up alerts and alarms to prompt timely actions.
Automate the BI system to eliminate manual intervention.
5. Set up Resources for BI:
Acquire a robust BI tool like Tableau, Power BI, or BiCXO.
Assemble a functional team to design the BI system.
Engage a technology team to develop reports, integrate systems, and automate the BI solution.
Evaluate costs for a self-service or assisted BI solution.
Conclusion:
Implementing BI can enhance operational efficiency, customer satisfaction, and financial benefits. Success depends on strong support from top management.
Add Comment
General Articles
1. How Solicitors In Craigavon Handle Property DisputesAuthor: Jph Law
2. Car Suspension Repair Dubai – Drive Smooth, Stay Safe
Author: James
3. Top Choice For Apple Ipad Repair Dubai – Fast, Reliable, And Affordable
Author: James
4. Best Fan Designs By Industry – Id And Fd Fans
Author: Neel Rao
5. Chand Par Shayari In Hindi
Author: Banjit
6. British And Irish Lions Face Fitness Fears Before Brisbane Test
Author: eticketing.co
7. What Are A4-70 Bolts And Why Are They Important?
Author: Dalloyed Fastners
8. Is Apache Superset Right For You? 5 Alternatives To Consider
Author: Vhelical
9. Redash Alternative For Data Visualization
Author: Vhelical
10. Nfl Games: Chiefs-chargers Clash Amid Cbs Uncertainty
Author: eticketing.co
11. Ai-powered Affiliate Funnels? Fusion Ai 2025 Review Exposes The Truth
Author: Joshua thomson
12. Looking For A Nursery In Rolla Sharjah? Visit Bumble Bee Nursery Today!
Author: sharjah
13. Platinum 1000 l Stainless Steel Tank For Ro Water Storage: Pure, Safe & Durable
Author: amalagrawal
14. Best Double Meaning Shayari With Images
Author: Banjit
15. The Highwaymen’s Journey Through Time: From Roadside Paintings To Museum Walls
Author: Highwaymen Art Specialists