Power of business Intelligence

Power of Business Intelligence

Business owner has to be always aware about the vital information about the business. The vital information about business progress is called as Key Performance indicators (KPI). Businesses decide KPI’s at the beginning of financial year and often evaluate at the end of the year but if you know that you have not achieved your target results at the end of the year is it of any worth? The answer is purely NO, No, No.

You need to know current status of KPI achievement progress at any given point of time but the KPI progress observing daily and routinely is not possible with big data. It can be achieved through dashboards as dashboards give all the required information at one place and visuals make it easy to understand the current progress in less amount of time. If the dashboards are interactive, then deep diving to understand current situation is easy and is an added advantage.

In current scenario, organisations depend on Data analysis which is done on excel. Doing analysis in excel includes requirement of data analyst. This requirement adds in expenses as you have to pay salary to the analyst and sometimes the analysis will not be accurate. Accurate dashboards are very important. Suppose you have BP measuring machine which has low accuracy, will you rely on it’s results? The answer is no. If you have an experienced analyst with high accuracy, then also the analyst will take time to analyse and send you data which then will be required to be seen on PC and the analysis will not be real-time. In addition to that you need to pay high salary to the experienced analyst.

Now if you use BI solutions like Power BI & Tableau, the data is refreshed automatically and always accurate. The dashboards are available on mobile and hence the dashboards preparation salary expenses for employing analyst get reduced, accuracy increased, speed is increased, data is real-time and you can drill down in the data to get deeper insights on the data.

Now with Business Intelligence we can see our business progress anytime anywhere and this is very important for the business owner or functional leader to check progress and if problem then address the problems immediately so that the final results are achieved as per the set target.

So, what is your decision, will you adopt BI or will you stick to your old excel?

Your decision will determine success of your business.