Challenges you can solve with Business Intelligence software solutions
According to Gartner survey published on 17 February 2017, the annual revenue in the area of Business Intelligence will be 18.3 billion dollars, and by 2020 the figure will reach almost 23 billion!
Gartner analysts emphasize that BI direction shows the fastest rate of growth comparing to other segments of IT market.
The main reasons for that are new challenges companies have to overcome, high level of competition, quick development of technologies, and increasing necessity of deep analysis of large data amounts as well.
A few reasons for fast growth of BI solutions
- In today’s world the automation of large data volumes analysis, including the ability to faster process, clean, and find proven and reliable information sources becomes one of the most important factors for growth of Business Intelligence software solutions.
- The necessity to improve and accelerate decision-making process. Obviously, fast and informed decisions lead to better companies performance as well as enhanced reaction to changes in business and economic environment.
- Nowadays cloud technology is quickly developing which also touches BI solutions. For example, cloud deployment of BI platforms facilitates companies to reduce expenses for infrastructure use.
There are many kinds of Business Intelligence software solutions on the market. Moreover, you can build and integrate your own custom BI software in your company and tailor it to your business specific needs.
In this post, we’ve gathered some examples of BI solutions that can serve different purposes and meet different objectives. We believe they will be useful for you and maybe you even take some ideas from the list.
Business Intelligence software solutions you can develop
- Objective – improve such business processes as decision-making, budgeting, forecasting, strategic planning.
Solution – integrate a BI software solution to plan enterprise levels and resources that can embrace the entire planning cycle, from goal setting and budget establishment to preparation of reporting, making analysis, mapping and forecasting. Such a system can provide the company with such abilities as:
- Analysing large amounts of data and getting real-time reports; visualizing statistics and analytics information thanks to interactive dashboards.
- Employees can simultaneously complete multiple tasks and operations such as working with documents, preparation of plans, the creation of budgets.
- Creating profitability models, planning models, models of company performance estimation, etc. in order to see and evaluate developing and changing business environment.
- Monitoring company performance indicators, doing mapping, aligning resources and initiatives with corporate tasks and events on the market, which allows enterprises to highly improve strategic planning.
- Convenient and simultaneous work of remote and office employees from all devices including smartphones, tablets, PCs.
- Objective – define trends in the market, make effective SWOT analysis, improve the process of lead generation.
Solution – integrate a Business Intelligence platform that would allow a company to analyze daily sales and their efficiency, gather customer intelligence, conduct competitor analysis, collect mobile app user data, provide real-time reports, process large data amounts. Such a BI platform will help you to:
- Determine inceptive trends on the market.
- Define both yours and competitors’ strong and weak sides.
- Analyse efficiency of advertising campaigns, daily sales.
- Analyse both customer and mobile app user behavior, define the target audience, their needs, and preferences (interactive visualization in real-time).
- Make comparison analysis (between products, companies, your company, and competitors).
- Objective – enhance customer service, get the most concise and up-to-date information about all business operations.
Solution – to build an effective system of data analysis that would involve analysis of business processes within an enterprise, client communication and customer behavior, digital marketing analysis.
- Analysis and monitoring of all business processes held in the company: request processing, payments, the conclusion of deals, activations of new services, and so on. Viewing statuses of business operations, receiving real-time reports.
- Enhancement of customer service thanks to monitoring employee activities, lead generation process, gathering and processing customer data.
- Analysis of digital marketing campaigns that can involve up-to-date information about advertising campaigns (including social media), user engagement, retention rate.
- Improve brainstorming and decision-making process thanks to real-time reports, the most accurate intelligence, and employee access to these data.
- Objective – build efficient reporting system within the company.
Solution – integrate a Business Intelligence software solution that would enable to implement specific standards, methods, and tools to calculate the key business efficiency indicators, as well as create real-time reports. Such a BI solution will allow your company to:
- Reduce time and expenses in the preparation of reports, as well as the process of their gathering and checking.
- Create a single data source for the formation of an operational reporting system. This is especially important for the company growth: the amount of data and the number of information sources significantly increase, so managers strongly need to have a single reliable and secure data source.
- Receive accurate up-to-date information to take right and fast decisions. Quality data displayed with the help of interactive dashboards and real-time reports also will allow you to improve strategic planning.
As you can see from the examples of Business Intelligence solutions, they can serve many purposes and provide a plenty of advantages. To sum up, let’s make their short list.
Benefits of BI solutions you can get
- Fast and efficient data storage and processing
- Monitoring all company activities and business processes
- Creation of real-time reporting system
- Analysis of customer behavior, determination of the target audience, their needs
- Company SWOT analysis
- Analysis of the market
- Effective market research and competitor analysis
- Improved decision-making process
- Enhanced customer service and increased profit as a result
Hope, the article was useful and interesting for you. Here at Smartym, we provide custom mobile and web app development solutions for Business Intelligence. Getting a deep insight into customer’s needs and challenges, we develop and integrate software tailored to them.