How is Business Intelligence Transforming Business?
Business intelligence
Business intelligence not only gives data analytics and analytics but also permits data sharing across the various business functions.
Business intelligence permits customized use of data for understanding different situations, making a business flexible in decision-making
Having visibility of your business is the key to growth and success. This stems from sound decision making that is done by management. Top level decision makers must always know what is going on within the business.
Analytics of data plays a key role in enabling informed decision making as opposed to forcing management to struggle in understanding what is happening. The below are the main contributions of business intelligence to a business.
Data Visibility
Business intelligence lays out all the data you need in a systematic manner. It gives a business access to information that was otherwise not being used or not even known. For any business to run successfully, it is very important that data insights be available to understand behavior and trends of various factors in an organization. It not only presents the data to you, but also analyses it for you to enable understand it and make use of it.
The below exhibit shows a good example of a business intelligence dashboard that provides clear information on the cost components for the concerned business and also the trends of the different sales avenues. With this the management can make clear decisions on where to cut down on costs and on which sales avenues to direct their marketing efforts to.
Decision Making
Oracle Business Intelligence has driven organizations to high performance by driving decision making. This refers to faster and more accurate decision making. By analyzing data of a business and presenting it to its management in a way that can be easily understood and interpreted, business intelligence has highly expedited the speed at which decision makers can recognize what is happening in their business. Data analysis empowers them to adapt to different situations as they now know what changes are required. This flexibility is key in driving organizational performance.
A good example is how BI in oracle can be used to measure process performance. Should a process take longer than expected, this will immediately be reported by the Oracle business intelligencedashboard and management can detect where the flaws are to take corrective action. The ability to forecast the future with Oracle business intelligencealso gives an organization an edge as a business is able to stay ahead of competition.
Ad-hoc Analysis
Oracle Business intelligence caters for specific requirements for certain data sets regarding business transactions or reports.
This is facilitated by Oracle business intelligence solutions that can be used to retrieve and analyze data by selecting members, using functions, and performing a variety of operations, including formatting, to design reports. Since businesses constantly undergo changes, the answers sought from data also changes. Ad-hoc reports can be generated around areas of sales, customer development, losses, specific data in relation to employees, liquidity, margins and many more.
This equips a business with flexibility in decision making as business intelligence permits customized use of data for understanding different situations.
Collaboration
Oracle Business Intelligence not only gives data analytics and real time analytics but also permits data sharing across the various business functions. This approach is key in driving optimal decisions as all departments must have a contribution in driving an overall decision. Seeing that all functions have an input in driving organizational performance, business intelligence avails data analytics across various functions. This instills transparency and visibility that is key for effective decision making for improvement in productivity levels, improved revenues, and enhanced growth. Obiee Oracle automates access of information hence paves the way for paperless initiatives. By digitalizing data on dashboards, it now allows companies to move towards an online initiative that presents data in a simple and straightforward manner.
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