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What is Business Intelligence?

question What is Business Intelligence?

check Business Intelligence (BI) is the process of predicting and influencing future corporate performance based on an accurate understanding of the current status.
Business Intelligence software allows companies to derive information from corporate data (Transactional systems, ERP, CRM, third party Data source etc.)

question Why should companies invest in Business Intelligence?

check Without BI, companies will not be able to establish or sustain competitive advantage.
Enterprises in industries that address mass-consumer audiences, such as financial services and telecommunications, can no longer differentiate themselves on product range and features alone.
They must focus on meeting each individual customer demands with tailored services and offers.
The only way to achieve this is with the information provided by Business Intelligence software.

question Who might use the tool?

check BI tools are aimed at your decision-maker in your business.
That could be from a CEO analyzing the overall performance of his/her enterprise, to an operational manager. (And many more)

question Do we need to replace our existing computer systems?

check No, BI works by using the data in existing computer systems.
And it has the ability to combine data from a number sources in your enterprises (legacy systems, ERP, text files, spreadsheets), giving a complete view of the organization.

question Aren’t these systems Expensive?

check No, ten years ago that would have been the case, only large companies with large IT budget could invest in the tool.
Since then the competition between various software vendors have significantly reduced the size of the initial investment required.
Then again, before any investment made an analysis on the Return On Investment should be carefully made.
What are the benefits expected? Are they worth the investment?

question Where will this Return On Investment (ROI) come from?

check BI will help you get a greater understanding of your business.
It could range from an understanding of your customers buying behavior, to identifying a production problem related to a product.
Once this big hurdle is cleared, you could adapt your future strategy and plans and maximize revenues based on the knowledge gained.
This could be a new product for specific groups within your customer base, various process enhancements, making things more efficient and streamlined (open/close accounts, apply for loans etc…)
In the telecom industry as an example, be able to know the impact made by marketing programs on sales as well as adapt services to the evolving customer needs.
Identify new selling opportunities, or new sectors to trade in, and much more.
The ROI’s will different for each company, but they will be there.
Your previous IT investments are also justified once a BI system interacts with them.

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