The reach and value of digital transformation can be expanded through the use of technology that focuses on augmenting performance, productivity, profitability, client reporting, and business processes through cutting-edge advancements like analytics, the Internet of Things and Cloud Computing.
According to Ken Moelis, founder of Moelis & Company – an Investment Banking firm, digitisation has created opportunities for everybody to accumulate information in a way they were never able to, and analyse it with a speed that just wasn’t there.
“The biggest part of digital transformation is changing the way we think”
Simeon Preston, Group COO AIA Group
“Go Digital” – the mantra of today’s modern technology. Digitisation has spread its wings all over, in every corner of the world, irrespective of the size, segment, or domain of the business. Lots of data is getting generated in the process of digitisation resulting in data with an enormous amount of underlying value. What is needed is a technology that can extract valuable information from amongst the heaps of data and offer the right information at the right time in the right format. And what other than Business Intelligence (BI) services and solutions can offer this at its finest?
There is no denying that digital transformation has become synonymous with the evolution of organisations across all industries, creating the basis for both enterprises and individuals to remain connected to the fast-growing digital landscape from which we connect with the world around us, using computers, laptops, mobile devices, and networks.
However, increased connectivity comes with great concern. How do I manage, monitor, and maintain such a huge bulk of data? Well, this is where BI consulting services come to the rescue. Business Intelligence has proven itself as an enabler of effective data transformation and an integrator of data artifacts into usable and value-adding information assets – hence its continued success.
Transforming data into value through Business Intelligence
Business Intelligence is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information used to enable more effective strategic, tactical, and operational insights and decision-making. BI represents the tools and systems that play a key role in the strategic planning process within corporates. These systems allow a company to gather, store, access, and analyse corporate data to aid in decision-making.
BI services have shown ample success in identifying and ensuring personal customer experience. As a result of the diversity of ways through which BI can be accessed, organisations can leverage the potential of this cutting-edge technologies through different facets like Self Service BI, Cloud BI, and Mobile BI.
Business Intelligence provides support to make strategic decisions in companies. It supports decision-making through a data capture process, whereby the information is acquired from any system and written into a database modeled for your business. Business Intelligence Services automatically comes to mind when we talk about data, information, detailed analysis, business forecasting, and predictive modeling since business analysis has redefined the terms “data” and “information”.
Business Analysis’ value is derived from the ability to handle huge amounts of data to enable business development, improved productivity, and profitability based on the perfectly and visually attractive dashboards and reports.
“BI is about providing the right data at the right time to the right people so that they can make the right decisions.”
Nic Smith, Global VP of Product Marketing for Cloud Analytics – SAP
Business Intelligence contribution towards Digitisation
Today’s competitive advantage is obtained through the possession of the latest information in the most desired format – anywhere and anytime. Enterprises can embrace the digital era by being able to extract insightful information that can offer them a futuristic view of their business. This is done through the application of Business Intelligence and its technologies such as predictive analysis, self-service BI, cloud BI, and mobile BI to name a few.
Business Intelligence can contribute towards business success purely because of its ability to assist organisations in anticipating customer trends, assessing associated risk, and having a holistic view of business information through dashboards and reports. This will directly impact customer retention, increase sales, and enable business workflow efficiency.
Business Intelligence is not a new discipline; it has been around for ages, but due to the digitisation drive it is just becoming more intelligent.
Today, Business Intelligence is driven by advanced methods of extracting the best out of information and that is where data analytics is playing a vital role.
Business Intelligence is sure to smooth the digital transformation journey to a large extent since it acts as a catalyst in digitising organisational activities along with detailed analysis while generating dashboards/reports to make it easier for data leaders to monitor their organisations’ digital journeys. On the whole, BI is the booster to drive the digital path, with full force and focus.
Five primary features of Business Intelligence solutions for efficient digitisation:
Some areas where BI plays an important role while digitising organisations:
- Market & trend analysis
- Evaluation of Pricing Models
- Risk Assessment & Mitigation
- Cloud-based computing
- OLAP Analysis
- Detailed analytical testing
- Understanding key challenges and their solutions
Predictive Analytics will continue to play a vital role in the digitisation drive. Its ability to provide a revolutionary view of the huge bulks of data makes it an important role player in this space. Through Predictive Analytics, we can support businesses in solving their data problems, through a fusion of current and future data needs. It further assists organisations to influence business data to classify and resolve issues. Measures are redefined through Predictive Analytics and it can also predict possible outcomes for those measures.
The faster the need for digitisation evolves, the more pressing the need for effective business intelligence solutions. Let us help you to master your undersanding and skillsets to increase the enterprise value of your data by translating it into integrated, analysed and well-presented business information.