Business Intelligence is delivering the right information in the right format to the right people at the right time for decision-making purposes. It is the conversion of raw data into meaningful information for the enhancement of the business analysis and is the key factor for decision making.
Better the decisions, the more successful is are the companies. Companies follow their own business strategies for the betterment of their business. To make better decisions, businesses have always been depended on the data that is available within the company and as well with on the data that is available in the market. Being analytical helps businesses fragment their departments to understand better, the potential clients, performances, operations and decisions, which play the phenomenal role in the company’s growth and development.
What can the Analysis of DATA do?
The multifaceted analytical data available help business identify the strength, weakness, threats and opportunities. The data available may vary for different segments but each data available has its own key benefits in making the right decisions and identifying the right talents and tapping them for the benefit of the company. Analytical data also helps to bridge the gap between raw data available and decision making.
Businesses always rely on stable analytical before stepping into new ventures or ideas than making hasty decisions. This is where the role of a business analyst is crucial. He forecasts the YES factors and the NO factors for the business and guides them in the right successful way. To forecast the business and make decisions, business analyst is required to analyze data with various key factors depending on the domain of the business.
What can business intelligence do?
- Help in improvising the performance and the efficiency
- Data Visualization and Real time monitoring
- Helps in analysing the monetary factors of the company
- Speeds up decision making which is a company’s crucial part (be it recruiting an employee or developing the business)
- Can create insights for the betterment of the company
Business Analysis help in seeing the big picture, predicting the development of the company and helping the company to make strategic decisions that will benefit the company. Business Analysis helps in creating new insights with the analytical data available of from the past and the present paving way for the future of the business.
Setting benchmark is vital for a company, and this is possible only with making better decisions and improvising the quality of the company’s services. The more the data available with the company, the better the company can set their benchmark within the company and in the open market as well. Though the empirical extensions of the company may vary, statistical analysis and strategically planning sets the right and competitive benchmark in the industry, setting good example for others.
Analysis and Decision Making
The analytical data available with the company helps in making the right decision making by identifying the problems and issues the company is facing and rectifying them as soon as possible with measures that will not affect the company monetary factors and not causing any damage to the reputation of the company.
The right kind of information available will help in proper strategic decisions, tactical decisions and operational decisions. Analytics help in identifying objectives, course of action required, communication and business engagement.
What Significance do ERP play with BI and Data Analysis?
ERP has been very significant in the Business Intelligence and Data analysis, making the big data analysis easy and making forecast of the future more precise than making it imaginary figures. Few of the notable ERP systems are SAP, Microsoft Dynamics, Oracle and more. Companies are benefiting from these ERP systems by forecasting the exact end results and making employee work load easier.
Benefits of ERP:
- Improved reporting
- Data quality
- Lower cost of operations
- Better CRM
- Business analytics
- Improved data access
- Better supply chain
- Regulatory compliance
- Reduced complexity