The power of Business Intelligence is often somewhat overlooked by those that need it most, as the value is not recognised until it is seen in practice. Data is power, but only once it’s processed effectively and turned into information that can be acted upon.
So often we look down on analytics, simply because of the cloud of complexity that surrounds its implementation. This does not have to be the case. The roll-out of an effective real-time processing unit that’s always on, and easy enough for most to understand gives those in decision-making positions far greater power and insight into their daily decision-making tasks.
Gone are the days when you submit an ‘IT service request’ to your IT team for a report on specific tables, have certain aspects pivoted, and find yourself battling it out and manually processing through regions, sales channel, or product. Whatever the industry, whatever the process; custom built Business Intelligence systems are becoming more widely used, more powerful, and more effective to the non-IT user. You don’t have to be in IT to be able to understand and handle big data.
Today’s systems are simpler, more powerful, and optimize decision-making in many areas of everyday operation Forrester Consulting recently released a study examining the total economic impact of the deployment of a real-time decision (RTD) making system. The RTD platform combined both overviews, rules, and predictive analytics to help provide optimization of real-time decisions within an enterprise. The results were staggering. The enterprise in question experienced (amongst other positive outcomes) incremental deal size revenue, greater customer retention, and a payback period of the initial implementation of just three months. The three-year risk-adjusted return on investment was a mind-blowing 986%.
As industries become more competitive, retaining that edge on other industry players becomes ever-more important. It’s vital that any data at hand is processed and used for the bettering of whatever corporate it may come from. Data really is power. You just have to know what to do with it.