How To Achieve Business Growth With A Business Intelligence Solution Using Your Own Data?

By Author: founder-director of BiCXO,
Total Articles: 24
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Data is a valuable asset, and companies of all sizes can benefit from Business Intelligence (BI) to make data-driven decisions. Small and medium-sized companies have harnessed data to gain a competitive edge.

Benefits of BI:
Studies show that BI can increase operational efficiency, customer satisfaction, informed decision-making, competitive advantage, revenue, and cost savings. The return on investment (ROI) for BI can be exceptionally high, up to 130%.

BI During the Pandemic:
During the pandemic, 83% of data-driven companies in India gained significant business advantages through BI.

Steps to Implement BI:

1. KPI Management:

Identify essential Key Performance Indicators (KPIs) and set benchmarks.
Ensure KPIs meet the "SMART" criteria (Specific, Measurable, Attainable, Relevant, Time-bound).
2. Decision Management:

Identify strategic and operational decisions.
Establish decision criteria based on variables, such as ROI or inventory levels.
3. Data Management:

Identify data points for KPIs and decisions.
Perform data gap analysis to ensure ...
... data availability.
Assess data accuracy and timeliness.
Create a data improvement plan.
4. Design a BI Framework:

Create data visualizations and interactive dashboards for faster insights.
Implement role-based access for relevant information.
Set up alerts and alarms to prompt timely actions.
Automate the BI system to eliminate manual intervention.
5. Set up Resources for BI:

Acquire a robust BI tool like Tableau, Power BI, or BiCXO.
Assemble a functional team to design the BI system.
Engage a technology team to develop reports, integrate systems, and automate the BI solution.
Evaluate costs for a self-service or assisted BI solution.
Conclusion:
Implementing BI can enhance operational efficiency, customer satisfaction, and financial benefits. Success depends on strong support from top management.