Business Intelligence is nothing but to take data and generate business or business benefits out of it. Means, taking data and turning it into a knowledgeable stream to serve people at the right time and at right place in the right format, so they can make better decisions to drive business benefits.
Previously, such insights were extracted using spreadsheets such as excel. But the time taken to set them up, as well as their inadequate analysis, collaboration and reporting capabilities made them ineffective, creating a strong business case for business intelligence tools.
Business Intelligence architecture, applications, and databases do a better job at analyzing historic and real-time data, and extrapolating or manipulating the information to help decision-makers make smarter and more informed decisions. The ramifications of this, within the enterprise are huge and significant.
Business critical information can be shared more efficiently with people across the organization using a common software platform. By having a single source for financial, market and operational information, people are more empowered with insights regarding business performance. This helps sales and marketing departments identify and target fruitful opportunities better. BI softwares generate graphical and easy-to-understand reports, which give them the scalability and flexibility to include as many departments and users onto the platform.
However, more opportunities in BI often lead to more complexities and that’s because data has to be integrated from multiple business applications or data sources within the enterprise and outside. On an additional note, as the need for quick access to business intelligence increases, the number of users accessing them also surges up on a parallel note. This results in Business Intelligence systems become slow and sluggish and less effective as time passes on.
Further, data is no longer being collected from traditional software systems in the enterprise or public domain alone. Increasingly, they are also coming from appliances, devices and machinery that are used in day-to-day life. Called ‘Internet of Things’ or IOT, this involves the use of sensors and communication protocols by appliances for collecting data and interacting with each other over the Internet, in order to automate quotidian tasks in our daily life.
This implies that enterprises may be sitting on outdated, inefficient, or inadequate business intelligence systems that are not achieving the purpose they were intended for. The only way forward is to have better architected, better designed and better integrated BI systems that are geared to handle both data and Big Data.
DNF has tremendous expertise in the Business Intelligence Analytics arena. Its vendor-agnostic, platform-agnostic capabilities help business organizations analyze millions of bits of information in real-time, and make better predictive assumptions on the future. These assumptions and insights help organizations gain the much-needed edge in today’s highly crowded and, competitive marketplace and evolve from a market leader to an industry leader.
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