“Given the human mind and psyche, we all could go to quite a large extent and leave no stone unturned only to get that little edge over our competitors.”
Many users still leverage multiple reporting tools at work to capture new data every single day. This involves a lot of work, is time-consuming and may cost more too. A smart BI solution lets you combine all your company data together, to gather profound insights for smarter and wiser business decisions, from a single tool.
Every BI solution is meant to synthesize data, support your enterprises with virtual dashboards and other data analytics. With predictive insights and real-time data, your business can easily and quickly respond to all sort of issues and problems, that would have been unknown to you without proper analytics.
With all technology insights and analytics which rose over the past few years grabbing the business realms, there has been a sudden hunger to understand customer base and clientele. Hence it is the pressing need of businesses to deploy smart business intelligence solutions within their organization.
What are Cloud Based Business Intelligence Solutions?
Business apps hosted on virtual networks are cloud based intelligence solutions. It requires no additional hardware and minimal implementation and administrative costs. Cloud BI also offers significant advantages over on-premise applications. It can provide organizations access to BI-related data such as dashboards, KPIs (Key Performance Indicators) and other business analytic tools, from any place, any device, and anytime.
Why choosing Cloud BI can be advantageous for your enterprise?
Many enterprises plan to have better insights and analytics, without having to invest into additional hardware or infrastructure costs. Cloud based business intelligence and analytics are perfect for their needs, as it yields just what they are looking for. Small business houses to the big, all are adapting to cloud based business services, to gain competitive advantage through actionable insights and real-time reporting. To talk specifically about advantages:
- It secures all your data in a particular location.
- It helps you to assess and understand the ongoing stature and process of your running business, from individual departments to campaigns, making things simpler like never before.
Deploying BI best practices for your business
To draw the similes ‘hair is as good as wood’ and ‘business intelligence is as good as data’. To get correct business analytics one must ensure to have updated and credible data. Unstructured and outdated data would yield poor BI analytics and insights.
Following are some of the best practices that ought to be implemented for an impactful BI analysis.
- Mapping a BI road – Map out a good business strategy before you actually start out rolling a BI solution for real with data input from every department.
- OODA Loop or Action Loop – The loop forms the cycle of Observation, Orientation, Decision, and Action. It defines faster data refinement that is valuable and worthwhile.
- Undertaking responsibility matrix roles – Four roles of responsibility matrix are Performer, Accountable, Controller and Informed. It forms the core part of OODA Loop reflecting a clear picture of the collected data, for best BI practices.
- Build the right metrics – To have your critical data segregated and setting up the right metrics is another best practice. Ideally, in bigger business houses the data tends to overgrow with the passage of years and runs out of control.
How to choose the right cloud based solution for your business?
- Check out what’s under the hood?
Amidst many features what come to priority is infrastructure that is intuitive with easy dashboard management, smooth workflow collaboration. Even the reporting format is also essential and should come with easy integration options. Having a good API that pushes data directly into your existing system and to have a predictive analytics and modeling board is crucial too. Get a clear checklist done before you choose any BI analytics for your enterprise.
- Go out for a test drive
Prior to choosing a BI tool, it is essential to get a POC done based on your business requirements and management. Once you are done with POC you get a clear idea of what and how things are and which is the way it works best. It gives you a better understanding of functionality, connectivity, usability, and performance and if it meets your organizational requirements.
- What’s it gonna cost?
Pricing can be a concern for all. With the passage of years, the pricing of intelligence software has gone down making it affordable for the consumers. Mostly because there is no expense for storage. You do not require to have any infrastructure or hardware, for the implementation of business intelligence solutions. Even the startup costs are very basic and minimal. Do a thorough comparison of all available pricing options before you purchase one.
- Enjoy a free trial
Many service providers, allow a free download or a 7day trial option for the users to try and check for themselves if the analytics tool does justice to their business. You can try and find what BI solutions suit your enterprise the best.
To wrap up
You have myriads of intelligence solutions to choose from. But you should focus on software that can be easily integrated, has actionable dashboards, provides deeper insights and helps you procure relevant intelligence. Once you understand the advantages of adopting these solutions for your business, you can make complete utilization of the data and analytics to win over your customers and competitors.
You need professional consultants or trained experts to have you guided on the deployment of the business solution. The post deployment period is also crucial, once the setup is done still the process keeps running funneling more fresh and relevant data, for an accurate analytics report. These accurate analytics reports help an enterprise, to capitalize on the acquired data.
We at NGenious help enterprises from startups to big industries, successfully prepare data for BI and implement these solutions across organizations. We ensure data accuracy and sort all your data and reports for a successful and uninterrupted business process.