By BENJAMIN EZE
In recent times, the digital landscape has rapidly evolved. Most businesses adopt digital technology across its business functions to accelerate efficient workflow, drive productivity and increase profitability.
Due to the increased integration of technology into business domains, organizations are generating enormous volumes of data from its activities which in their unprocessed state are of less value to the company.
How do we make use of this data?
For organizations to benefit and make meaningful deduction out of the data generated across its channels, data quality must first be addressed. The data must be optimized and fit for analysis to meet business requirements.
Enhancing data quality through Business Intelligence
Data quality can be enhanced by utilizing or implementing business intelligence involving ETL processes. The raw data (structured and unstructured) is extracted from various channels of the business, transformed into a standardized form according to business rules, and then loaded into a data warehouse. At this point, the data is optimized and suitable for analysis to reveal meaningful insight.
Prescriptive and predictive analysis with Business Intelligence
Through reporting, analysis and monitoring functions of Business Intelligence, organizations can gain insights on current business situations, factors influencing the situation and making predictions of future outcomes based on historical data, patterns, trends, and complex interactions. With predictive analysis, businesses can solve their data problems through a fusion of current and future data needs.
Modernizing logistics infrastructure is one of the most effective ways digital transformation and business intelligence can enhance the efficiency of an organization. Warehouse and distribution center operations that are optimized can impact revenues and customer satisfaction. The reporting functionality of Business Intelligence solution can enhance how businesses responds to supply chain problems and manage inventory
Business intelligence provides organizations with the ability to anticipate customer trends, assess associated risk and have a holistic view of business information through dashboards and reports. This will have a direct effect on client retention, sales growth and business workflow effectiveness which all contribute to business success.
Apt article 👍
The role of business intelligence can never be over-rated. Thank you for your insights Mr Ben
Beautiful write up. We need more of this as it explains to a reasonable extent the importance of Business intelligence within organisations today. 👍
Nicely written Sir. Business Intelligence is a much needed business function to meet today’s business need. Sadly, developing economies are yet to tap into the benefits BI have to offer in business.
Very insightful and concise
Insightful article. The importance of business intelligence cannot be overemphasised👍