By | Ishant Raina
There is no control or a complete stop for data flow in a company. It keeps on increasing every day. You need a structure to bind scattered data for clarity and to draw insights. Automation is the best solution for the proper maintenance of data. Automate data with business intelligence to get well-organised reports that are beneficial for your company to make decisions actively.
Business intelligence is an expansive term. It refers to the technical infrastructure that can collect, store and analyse a company’s data. Process analysis, data mining, performance benchmarking and descriptive analysis are the areas that fence around business intelligence(BI). In simpler terms, business intelligence is software that analyses a company’s data and presents it in the form of business reports, charts, dashboards and graphs. Business intelligence has fixed tools that aid users in accessing data types, namely, historical and current, in-house and third-party, and semi-structured and unstructured data.
Business intelligence curates accurate business reports and information that helps executives make the right decisions for the future. Earlier, the managers in the company had the task of preparing business reports and presenting them. Plus, the information they presented was incomplete or inaccurate.
Note that business intelligence will not take decisions on its own. It only gives accurate reports so executives can derive insights from it and make the right judgements. Besides, in a company, you can make proper judgement backed by data such as reports. Analysis of BI reports will help a company improvise and thrive successfully.
Business intelligence performs critical tasks such as analysis, reporting, data mining, predictive analysis, online analytical processing, and business performance management.
Why is business intelligence used in 2022?
Business intelligence is a hot topic now in the business world. Business intelligence was born in the 80s and evolved over the years, and now it has advanced to a fully automated technology that can be relied on for accurate business reports. It is still used in 2022 to help business owners actively make the right business decisions.
Business Intelligence is essential even in 2022 because data literacy is pivotal to a company or industry. Let’s look into some of the trends in business intelligence that have benefited the business world.
- Embracing Saas and cloud
Covid-19 pandemic has affected a lot of businesses globally. Most of the companies were used to on-premise working. So when the pandemic hit, businesses worldwide were forced to work remotely. That’s when the business began adapting to the cloud or Saas technology. Especially in the software industry, the work continued with employees working remote with the help of cloud infrastructure.
Companies have a distributed workforce, cloud technology enables all users to access the data stored in it. You can harness and actively deploy analytics flexibly on public, private, multi, and community clouds based on your budget, security, compliance and hardware.
- Analysing the suitable automated technology
Earlier, we had flexible tools for professionals who were masters in it. Non-experts found the technology too complex to work on though they were provided ample training. To decode the data, the company had to rely on data experts. Plus, the data is used every day to make business decisions.
Suppose the tools that are used in the IT team may not be flexible or applicable to other teams. After the pandemic, companies realised that the tools differ for different processes. Companies’ automation must be customised to suit the functions of versatile processes.
Companies needed a technology that was accessible to all users. A user-friendly technology with fewer complications but actively provides accurate data, security and is devoid of human errors.
- Manage data and analytics harmoniously
Modern BI has the hottest addition of AI in its stack. This tool is a boon to companies to maintain nexus, explore novel opportunities, innovate, and enrich their data for investigation. Likewise, other latest technological additions can optimise and present data in the best way. Thus, with all these powerful tools embedded in the BI, the data overflow can be controlled and probably managed by autopilot. So if the data flow is automated, the executives can make more data-driven decisions or focus on value-added tasks.
- Deployment of BI for growth
It’s 2022, and there is more advanced technology developed in the market for companies to manage data. Have you wondered how many companies use these advantages for their company? It’s only 30% globally implemented to accelerate their business processes.
It’s a fact that if only 3% of the company is accessing analytical tools, your company does qualify as data-driven. This status can be achieved if you build all your employees to be highly skilled to access and use these analytics efficiently.
The biggest obstacle to not using these high-tech BI tools is the lack of expertise due to the system’s complexity. It’s a tough challenge for developers to build a system that helps all the executives to easily use – a user-friendly interface. A database where everyone can access data and drive insights with ease. That improves productivity and can become the best agile method for rendering more detailed data. So a company will rely on technology if they find easy access, and adopting these latest technologies will spike automatically.
- BI for mobile-friendly applications
Times have changed, and earlier, everything was accessible through a desktop. In 2022, mobile usage is at its zenith. Every man has a mobile at hand that is easily accessible for everything. Smartphones are extraordinary technology that can provide an ocean of information anytime or anywhere. Well, you even have lightweight laptops and tabs, but both of these won’t equal a handy smartphone.
It’s depressing that most mobile apps are complex and unorganised to use. BI vendors must develop a more mobile-friendly dashboard embedded with all the essential functions.
- Storytelling and visualisation of data
Data is easily comprehended if presented accurately in the form of well-organised data. Data visualisation will turn unoptimised data into graphs or charts. It will be simpler for the clients to understand the critical points if they are presented in the form of storytelling with many charts or graphs. The purpose of data optimisation is for everyone to understand mission-critical issues so that the executives can make the right judgements to help their business.
AI is a powerful tool to help transform the complexity of raw data into more readable and fathomable content.
Wrapping up, companies must decide and deploy the right business intelligence solution. Pin it in your mind that you go for a robust BI solution that is less complex, easy to access and used by all your employees. In the business world, actions must be quick, and no employees will have ample time to sit and decode complexities. In 2022, BI technology will have a lot of embedded tools that are essential to accelerate business functions and increase productivity.
Ishant is an SEO expert with a rich and long history of helping companies across industries to rank high on multiple search engines. Currently, he’s working with Sage Software Solutions, a leading ERP Software, CRM, and HRMS provider in India.