Importance of Business Intelligence to make well-informed business decisions
Every moment, we are creating new data in the business world and it can be easily predicted that this pace of creating data will increase at an exponential rate in the near future. With an enormous flow of data and several touch points, most businesses are creating millions of data every hour. There is no business that likes to run loose in terms of creating data. Even every organization tries to extract maximum output from its employees but the issue with this approach is that it will not sustain and disturbs the health of the organization, leading to disturbed work-life balance of employees. The major solution to overcome this business crisis is to implement intelligence to work. Business Intelligence combines functionalities and outputs of different BI tools, visualization techniques, and practices. These are used to gather, combine, measure, and analyze raw & unstructured inputs to process insightful, beneficial, and key business data.
Real-Time Business Intelligence
Real-time business intelligence is a method to approach analytics and other data processing tools to provide organizations the ease to deliver real-time and relevant data visualizations. Implementation of Real-time Business Intelligence even helps organizations to come up with advanced and intelligent decisions to better understand their operations. To provide real-time data, these platforms use advanced data warehousing solutions such as Redshift data warehouses.
Importance of Real-Time Business Intelligence in an organization
Real-time business intelligence is about understanding data in a faster way and implementing it to make intelligent business decisions. For organizations that produce gigabytes and terabytes of data, in some instances, much of this information loses its relevance upon getting settled in the storage. Information about various inventory levels, consumer behaviors and other services tend to be very useful, but the output will be more beneficial if the data can be analyzed as soon as it’s generated.
Real-time analytics and BI enable users in an organization to perform their own procedure and utilize the available data. In the end, it is rightly said that real-time BI helps to have a better understanding of recent trends and to develop more precise predictive models for organizations.
Where Real-Time Business Intelligence can be used
These days many enterprises are implementing real-time BI, which can optimize and increase the profit margins for the organization.
- Customer relationship management (CRM) can utilize real-time data in a much efficient way to improve the services offered towards the end-users/customers. It helps to understand the complete customer journey, their behavioral approach towards the product, their locations, and demographic information
- Logistics organizations can understand their supply chains and workflows in a better way while they start to expand. This supports a better decision-making ability in case of emergencies (to identify the faster route for delivery) or developing much stable chains.
- Risk analysts will also be beneficial as they can have good control of inflow of data which will help to improve their financial models or risk models and make better bids on mutual funds, insurance, stock, and other several financial decisions
Real-Time BI Best Practices
These are some of the best practices by which Real-Time Business Intelligence can improve an organization’s workflow:
- Increasing the efficiency of data – The value of insight from a data deteriorates with time, so it’s important to monitor the pace of this change and optimize the BI tools accordingly for greater relevance of insights
- Improved data warehousing solution – Once the data is generated, it must be stored, scrubbed, and parsed. A robust data warehousing solution and a defined data flow can help to achieve better-optimized results.
- Accumulating the correct data – It is very necessary to gather the right data from right sources as real-time analytics works best when the input of data is most relevant
Real-time business intelligence is playing a crucial role in making well-informed business decisions. By implementing the right BI solution and educating the team on ways to operate the same helps the organization to generate meaningful insights from the collected data before it gets irrelevant.