Business Intelligence (BI) is all about using applications and technologies for gathering, storing huge operational data and converting it to valuable business information enabling enterprise business users make faster and smarter business decisions.
BI allows organizations to get more accurate and detailed view of what is going on in terms of the business, its customers and competition. With a proper Business Intelligence system in place, you can get visibility to: accurate view of costs, compliance issues, latent liabilities, potential risks, customer behavior, market and competition analysis, budgeting and forecasting, financial planning etc.
Business Intelligence allows companies to answer following:
WHAT IS HAPPENING?
WHAT HAS HAPPENED?
Historical Data Analytics/Identify Patterns
WHY IT IS HAPPENING?
Reasons which impact KPIs
WHAT WILL HAPPEN?
HOW TO MAKE IT HAPPEN?
Actionable Tasks and Iterative Improvement
- Single Point of Truth
- Huge Volume of Data and Large number of Reports
- Flexible and faster access to Information
- Anywhere accessibility
- Dynamic Market
- Legal Requirement
- External Audit
Advantages of BI Solutions
- Integration of data makes information actionable through number of reports
- Executive dashboards for top management
- Improvement of Customer Profitability
- Acquire new high value clients and stemming
- Reduction in costs through more effective and responsive management
- Robust regulatory risk engine to deliver timely alert and accurate economic capital allocation information
- Reduction in the reaction time taken for a line of business user or application to react to a business issue or requirement
- Optimal product mix and Sales Channels
- Improvement in customer loyalty through improved quality and superior service
- Compliance with regulatory reporting
- Improved customer-segmentation and product level planning
- Better management of various business and operational
- Retention and expansion of client base
- Utilization of industry standards a real-time, accurate, and single version of the truth