With competition heating up, staying on top of the game is crucial. Data seems to be everywhere and no one seems to know how to leverage this. Today, initiatives need to be taken which impact businesses in a big way. Understanding internal processes, watching small changes and understanding why these changes are occurring, are they positive for the company and so on allow for better business happenings.
With competition heating up, staying on top of the game is crucial. Data seems to be everywhere and no one seems to know how to leverage this. Today, initiatives need to be taken which impact businesses in a big way. Understanding internal processes, watching small changes and understanding why these changes are occurring, are they positive for the company and so on allow for better business happenings.
Following both positives and negatives are essential today to keep a business running in top shape. What BI or business Intelligence does here is allows for optimized utilization of resources, drop cost to company and increase bottom lines. Processes inside the company have a wealth of information to give us. BI studies the past and the present and presents a road map for the future. Businesses need a very accurate picture today as to where they stand in the industry, who the competition is, what they are doing right/wrong to stay afloat. Understanding buying patterns, customer interactions and needs of the buyer has become a lot more important today due to added competition and innovative marketing techniques hitting the market every day.
Today, with sophisticated CRM and ERP systems in place, business users have not been able to leverage these to their optimum level. BI is all about analyzing these processes, gleaning information from them and elucidating facts and numbers which we can juxtaposition on profit results and see where the loop holes are. Tough questions such as why market shares are dipping, why investor confidence is waning, which product is selling well, why and why the others aren’t selling well enough, how costs can be lowered, which geographies are better for products; all these are answered in real time and in a granular level when BI is integrated. With BI, granular information is made available enabling better understanding of graphs and charts which would otherwise just lead to aggressive posturing among teams inside the company. Understanding business needs, weak points, demand and supply constraints, analyzing market players and adopting new techniques, all of these become easier when BI steps into the frame.
One of the biggest examples of BI in action is its heavy usage by professional American football teams such as the Boston Red Sox and New England Patriots. The Patriots have been able to win 3 out of 4 championships in as many years after they introduced BI into their inner workings. Big brands such as Wendy’s, TGI Fridays and retail giant Wal-Mart are massive users of BI, analyzing new menu options, renegotiating contracts and understanding user preferences. BI is not just for increasing bottom lines, it plays a definitive role in restructuring organizations so that inefficiencies can be weeded out, allowing for stream lining of processes too.
A well designed, versatile BI platform, like the one we offer, is able to collect data and information which has accumulated over a period of time, and source information from this, in easily understandable terms which can then be applied to the business to see better results. Strategic Outsourcing Services provides BI options to its patrons so that they are able to concentrate on their core competencies rather than squander their time and efforts in analyzing business processes which are complex.
