How businesses can extract greater value from business intelligence

Business intelligence comprises of technologies, application, and practices used by enterprises for the data analysis of business information. It augments the decision-making process for corporate executives, business managers, and other operational workforce. BI can be used to identify new business opportunities and to identify a business process ripe for re-engineering.

Let’s look at the ways how companies can extract greater value from business intelligence and improve customer experience, employee productivity, and revenue growth.

• BI empower employees as it allows the business to maximize information capital, with more people having access to real-time data. Armed with real-time information, employees can make a data-driven informed decision that will eventually impact the company’s bottom line.
• Business can leverage the capabilities of AI to align business activities with corporate strategies. Running BI software against the established metric and KPI’s provide visibility and drive accountability, aligning the activities and outcome with the desired business objectives.
• BI gives prominence to the concept of intelligent and collaborative enterprise. Many business intelligence software, in tandem with many collaboration tools, including social media make collaboration a breeze.
• AI soft skills analytics tools use interview data and through biometric and psychometric analysis evaluate candidates facial-micro expressions and body language. AI, therefore, helps in picking the candidate who is an expert in technical and soft skills. AI creates a level playing field as it reduces the bias in the recruitment process by creating data points and patterns using algorithms which increases the chances of hiring the right fit for the job.
• Businesses can use BI capabilities to gain insights into customers. BI software allows companies to ascertain patterns within customer behavior, offering visibility into the customer’s requirements. The patterns generated can throw insights into consumer habits, a basis on which a company can design its marketing and advertising strategy.
• HR analytics, a BI software for HR professionals, capabilities are leveraged by companies, to gather a holistic view of the employees, from their performances to attrition rates. The insights gained through HR analytics assist the management to make an informed decision on performance management and training requirements which is not possible in standard reporting.
• The BI tools are designed to embrace the potential, agility, and accessibility of the cloud. Many business use cloud Business Intelligence applications like CRM, Salesforce, Dropbox and Zendesk to name a few, to embrace the capabilities the cloud-based infrastructure has to offer.
BI is more than decision support. It has the potential to transform organizations and contribute in more far-reaching ways. A business can only extract the best out of BI tools when it picks the right tools which would augment the existing business framework.