BI (Business Intelligence), can provide any business with the accurate information and analysis that will help it to spot and respond to diverse interests, priorities, and future prospects. BI intensifies the knowledge of the company's effectiveness and hence facilitate the company to be predictive in decision making.
For a better business growth, it is your company to underpin real-time strategic analysis, identify the risks and potential threats and boost the purchaser profitability. Business Intelligence (BI), is thus chosen for an On-time, Accurate, and Comprehensive data analysis.
In a nutshell, BI is used as a method for steering a company using accurate information about the present and the future prospect of the company. Lets now check the factors which if implemented can boost the growth of the retail business.
For a better retail business, the primary need is to identify the present and predict the future health of your in-store. The inclusion of both IT and Finance sections is a MUST. The business unit can easily guide the vision and the future growth of the company. The identification factors of the retail health include –
Data sources are needed to solve BI challenges. How effectively can information be accessed and consumed?
The users should be taken into account to frame the bridge between the present and the future state of your business.
Identification of the need for specific information of the users and the process to feed the users with their queried information. It is where a company begins to prove the value of a successful BI policy.
People, Process, and Technology – are the three backbones of your retail outlet. The company framework must provide an environment connecting BI, business development, collective application and an already existing data stores. Linking strategic goal and objectives to tactical goal and objectives are the prime aim of operational planning.
BI includes the description of a milestone, success condition and operational time period.
Analysis Data Model – Buy or Build:
One Size for all for the BI model fails to serve the original purpose. The homogeneous business system (ERP, CRM etc.) may get benefit from the out-of-the-box data model. But as you progress towards complexity, you should opt for customization. But to initialize, a template, model or a guide set is much more preferred.
BI – Decision framing:
All business are User Dependent, and users can be classified into – strategic, tactical and operational. Strategic users, though make a few decisions, but are important and have a reflective effect. Tactical users make a various decision a week using both aggregate and detailed information. Operational users are in need of data within their own application set for huge transaction execution. Understanding users BI utilization purpose is important for BI decision-making platform.
A successful business implementation starts with user-interrogation steps like – What key performance metric will be valued?
Adoption for All:
BI is best sponsored by an executive with bottom line responsibility and not one from IT. This is so because it has a clear picture of the objectives, strategy, and goals of the company; and spot the guideline to translate the company mission into key performance indicators (KPI) supporting the mission.
However the value can only be attained when the BI plan is adopted by all employees in the company and it infiltrates into the business’s processes at operationalized and implemented stage of the organization. At this stage, loyalty is needed from all users and providers as the real key is only their commitment.
The KPI is set to measure the usefulness of the BI plan of your company. It should be so determined to measure the business insights and help in the development of business health based on pre-determined criteria.
The idea of KPI is to provide business insight into the critical success factors of the company and help in progress measurement. Your KPIs must be well-defined based on pre-determined criteria. KPIs should be framed on an idea to measure the intelligence business performance against the query—whether the information is value-driven? KPIs in BI plan are not performance points but are an assisting method to push your enterprise towards the ultimate paragon.
Cloud computing and Business Intelligence:
Most of the retail companies of this era are looking forward to the implementation of Cloud Technology for an advance business making and BI technology. The main reasons for such business shift are –
Cloud Flexibility – grow with the business growth.
Data Recovery – SME and Large firms can recover lost data and save time.
Auto–software–Update – no need of any system maintenance.
Free from Capital expense – cut the hardware cost and ease up the management.
Increased collaboration – any member can access from anywhere in real-time, thus enhancing the company collaboration.
Work flexibility – flexible working from anywhere at anytime.
Document Control – permit screen control and hence can schedule the access of any document.
Security – as your data will be stored in the cloud, you can access it even if you lost your laptop.
Competitiveness – small business can work fast than big one.
Eco–friendly – no carbon footprints anymore – love nature and Cloud also offer much more to the world of technology.
The introduction of Cloud-Based-BI is thus adding up to the company growth and pipelining management and analytics. Both big and small to medium sized industries are thus getting immensely benefitted.
The companies can now become more matured, strategic and focus on the critical zone to predict and heighten production.