Business Intelligence (BI) is a technological process of transforming data into action information for the benefit of stakeholders. This information helps executives, managers and workers make informed business decisions. Set of data which have been collected over a period or wide array is used as the base in BI solutions. BI solutions predominantly focused on business insights for the proactive decision making and used for planning and risk management purposes. However, BI solutions could be used to provide historical, current and predictive views of business operations. Business reporting, online analytical processing, data and process mining, text mining, complex event processing, benchmarking, business performance management are some common functions of business intelligence.
Business intelligence helps businesses to analyze customer behavior and competitor behavior, predict market or industry behavior, set benchmarks and track performance. Overall business performance and competition related decisions are fueled by the Business Intelligence functions. Insightful analysis discovers potential issues or problems for business’s contingency planning.
Different industries are aligned business intelligence tools to manage and coordinate its day-today operations.
Logistics Industry
Logistics is one of the most complicated industries which requires constant overlooking and immediate action based on delivery stage in the supply chain. Large data sets are processed and display through customized dashboards to track the orders effectively. Graphical representation methods being used to make the dashboards user friendly and informative.
Banking and Finance
Financial and banking companies deal with large amount of data and requirement is to analyse data and identify marketing opportunities by combining advanced technologies such as Microsoft SQL, machine learning. AI with cloud-based Power BI helps financial and banking companies collect, store, and analyze real-time data.
Construction Industry
Construction industry is complicated industry with multiple needs. It required fine deal with work schedules and deadlines, suppliers, and production processes. Collaboration and coordination for running everything smoothly and getting all the processes done is an integral part when it comes to construction industry. Business intelligence helps to project wise overlooking of all touchpoints in one place through all-inclusive dashboards.
Retail Industry
Stock following is one of the retailer’s prominent BI benefits from the time an order is delivered to the point of sale. BI use data warehousing to empower retailers to track the supply handing. In addition to tracking the orders, BI helps to determine the quantity based on the sales forecast and alerting to re-order on time. Human decision making on continuous supply is replaced with I suggestions on the process.
Manufacturing Industry
Industry-specific knowledge is vital for manufacturing businesses. Business Intelligence helps to analyze manufacturing process to identify the business process bottlenecks and establish effective and efficient process. BI serves as the primary source of structured and reliable solutions for bringing together all related processes to eliminate errors. Manufacturing processes can be easily optimized and improved through a manufacturing dashboard that integrates key data through real-time analysis, features vast interactivity and other features, and predicts what will happen in the future.
At CONIFS our mission is to transform treasure trove of transactional data sitting in your ERP into value generating information insights for decision makers. In our view implementing a BI solution in an organization is more of a business venture than a technical venture handled by few individuals in an isolated corner within IT department. We can help you to make a dream of holistic, robust, and user-friendly BI solution a reality.
