A recent survey revealed that approximately 98.7 percent of the Fortune 1000 companies in UAE are looking to create a data-driven culture. The survey also indicated that 32.3 percent of companies already consider themselves to be data driven. Understanding the contents of business data, having the ability to visualise it, and analyzing it can be quite challenging to several businesses in Dubai.
Businesses irrespective of their size and type should have the ambition to become data-driven. Businesses that are leveraging data outside and inside their organizations will be able to cut down operation costs, increase efficiency, and enjoy several other benefits.
However, the major issue is that being data-driven is not a simple task. This is because the amount of crucial business data that includes customer insight and supply chain management data may seem quite overwhelming for most businesses. Business intelligent software systems have become an essential requirement for companies that are looking to become data driven.
What Is Business Intelligence
It is safe to say that BI or Business Intelligence wasn’t really the best digital savvy option available to business in UAE when it comes to interpreting data until a few years ago. In fact, business intelligence solution was limited just to printing out pages or sheets of KPIs ( Key Performance indicator) and other important business metrics.
It is true that the printouts were really helpful for business executives and managers. However, the major issue was that they didn’t really help them to capture a full picture of the performance of their organization. As the amount of data generated by businesses has considerably increased over the years, businesses have had to look for intuitive methods for collecting and visualizing data, which is where business intelligence solutions comes into play.
As most of you are probably aware, business intelligence is a very common buzzword just like data mining, Internet of Things, big data analytics, and more. It is true that most of the above-mentioned innovative technologies make use of data in some way, but there are notable distinctions on how data is being used.
Common Examples Business Intelligence
Several businesses that have been using business intelligence software systems were able to make better and informed decisions, which enabled their business to accomplish the data driven culture, which they were after. Today, several businesses across different industries prefer to use BI software systems for collecting and processing large volumes of data.
It might come as a surprise to several readers when they hear that the healthcare industry has started to welcome data usage with open arms. A recent survey conducted by PwC revealed that approximately 95 percent of CEOs in the healthcare industry agreed to harness more data that may unveil innovative new ways for addressing industry challenges.
For manufacturing companies to remain successful, they will need to produce high outputs along with staying efficient. The use of business intelligence solutions has made it possible for manufacturing companies to do so.
In the finance sector, several companies have already started using business intelligence tools for examining delinquency cases, customer loans, credit portfolios, and more. If you are new to the world of business intelligence, then get in touch with us to know everything about BI tools and how they can help your business.
Enhance your business capabilities and improve decision making with our top-of-the-line business intelligence and analytics tools.
Business intelligence platforms and analytics play a key role in the growth of a business. The critical decisions that make or break a business are made based on the careful evaluation of the data provided by the BI (Business Intelligence) and analytic tools.
The expert team at Abzer, business intelligence software company in UAE has come up with innovative solutions to enhance transparency in a fast-moving market landscape for all sectors and industries. We help enterprises build business intelligence dashboards and develop reports that include, but are not limited to – customer data, the marketplace, marketing campaign impact analysis, etc. Corporate performance management is also carried out on the enterprise’s data to make better-informed decisions.
Our analytics tools help enterprises perform real-time analysis and transform raw, complex data into meaningful formats to have a better insight into their business functions. As a result, this enables key decision-makers to implement a business model that enhances growth.
Managing large amounts and different varieties of crucial business data will surely be a challenge to most businesses. A recent study indicated that approximately 40 percent of data professionals have to spend over 40 hours every week just for prepping data.
Prepping data is undoubtedly a tedious process, but it is important for businesses to regularly do this. This is another crucial factor that urged businesses to adapt a data-driven culture for their organization.
It is important to understand that there are multiple facets for data management. The first thing to do is to collect large volumes of data from cloud computing services, ERP systems, CRM software, and more. In addition to that, businesses will need to collect data from social networks, market, and other external resources too.
Once the process of data collection is completed, businesses will need to prepare themselves for another time-consuming process. The collected data has to be organized and standardized so business intelligence tools will be easily able to identify and analyze them. Every data collected will be stored in a central place or data warehouse, from where data can be easily and quickly accessed.
You should consider the process of data management as a cycle instead of a set of processes. It is crucial to note that not all collected data will be important or relevant for a business. Duplicate and corrupt data may come back in some cases, but data management guarantees that only the best fit data will be analyzed.
Business Intelligence Tools
Now that you have standardized and organized crucial business data in the right place, you can start running them through business intelligence tools. There are different types of business intelligence tools available in the market and each tool uses different ways when they are analyzing data.
For instance, some business intelligence tools might have ad hoc analytics. This means that users will need to pull results on their own. It is important to note that there are other types of business intelligence tools that may be utilizing enterprise reporting or real-time analytics.
With the analyzed data, business analytics software will be able to visualize results for researchers and analysts for further examination. One of the common ways to do that is through diagnostic or descriptive analyses as charts, graphs, and other types of reports. These analyses will offer a detailed overview on what happened during certain points in the past years of your business and why it happened.
Another popular method to visualize business intelligence data is through performance scorecards and data analytics. These types of tools will make the data a lot more readable for general business users, executives, and managers. It is also important to realize that advanced analytics, which is in the form of prescriptive, predictive, and big data analytics, can also be incorporated.
That said, it is crucial for businesses to realize that these types of analyses are usually quite complicated. In addition to that, the above-mentioned analyzes also require the usage of both machine learning and artificial intelligence.