Companies have now started to appreciate the value of insights & Business Intelligence platforms
- Recently, there has been a shift in how businesses function. They are now harnessing the power of BI tools & analytics. Can you explain the reason behind this paradigm shift?
The notion of business intelligence (BI) has been around for more than a decade; nevertheless, the shift in today’s perspective on BI is due to increased knowledge of the “power of information.” We are living in the age of data explosion. Most organisations today realise the importance of data. Companies constantly strive to improve their return on investment (ROI) by making the most of the data at their disposal. However, a big challenge for them is to parse through these data sets and cull out information. They struggle to decipher the steps needed to get the information that will help them make more informed business decisions.
Data insights are more critical than having simple reports or raw data for every CXO since it improves decision-making. Organisations of all sizes today appreciate the value of the insights gleaned from comprehensive, well-organised data.
- Why is BI important for businesses? What are its potential benefits of it?
The aims of a company determine the importance of business intelligence. In today’s world, every company wants to experience faster growth. The ultimate goal for any business/startup is to become a unicorn as quickly as possible. As an outcome, the amount of time required to achieve success redefines itself every 18 months. Those organisational goals can only be accomplished when there is efficient cooperation across all of the organisation’s verticals. BI has the potential to play a significant role in facilitating the alignment and collaboration of many verticals with the company’s objectives.
Potential Benefits are readily apparent in many types of businesses; BI may offer the following advantages: (Not Limited to)
o Insights on operations and its performance
o Insights on how businesses behave in the market
o Insights on how customers behave
o Predictive Insights to help make better decisions
- What are some of the BI challenges that organizations face today?
Getting the right BI platform for organisational needs and integrating data from various sources is a massive challenge. Unfortunately, only 26% of businesses have successfully adopted a BI platform. Most people believe that adoption will require a lot of coding or managing or using self-service platforms may be time-consuming or complicated. When Today’s AI and machine learning technologies can deliver more than reports, adoption requires considerable change because the firm has already formed a team and invested money to get reporting.
- How can companies set the right foundation for data intelligence?
Data Intelligence is a process of presenting data so that decision-makers and stakeholders can understand and use it effectively.
The organisation needs to conduct a Data Maturity assessment, which provides a comprehensive knowledge of the dynamics underlying data expansion. As soon as we have an accurate picture of the current state of the organisation’s data intelligence, we can begin to lay the groundwork for future expansion.
- How Data can be democratized in an organization, and how is it a game changer for businesses?
The new form of democratisation is “insights for everyone.” Organisations today need accurate and granular data in a timely fashion. Time is of great essence. However, the access to this data and insights derived is restricted to a select few. That mindset is now changing. Steps are being made to produce it available to personnel across the board and empower everyone to make decisions based on the data. This approach also lets an organisation teach each person what they need to know about the business and pass down the goals.
- What is the role of the cloud in empowering modern business intelligence?
Business intelligence and Cloud computing are an ideal combination for industry verticals. Business intelligence involves delivering the right information to the right people at the right time. Cloud computing serves as a lightweight catalyst for accessing Business Intelligence Applications. In addition to web browsers, Cloud Business Intelligence Applications can be accessed from various devices.
The cloud can hasten the development of current intelligence. In addition, the technologies available in the cloud can shorten the time it takes for a company to construct such components.
- How BI platforms like Lumenore can utilise the capabilities of augmented analytics and delve deep into business data?
Currently, machine learning is one of the most significant trends in business intelligence (BI). With the assistance of advanced techniques, an organisation can obtain not only the most recent insights but also a profound understanding of how to improve performance, as well as which areas to concentrate on, markets to penetrate, products to pay attention to, and a variety of other key performance indicators (KPIs) to make better decisions.
To improve the usability of their platforms, business intelligence and analytics providers are increasingly incorporating augmented analytics into their product and feature offerings. Thus, examples of augmented analytics in the enterprise have already begun to accumulate in areas like data preparation and usage of AI to improve the query ability of data, thereby making it simpler for individuals across the company to query and interact with the data. This enhanced query ability not only enables data professionals to delve deeper into data but also increases the number of users of analytics tools.
Augmented analytics improves the statistical analysis of continuously collected data points with advanced features that make it easier for both BI analysts and regular business users to access insights. These built-in features include artificial intelligence, automation, and natural language processing (NLP) to facilitate simpler queries.
At Lumenore, our most popular modules are the ‘Ask Me’ and ‘Do You Know’. Both focus on instant analytics dealing with complex implementation and are among the most popular innovations from our stable that our customers have used. These modules bring together advanced analytics, Google search-like querying, and AI-powered recommendations. The objective of these tools is to give our users fast and easy access to the intelligence they need for critical business decisions and to reduce data complexity.
