BI Could be a Life Saver for Mid-Size Companies
Bangalore: Business intelligence (BI) allows business users to analyze their organization’s plans and decisions. It provides insight into what’s working correctly while identifying a potential problem so that corrective actions can be adopted. BI can help keep your midsize company ahead of the competition provided you choose the right BI product from the right vendor.
An executive has to ensure that employee and departmental metrics are in tune with your company’s strategic goals but you may not have the resources of a Fortune 500 enterprise. Most big companies and even medium sized ones have started applying Business intelligence strategies to improve their revenues and survive amidst tough competition. In such a scenario a mid size company that still uses spreadsheets may not be able to stay afloat.
BI helps your organization turn data into meaningful information which can be distributed to those who need it, on the device of their choice so that they can make better-informed decisions.
It can help a mid-size company identify its best selling products and track its distribution channels. It can spot out those customers who are reducing their purchases so that special inducements could be offered to retain them. One of the most helpful features is the monitoring of social media and sentiment analysis performance to understand the reputation and any possible service issues with the company. More than anything it can help replace hunches and gut instinct with data-driven, analytical decisions.
As stated previously, picking the right BI implementation and the right vendor is very important. The scalability to handle an expanding user base as a mid-size organization grows is essential for a BI implementation. Rapid deployment and integration with existing applications is also crucial. Always pick a vendor who has a proven track record and provides good services after sale.
Your organization should be using BI technology to help it analyze its business more intelligently and let it have a competitive edge.
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