How to maximize the potential of BI and Analytics by choosing Your BI Consultant wisely
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Any discussion regarding digital technology is incomplete without the mention of data science. It is one chapter in the world of business which holds enormous potential for existing and future businesses. Data science gives you a multi dimensional view of the entire business cycle starting from customers to customer satisfaction. Data science maps all the functional areas of a business. Thus, studying and analysing data becomes the secret sauce of success for brands! Today, most of the worlds leading enterprises are using the power of BI and Analytics to support their business operations. However, the major challenge remains in the choice of a BI consultant.
Let us first discuss the advantages of BI and Analytics?
BI and Analytics have been a major support system for businesses by giving crucial insights on key areas.
Better and faster analysis with intuitive dashboards
BI platforms conduct heavy duty data processing on the cloud or the company’s server. The data pulled by BI platforms are then are stored in a data warehouse. It then analyses the data on the basis of queries, dashboards, drag and drop reports etc. we can take the use case of Lenovo to understand the semantics of data warehousing and dashboarding. Lenovo used BI to enhance reporting efficiency by as much as 95%.
Increased organizational efficiency
BI provides business leaders a neat picture of their business performance. It helps them compare their performance with a set of benchmarked standards. Using BI, one can continuously improve business efficiency. The organization leaders can also identify multiple areas of opportunity through the BI tools. The holistic view of the business allows the business leaders and key decision makers to take vital business decisions. BI results highlight the key areas of opportunity for a business and raises red flags on the possible threats.
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Data Driven Decision Making
Business decision making becomes highly effective when it is taken on the basis of data. Real time business data and dashboards help customer acquisition, sales and support teams to a great extent. With a clear vision about the market trends, the actionable plans can be streamlined and set across the right channels. In the past, the lack of availability of data resulted in a lot of problems for managers and business decision makers.