In the modern business world, optimizing resources is crucial to maintaining competitiveness. But, in general, smart and efficient supply chain management has always made the difference between a good and a great manufacturing business. After all, the Anglo-Saxon adage. work smarter, not harder (work better, not harder) has roots much further back in time than the various digital revolutions and, more importantly, the digital transition that has been talked about in recent years. Business intelligence platforms are the tools that, more than any other, allow these theories to be put into practice in the world of data and Big Data. They are, in fact, tools designed precisely to take full advantage of the data that our company collects.
Business Intelligence, the meaning in the world of digital tools
In most cases, when we talk about business intelligence in reference to digital platforms we are referring to business intelligence software or business intelligence systems, i.e., applications or ecosystems of applications that can analyze and manage data coming from different aspects of business activities. Typically, a business intelligence platform is able first of all to collect data from different departments, processes and procedures, then to harmonize them (e.g. through normalization processes) and finally to process them, often with the support of advanced analysis tools based on artificial intelligence and machine learning.
Finally, a key aspect of the best business intelligence software is in the rendering of the data, through systems of intuitive visualization and subsequently through the creation of reports that enable users and decision makers to have immediate visibility into critical or strategic areas of business operations, clearly, immediately and, above all, quickly.
The benefits of a business intelligence system
From a strategic point of view, the ability to have the tools available at all times to visualize, process, and correlate the company’s data introduces a number of considerable advantages. The potential is truly vast and ranges from optimizing production costs to improving the customer experience: here we recall the main benefits and especially those that have a more immediate impact on business life and productivity.
Competitiveness
According to a report by Forbes, as early as 2017, 53 percent of the world’s Enterprise companies had adopted some system for implementing Big Data and Business Intelligence. These solutions are increasingly within the reach of companies of all sizes; it is only a matter of time before they become a must. Moving today means gaining a considerable competitive advantage, particularly if our company’s target industry has a low rate of digitization.
Data Mining
The Data mining is a process that is far from trivial, but whose results are in most cases considerable. In its most generic definition, data mining involves the ability to identify complex patterns within business data. In other words, to identify correlations, and thus opportunities or critical issues, that normally elude tools that use smaller data sets or are unable to perform in-depth analysis. In this case, the strength of business intelligence platforms is their ability to process large amounts of data, up to and including big data proper and, as we have seen, to simplify its visualization and usability.
Improved efficiency
This is a fairly common theme for all platforms and solutions that involve data centralization, but it is especially true in the case of business intelligence systems. Many companies with a traditional approach still invest a great deal of time in the data collection, many times still done manually or semi-manually, and in the conversion and harmonization of data. Often also with the risk of errors or bias in the information collected. Using business intelligence software and advanced analysis platforms all these issues are overcome, benefiting efficiency.
Improved responsiveness
The ability to create reports and visualize data and correlations quickly and effectively enables decision making data driven, that is, based on actual data, quickly and without inefficiencies. Being able to perform analysis in real time also makes it possible to respond quickly and efficiently also to unforeseen or unpredictable changes in the market. An important element of competitiveness, particularly in today’s world and marketplace where changes are increasingly rapid and radical.
Ability to set and track goals
One of the most complex aspects in traditionally managed business is not so much the ability to set goals, but the subsequent analysis, both in the case of achievement and in the case of failure. This is because, without the ability to analyze data in a structured way, one necessarily has to limit oneself to very simple goals (for example, the number of pieces sold). But what if, for example, an increase in the number of pieces sold is matched by a a reduction in the margin due to difficulties in logistics or material procurement? Business Intelligence tools, by allowing higher-level analysis, also offer tools for creating more advanced and functional goals, while also enabling the identification of new opportunities.
