Renowned scientist and Nobel laureate Albert Einstein said. “Not everything can be counted and not everything that counts can be counted.” Well, Einstein may have stated these words long back ago but its relevance in the context of business analytics is perfect. We live in an era where every enterprise from startups to established big players is looking to provide customers with what they are looking for. Indeed, it has become one of the success recipes for companies.
But have you ever wondered how the various organizations are able to figure out the needs of their customers? Well, the answer is through an advanced Business Analytics Software that allows them to gather a massive amount of data in a quick time and without spending a fortune. However, before we dive into its major features, let’s first get some idea about what business analytics is.
Business Analytics is a repetitious and systematic procedure that emphasizes on company’s data and analyzes the statics. Today, most of the organizations are involved in making data-driven decisions and so they treat their data as an indispensable and most prized asset. In fact, enterprises always look for a viable opportunity to convert the data into a competitive advantageous situation.
Data quality also plays a key role in implementing successful business analytics. In addition, you should look to hire skilled and experienced analytics who have updated knowledge on the latest technologies to gain useful insights that can benefit the organization.
There are three major types of business analytics that you can use for organizational growth. These include-
- Predictive Analytics- It usually analyzes current data trends and predicts likely future results.
- Descriptive Analytics- It helps to track down the Key Performance Indicators (KPIs) and the company’s performance to analyze the current state of the business.
- Prescriptive Analytics- It monitors past performances and gives recommendations on how to improve the situation and handle business in the future.
Major Business Analytics and BI features that put your business enterprise in a commanding position.
One of the key concerns that analysts faced with conventional business intelligence was that it was a complicated and time-consuming process. And it became all the more difficult if enterprises needed to implement it themselves. In fact, according to research, traditional BI increased the organization’s expenditure from 100% to 300%.
However, with technology escalating further various advanced Business Intelligence tools have come into the picture streamlining the entire process. It has combined with a fast and efficient cloud-based BI solution that has reduced the deployment time, which is about 4-6 weeks. You also don’t have to worry about the increasing costs.
While using complicated traditional business intelligence, only a few employees of the company had the technical experience to develop and maintain reports. It also exhausted the company’s resources and also led to different bottlenecks as well.
However, Business Intelligence Software has introduced the facility of self-serve reporting where you can easily generate powerful reports quickly without any technical knowledge.
One of the pivotal features that have increased the efficiency of business analytics and business intelligence is a data visualization. Business Intelligence is becoming more and more accessible today.
In the modern age, where time is money, it is essential that the data and information gets transmitted and communicated across different departments and levels. Data visualization is an advanced technique that lets an organization to present large volumes of data in a simplified and user-friendly manner.
Getting Access Through Mobile Apps
Mobile apps have disrupted every business today and made the workforce and environment smarter. It is no more a luxury but a must-have feature in the business intelligence process.
The mobile apps have easy access to all data insights and information at any time or any place through their devices. It has led to an increase in the demand for Mobile-based BI.
More Robust Security
Beyond any doubt, the security enhancement is one of the most vital features in the Business Analytics Tool specifically when it comes to cloud-based solutions. You can make use of groups and rolls as well as column-based security so that the information that you provide is free from any malware.
Business Analytics and business intelligence will give your business an upper hand if you use them intelligently. Also, now that you are aware of the latest features, you can plan about implementing them. Get in touch with our expert for successful incorporation.