What is Business Intelligence and 12 ways how it helps an organization in planning and analytics.

What is Business Intelligence?

Business Intelligence allows an organization to understand its growth in a more organized way. It helps analyze and predict present and future activities. It also assists in turning data into more useful and significant information. Once you have the ready data you can utilize it at different levels, whenever you need them for potential growth and activities related to it.

How it helps a mid size organization?

Business Intelligence is very popular amongst large organizations at the present time. However small and mid size companies are still not very sure if it will add value to their growth and worth the investment.

With my personal experience and handling Business Intelligence for many small and mid size I have noted some of the ways it helps them in their growth path

1. Establish the inventory level of a product or part
2. Identify your best selling products, and its performance at all retail outlets or locations
3. Identify customers that are cutting on their purchases and offer special incentives to preserve them
4. Dashboards and scorecards for managers to immediately recognize operational exceptions, and identify budget fluctuations.
5. Set up performance metrics and perform curative actions if before the high time to overcome the dangerous situation
6. Compare departmental turnover to identify potential morale problems
7. Compare year-to-date sales for every financial and performance year, also to utilize it for forecasting the future year and plan accordingly.
8. Track orders and shipping dates and manage finished goods inventory, also manage the production cycle and supply chain logistics to reduce long term inventory carrying costs
9. Integrate operational, spreadsheet, and historic data for analysis purposes, while helping to stamp out “spreadsheet chaos”—to provide consistency and “a single version of the truth” for the organization
10. Provide business users with the ability to perform their own ad hoc analysis, without having to tie up scarce IT resources
11. Be better able to understand and analyze their own operations and their interactions with their customer, in order to gain a competitive edge over their competitors.
12. Align daily operations with strategic objectives and quickly recognize when they are not in agreement.

What is most important is the selection of your Business Intelligence consultant, who can be your guide in your difficulties and friend in your needs. We at Orane Consulting Pvt Ltd, placed at Noida, India can provide you with high standard services for planning & Analytics. We have a very professional, well trained and extremely knowledgeable team to handle all your needs. Feel free to contact us.