18 January: Invest in Business Intelligence Technologies to Outpace Competitors

Investing in business intelligence technologies will help you stay ahead of your competitors!

It helps the executive cadre make informed decisions for their business. Gone are the days when businesses were on the lookout for accumulation and data storage. The situation has recast into accumulating relevant and quality data. With new technologies seeing their genesis often, data storage costs have become a thing.

IT departments that used to run complex reports to break stored data can now crunch big data with meaningful insights using business intelligence (BI) tools. Even better, it has transformed into providing businesses with customization that can seamlessly fit with the business processes and is efficient for the decision-makers to analyze and decide.

Data Quality Management (DQM)

Data Quality Management (DQM) refers to a business proposition that is the synergy of the right people, technologies, and processes with the common goal of enhancing quality data over quantity. Quashing data blindness is a vital part of managing data.

Data Discovery

It is the process of collecting data from multiple silos and databases and merging it into a single source called the Data Warehouse, so it can be easily and rapidly evaluated. It is done through advanced data analytics and visual navigation of data that stretches beyond conventional static reports.

Artificial Intelligence

Artificial intelligence (AI) uses computer systems to simulate different attributes of human intelligence, like learning, problem-solving, and decision-making. The sophistication with which it can model human intelligence and extract insightful data from reports makes it an important thing in business data analytics.

Predictive and Prescriptive Analytics Tools

Predictive analytics interprets information from the existing data. It predicts possibilities, while prescriptive analytics determines what decisions and measures should be taken to attain certain business goals, based on those predicted possibilities.

Connected Clouds

Businesses are already using some sort of cloud service. Owing to the efficiency and innumerable possibilities the cloud has in store, organizations are flocking toward the cloud to get in-depth business insights and analytics. Besides, multi-cloud serves as a panacea to shield data loss. The benefits of cloud-based services include:

• Ability to access information anywhere, anytime.
• Ability and time to implement and deploy solutions.
• Low overhead and easy scalability.
• Competitive edge through reliable access to democratized data.

Ad Hoc Reporting

With Ad hoc business intelligence reporting, companies can gain access to detailed and direct reports. It makes daily decision-making straightforward. It significantly lessens the workload and makes creating on-spot reports relatively simple. It enables businesses to filter information from the cumbersome data.

By integrating these business intelligence technologies into your operations, you can make informed decisions, enhance data quality, and gain a competitive edge in the market.