The 4th industrial revolution is already upon us. The Big three—AI, Big Data, Cloud is poised to disrupt every industry in today’s world in the upcoming decades. Hence, businesses are faced with a very tough choice. Digital transformation for businesses won’t be enough. What they actually need to adopt is ‘digital intelligence’, data-driven decision making, and ‘business intelligence’.
Put simply, business intelligence is nothing but the adoption of certain digital solutions that would enable them with data-based intelligent decision-making and ‘smart-aid’ different business processes. Today’s new generation of consultants at the corporate strategy consulting firms, faced with the tough task to turnaround companies or charter a futuristic business path for their clients, are increasingly asking firms to adopt business intelligent solutions to automate redundant, time-consuming business processes, streamline operations, and intelligently strategize while avoiding necessary risks. Here are some of the biggest advantages of business intelligence solutions.
Their biggest advantage of business intelligence software solutions, though, is in its unprecedented capacity to collect, store important data and provide necessary business insights on the same. Automated and faster reports, plans are all duly delivered by business intelligence or BI solutions. They provide a comprehensive analysis of operational performances for various departments that allow decision-makers to make informed decisions and strategize the business in the correct manner.
Better Decision Making
As mentioned in the previous paragraph, the biggest advantage of business intelligence solutions is in generating proper insights for business owners. This greatly assists them in taking important data-based decisions, analyze the performance of different departments, plan to increase operational efficiency, and seamlessly manage the day to day tasks.
Since employee data is duly collected and managed now employers have a better understanding of the overall and the individual performance of teams and employees. This visibility allows business owners to reward employees with better performances and accordingly motivate them. A complete tool to track and benchmark the daily achievements of employees allows them to charter better programs to satisfy their workers and build a rewarding work environment
This is another prime advantage of having business intelligent solutions. Being in sync with all business processes and infrastructure, the solution can periodically check the efficiencies of the same and based upon certain fed parameters, predict when a certain risk can occur. Suppose the solution detects the presence of a malware in system and instantly notifies all concerned departments to take action. Or even before that, it might detect that the security strength of a certain network is quite low, or if it’s overloaded and might crash anytime. Such day to day and long-term pre-risk analysis with predictions can boost resiliency and streamlined progress of firms.
Increased Customer Satisfaction
When the processes are more seamless, the decisions taken are informed and accurate, it’s but natural that the firms can provide their clients with better services. Customers too want a digital experience nowadays and hate hassles, so customer digital touch-points could be well integrated with the business intelligent solutions. These will directly allow feedbacks to be taken from the customer, service satisfaction data, and more that will further allow business owners to better understand their customers and provide better services
Corporate strategy consulting firms specializing in emerging technology services are well in demand now. Firms have realized the importance of data intelligence and are increasingly opting for such software solutions to ease the day to day complexities and increase business productivity. The world, its expectations are changing more than ever and hence companies need to update themselves in order to continually stay relevant, and BI would be key to that.