Business Intelligence – Kāladi Consulting : In today’s competitive world, Organizations have a plethora of data based on their historical performance and their reach in multiple markets. These data are available in abundance in an unstructured form that needs to be converted into a structured form which helps the organization to take key strategic decisions.
These data are valuable assets for the organization and would determine the success of the organization in the future. The analysis of data in a structured format that aids in decision making, forms the core of business analytics.
Why Business Intelligence?
- Statistical techniques are used to interpret the data and provide business insights based on the historic trends using patterns that are mapped to find a trend. The data provided could be Descriptive, Diagnostic, Predictive or Prescriptive in nature. The data could be a fair back up justification for taking a critical business decision.
- Analytics also helps organisations, address their supply and demand gap by understanding the pattern of demand and this ensures that the key departments like sales, production and supply chain can plan their stock and inventory cycles effectively.
- Without the availability of analytics, it would be difficult for organisations to take key decisions as there is no benchmarking trend that is available to analyse the pattern and hence forms a very integral part of the organizational decision-making process.
The key business benefits of Analytics are as follows:
- Crystal clear Business Insight
- Helps in Cost Control
- Helps in structured Planning
- Increases Efficiency
- Increases Profits and Revenues
- Helps in smart Decision Making
- Gives a Pulse of the Market Trend
- Builds a clear Vision for the future