Companies are burdened with more and more stresses to compete and win in the marketplace. In the past, companies could follow tried and true business models to achieve success, but today the market is changing too rapidly.
The internet has completely disrupted many of the old marketing and sales methods. Nowadays, products, fads and distribution methods are constantly evolving. Today, companies must gather as much data as possible about their business. Then structure and analyze it appropriately to employ the ideal business intelligence strategy to succeed.
Business Intelligence Solutions
Companies are fortunately not alone in this quest. There are several comprehensive business intelligence software solutions. SAP BusinessObjects is one of the older platforms in the market. It helps mid-size companies with ad hoc analysis and data gathering. It's pre-packaged data tools help to consolidate and organize information quickly to make optimal decisions under time constraints.
IBM Cognos is a sophisticated tool which is the first to offer end-to-end coverage. It helps from the stage of data collection, structuring data appropriately, reporting, and high-level visualization so that decision makers can make the best choices for their company. Lastly, it helps to optimize the decisions so that the company can understand what a change in one aspect of the firm will do to other parts of the company.
Cmaps Analytics is a geography focused business intelligence solution. It embeds location information into the decision-making process.
As these solutions penetrate the market, more and more companies are realizing the value of their decision-making engines. For example, some retailers collection millions of POS data points about their customers all around the country. These data are messy and can be quite volatile. CIOs, IT Directors and others must put in place systems to process and analyze this data so that it can be turned into useful decisions.
Obviously, when it rains more umbrellas will be sold. However, other revelations might not be as obvious. Using database queries, OLAP and data mining with a program like IBM Cognos, retailers can determine uncover less conspicuous findings. For example, that brown shoes are replacing black shoes for business wear in the South of the country. Retailers that previously hid these shoes in the back in the target region could move them to the front, helping to spur more sales. In fact, companies can automate this process with business intelligence software so that they can rapidly respond to changing conditions and respond to consumer demand.
Building a Winning Strategy with Business Intelligence
Business intelligence is gaining greater appeal for several reasons. Firstly, it helps to spot trends quickly. Both within the organization and outside of it. The above example details sales trends, but cost trends are just a likely to be identified. Suppose a company's paper costs are rising, they can switch to more digital services like electronic signatures that save money for example. Suppose that a company is hiring too many human resources professionals in relation to the total workforce or total sales. In any case, business intelligence helps to right the ship.
Improved business intelligence also helps to improve internal business processes. Companies are able to adapt to changing conditions and move resources to where they are most needed. For example, which types and methods of research are yielding the most productive products? And what is the fastest way to get those products to market? Business intelligence can answer these questions.
5x Technology is a leading 3rd party provider of consulting and services including business intelligence, data management, project management and custom development. In particular, the company helps business utilize software platforms such as IBM Cognos, Cmaps Analytics and SAP Business Objects to collect, analyze and act. For more information, please contact us.