What’s your BIQ?
BIQ or Business Intelligence Quotient is a company’s ability to analyze data and take the required action for achieving its goals. This helps the business improve relations with its target customers, shareholders and employees. Companies with higher BIQ can significantly improve their performance since they have a hands-on understanding of business analytics and data. If your company is able to act on its performance data, then your company possesses a high BIQ. If not, the company can consider several options to increase its intelligence. Use of AI is one such option!
3 signs that mean you are in BI:
Huge chunks of Data but no Real Inference: When the business fails to identify the importance of real-time data, then it means that it is in need of Business Intelligence
IT poses as a bottleneck in an analysis:
Every business needs a proper BI software if there are long delays in getting the required edit reports and sheets
Reliance on Spreadsheets for Big data:
If the business is using up Excel sheets to record its data, then BI is required.
BI tools help in backing companies with adequate data through spreadsheets, digital dashboard and data mining among others. A good BI tool for your business should have features like:
- Reporting and querying
- Exploration and discovery
- Online Analytical Processing (OLAP) and analysis
- Data visualization
- Predictive analytics
- Performance management KPIs
- Adaptability and scalability
The Challenge: Concord sells to a variety of customers like Tesco, Asda, WH Smith, Rymans and Staples. Pricing is important, given the low margins. In such a scenario, companies used huge spreadsheets. These took many minutes to load. Due to this time-consuming process, Concord did not analyze their data so often. They claimed to have excellent ERP. However, they could not use it to their advantage due to the lack of proper analysis of data.
Solution through BI:
With the help of ‘Sales Analysis’ and ‘Supply Chain Analysis’, Concord was able to analyze sales, profits and margins on a daily basis. Hence, this meant that they could now inspect the true gross margin, after rebates, product-by-product, customer-by-customer, every day.
Considerations while Purchasing a BI Solution:
A major inquiry an enterprise should look into while purchasing a BI Solution is: Whether it should buy a BI Suite from BI Vendor or purchase separate products from multiple vendors?
The answer depends on the enterprise itself. Also, the selection process should be defined by the needs of the enterprise and what best fits its objectives.
Since each organization has a large number of data, BI solutions cater to all organizations. Moreover, Growing BIQ brings about a better understanding of the organization and its operations. Between online data and offline data, it is important to track the metrics in one place so that it does not overwhelm the managers. Thus, BI helps organize data which is very crucial for the growth of the company.Add to favorites