A company’s main objective is to establish well-versed data driven decision making framework, a Business Intelligence solution processes challenging company decisions in a fast, intelligent, and efficient manner. Companies that ignore a single element of the data analytics process will see a significant impact on performance and profitability. Business Intelligence Consulting has developed a BI framework that creates a data-driven culture and covers all the functionalities of each BI solution so that their customers get the greatest return of income from their investment.
Let’s check out below four key components of a BI Framework:
The planning component includes trend recognition, forecasts generation, determining business performance, and scrutinizing plans.
In Trend Analysis, BI users are able to categorize various models in past statistics and recognize the opportunities the company can successfully attain alongside, identifying the challenges that the company could face in the future. For example, business users can check the behavior with which the company’s profit is growing in a specific duration.
Forecasting enables the users to predict future insights that help in setting profitable targets by analyzing the complete historical data of the last few years. Forecasting would be processed by the data analyst within the company.
Performance Analysis comprises of internal and external standards analyses the overall sales reports and finds out the highest-selling products that are imparting the greatest profit. Then the company can acquire more valuable insights into the production and profit in the industry.
The plan is being analyzed from different perceptions by evaluating the records related to the service like various targeted marketplaces, different rates, and existing similar products, etc. Then, the final plan is distributed in various departments for execution.
2. Plan Execution
The plan execution component is used to evaluate the success goals of a plan against the actual achievements. It allows you to conduct root cause analysis to recognize and analyze the drawbacks in your executed plan that affected your target profit.
3. Change analysis
In change analysis, you can identify the actual and actionable points requiring adaption in your plan. You can process various scenarios by commencing new products or services to understand the impact they will have on your business. Based on analysis with BI solution, you can better understand your business needs.
The purpose of the optimization component is to put the data of BI solution into practice to optimize the internal processing of the business. So that you can utilize the insights to enhance marketing after evaluating the changes in the plan for launching a new product in the industry and getting better sales in the areas which are underperforming.
It is a fact of this business generation that a company with a BI strategy and solution in operation are far more likely to succeed than one without. The BI approach plays a foremost function in the organizing, implementing, and enduring execution of BI solutions. Business intelligence Consulting provides a blueprint that facilitates businesses to evaluate their performance, discover opportunities, and apply data reports and statistics to navigate business success.
So what type of strategies are you implementing? If you are not using BI solutions yet, you need to develop a BI strategy for your business to ensure your growth. It doesn’t matter, which type of industry, product or service you have; digital transformation is the core need of this competitive business environment.