To run a successful business in the present age and market requires a deeper understanding of efficient resource management. Businesses need to realize that they have to step up the game to stay relevant in this fiercely competitive market!
IT penetration in the business or in an organization is a common sight in the 21st century! In fact, businesses that are not embracing this new IT wave are expected to be out of the game in the future! A report finds that nearly 56% of the CEOs have found a relation between digitalization and increased revenue.
So, whether to digitalize or not isn’t the question anymore! The question is “How to increase the efficiency of the digitalization strategy?”. Enter Modern BI.
What is BI?
BI or Business Intelligence is the technology that helps businesses to accumulate, organize, contextualize, analyze, and visualize their internal and external data.
Why do businesses need BI?
Well, data is the new oil, and leveraging data is a must for businesses as it helps them gain significant insights on the operations and help them form crucial decisions.
What’s the difference between Traditional BI and Modern BI?
Traditional Business intelligence systems have helped companies apply more context to the data but lack versatility and usability. It is difficult to use and is not suitable for today’s dynamic market.
Modern BI or Modern Business Intelligence system empowers every employee of the organization to leverage business intelligence tools to understand the data involved in the process. It is easy to use, provides great visualization, is versatile, and highly accessible.
The Traditional BI system is comparatively rigid and needs people with specific skillsets to interpret the process. However, this is not the case with modern BI systems. Modern BI is easy to use. As most of the intelligence tools are used for non-IT-related operations, it is only right that employees of these departments know how to leverage such technologies.
Even employees with little to no experience working on Business Intelligence systems can get started with modern BI technologies.
How can modern BI help Startups and Enterprises to scale up?
Modern BI can help startups and enterprises in many aspects. Any business or organizational structure can benefit from data streamlining.
Some of the main benefits of the modern BI are,
- Enhanced data visualization.
- Contextual data exploration.
- Advanced insights.
- Customer experience.
- Employee experience.
- Strategy and KPI identifications.
Monitoring these factors in an organization could help optimize the overall output from it. In a dynamic business environment like startups, even a small level of optimization could increase efficiency by a great margin.
Modern-day enterprises understand the need to streamline their internal operations, particularly after this COVID outbreak. Many enterprises and business organizations suffered a huge blow as they failed to predict such a drastic change in the market. Modern BI systems help reduce the friction between the internal departments of an enterprise.
The Relation between Modern BI systems and Organizational culture:
Modern BI systems do everything that a traditional BI system can do. The difference is that modern BI systems can change the culture of the entire organization. Traditional BI systems are complex to use. The data will be processed by a separate team. There is a gap between the data and the employees. This gap becomes an obstacle for the employees and prevents them from leveraging the data at hand to its fullest.
Modern BI systems take a completely different approach. It creates a bridge between the data and employees through powerful visualization techniques. When employees have access to the business data, their overall understanding of the process dramatically increases.
It also becomes easier for employees to see the impact they are creating in the organization through numbers. Identifying the key performing areas is an important aspect of maintaining overall efficiency.
Also, they have the opportunity to share their insights or opinions in other areas too! This leads to the creation of an organization with employees of diverse skills and talents. This will also help organizations to instill a system that keeps facts and data at its core!
Enterprises, in particular, are working towards creating a strong digital ecosystem to optimize internal operations. When such a model is paired with a powerful business intelligence system, the decision-making abilities of the organization increase dramatically.
Business intelligence systems help organizations to turn raw data into insights. A traditional BI system stops here. But a modern BI goes that extra mile and reinforces the very foundation of the organization itself. BI solutions help organizations to scale up with minimal expenditure.
Digital transformation companies are innovating the business intelligence systems by annexing them with modular technologies like Artificial Intelligence, Machine Learning, IoT, etc. BI solutions from these upgraded systems will have more clarity and context in them.
The goal is to extract data that provides multi-dimensional context to enterprises for them to overcome their shortcomings and help in decision making. BI for enterprises does that as smoothly as possible.
Wrapping this up,
Many IT consulting companies are exploring new ways to leverage data engineering solutions to create a highly efficient system. BI solutions for startups help them utilize their resources to the maximum. The future of Business Intelligence solutions is much anticipated in the market.
The way these solutions evolved from a confined background is proof that the system will continue to evolve. A user-friendly, high efficient, modular business intelligence system is not so far from the present scenario.