Gaining a competitive edge can mean the difference between a business simply surviving or thriving, between attracting new and retaining existing customers, or losing clients in droves.
In today’s digital world, that competitive edge is Business Intelligence (BI). Business intelligence is the gathering, analysing and using of data generated by a company to steer it to the next level, helping it achieve greater financial results, better staff performance and an improved customer experience.
Leveraging business intelligence as a tool for business success requires a clearly defined strategy and a clear vision of the goals and outcomes the company seeks to achieve. Once the strategy has been drawn up, the next step is to acquire the actual skills, soft and hard, required to implement that strategy.
The process is complex, requiring specific expertise. Data Active is a leading business intelligence consultancy and can guide you through each step.
Here are some things to consider:
Data Sources
The sources and integrity of the data you gather, whether through spreadsheets from the finance department or activity reports pulled from your website, is critical for accurate analysis. With the right business intelligence tools, all the different sources will be integrated to give a holistic view of the company and its overall performance.
Compliant Data Collection, Storage and Usage Methods
Data should only be collected and used with the proper consents, and stored personal information should adhere to POPI legislation, among other regulatory standards.
Data Security
Data security is of paramount importance including using encryption tools and having protection against data breaches and cyber-attacks.
Scalability
If you invest in a business intelligence system, consider the future growth and expansion of the company and whether the system you choose is scalable and can grow with you.
Easy to Use
An efficient business intelligence system should be easy for techies and non-techies to utilise, including presenting data in a user-friendly format such as charts and graphs.
BI is the collecting and organising of company data, data analytics software technology will sift through raw data, providing companies with actionable information that they can use to drive and implement business strategies and decisions. It does this by:
1. Monitoring Trends and Patterns
Presenting information regarding sales periods, seasonality, buying trends and patterns and even individual customer habits. This enables more targeted and effective marketing.
2. Reporting
Collating all the data into reports on any aspect of the business, which enables management to have a snapshot of all departments’ activities and performance, the value of their supply chain and much more.
3. Decision Support
All the analytics can then be processed by management to create a data-driven strategy and to make informed decisions on the direction the company should take.
Investing in business intelligence systems can be costly and may not always be possible with existing in-house competencies. Data Active can craft a BI strategy for your company and assist in building the data architecture that will be the implementing instrument of the BI policy. Data Active will also manage the systems going forward.
There is no one size fits all solution, as each organisation has its challenges in the business sector. Our dedicated team has a vast range of experience across different BI tools and is committed to helping you find the right BI solution for your company that addresses all current challenges.
With a vendor-agnostic approach, we ensure that you receive unbiased advice, tailored to your organisation’s unique needs. We also offer data migration and specialise in implementing and migrating platforms, from Microsoft to Qlik, Power Bi, SAP BW to Data360, and many more. Our goal is to make BI tools work for you, enhancing your decision-making capabilities.
