Tag Archives: corporate performance management

Business Intelligence Is More Important Than Ever

28 Feb

From CRM to Supply chain management there are around 200 and above categories of software that helps companies in back office and front office operations which are considered to be an essential segment for a proper business management. Most companies require both these segments and the one particular tool that’s becoming more indispensable is the business intelligence and data warehousing (BI/DW) software enabling more effective business process management (BPM) by providing comprehensive analytics that are primal to sustain and support profitability and growth of an organization.

What is Business Intelligence (BI)?

Business intelligence (BI) can be interpreted as a broad category of applications and technologies for accumulating, stacking, analyzing, and supplying access to data to help organizations/users make better business decisions. BI/DW applications include the activities of decision support systems, query and reporting, online analytical processing (OLAP), statistical analysis, forecasting, and data mining. Thus leveraging data from various systems, applications, and databases, business intelligence software users can make the best-informed decisions more efficiently.

Key Benefits of Business Intelligence

Companies of all sizes can benefit from business intelligence software, and it is important to consider the fact that companies acting without it are in a sense running on gut feelings. Every company needs to think on its feet, and leverage its enterprise data for the greatest advantage. After all, this data is essential for conducting and understanding mission-critical activities, operational patterns, and industry trends. Every company has varying needs, and there are a wide variety of benefits within each company;

  1. No More Guesstimate: Far too often, business data of organizations lacked unified structure and as a result guestimate was the best weapon for executives to make decisions while attempting to direct their companies into the future. Business intelligence can render precise historical data, forecasting and trending, real-time updates, synthesis between departmental data warehouse and even predictive ‘what if?’ analysis, eliminating the need to guesstimate.
  2. Mobility: Availability of Mobile based business intelligence applications provide walkthroughs for users/executives to access key business metrics, reports and dashboards on iPhone, iPad, Droid or BlackBerry, giving sales and marketing people access to critical business information on the go.
  3. Retain Your Customers: One of the great benefits of BI/DW tool is that it permits companies to attain visibility into what customers are buying or what they need , providing them the ability to gain additional profit and retain valuable customers.
  4. Selling Opportunities: BI/DW software permits organizations to leverage customer data to build, refine and modify predictive models that help sales executives to up-sell and cross-sell products at appropriate customer touch points
  5. Improve Efficiency: Apparent amount of time are wasted by companies in hunting data within their departments to find the information they want and process as a report to take a single decision. With the influence of business intelligence software, however, all the information is centralized and can be viewed in the form of dashboard or converted into a report, saving enormous amounts of time and improving efficiencies.
  6. Greater lucrativeness: Business intelligence software can provide users greater insight into manufacturing costs and the ability to line up production on the go for greater profitability
  7. Greater Inventory Management: BI helps organization to order the right amount of inventory at the right time so that customers receive their products when they need, thus avoiding over stocking
  8. Business Insight: Business Intelligence has been very successful at explicating the complete insight of your business over a period of time. The tool can provide you insights on how many units were sold, through which store, in which geography, or by which customer segment. Hence, these issues are now well understood, and so the next generation of competitive advantage comes from analyzing unstructured content to understand how and why these things happen. From simple content-based metrics to sophisticated sentiment analysis, business intelligence software can provide a more complete view on customer and competitor experience and opportunities therein and help executives plan for the future.

What to Look for in a Business Intelligence Software Solution

While Analyzing BI/DW solutions for your business management needs, there are a few important features to look for.

  • It’s a best way to find a web-based program, and one that offers unlimited data access as on-demand solution will provide accessibility for more users, and will support scalability should the company need to add more users and run more reports in the future.
  • Not all business intelligence software is fully scalable, so choose one that addresses specific capacity needs.
  • It is also important that a BI/DW tool should support several output formats, from spreadsheets to PDF documents for producing reports and to run the reports.
  • Corporate data can be highly complex, and reporting tools should support that. In the same vein, the platform should offer predictive analysis, unlimited data access, and complex visualizations.
  • The visualization abilities should range from simple charts and graphs, to maps, matrices, and histograms depending on the mathematical or scientific reporting necessity

Business Intelligence Is More Important Than Ever – Why?

Apparently, adopting a BI/DW solution is a smart step for companies of all sizes and in all industries because of its analytical possibilities and it is quite likely that soon, companies not adopting one will have a difficult time surviving the competitive world. Businesses are currently collecting more data than has been amassed before, and as a result IT organizations are spending billions of dollars investing in data warehouses and business intelligence tools.

In addition, with the surge or Web 2.0 technology within enterprise software, business intelligence systems are beginning to provide real-time information. Minimizing reaction time between an event’s occurrence the subsequent business decision is the most important point of business management, and while business intelligence solutions have been able to predict outcomes before, the availability of real-time data will further decrease any latency periods.

As you can see, BI/DW Solutions are more than just a reporting tool, as through recent technological advancements it now offers highly evolved predictive abilities. So when looking for business intelligence software, outline your goals and choose the scalable solution that best fits your informational needs. The more complicated your data, the more complex the visualizations should be; likewise, don’t select a convoluted system for simple data. And one thing your selection should include, no matter what your data needs, is real-time reporting and analysis.

Is your organization looking for a vendor? Have your organization chosen the right tool?

Email me your interests Shaughn Knight, AVP – Business Development and Inside Sales Operations.

“If you wish to avail my blog article please click the follow button at the bottom of this blog”

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BI/DW for Banking, Financial Services and Insurance (BFSI)

16 Feb

BFSI is one of the complex and sophisticated industries in the world as these industries are subjected to generate substantial amount of data. Indeed, companies entering these markets confront several difficulties to stay abreast of changes in the market, changes within competitors, and changes in customer and changes in government and regulatory bodies. In order to compete with others better modes of attraction and retention of customers to be identified and dependable strategies to be deployed. The enterprise must also achieve an integrated view of data across all systems and data sources in order to provide up-to-date data for analysis and decisions. At the same time, these enterprises must focus on a secure transaction environment to ensure compliance and protect confidential and private data. To be successful in this environment, an enterprise must establish and monitor appropriate key performance indicators (KPIs) and metrics, identify and support profitable customers, improve operations at the grass-roots level and achieve true business intelligence to understand and improve portfolio performance and predict and forecast results based on trends and business patterns.

BI/DW for BFSI

Business intelligence (BI) not only can support, grow and ensure the success of the BFSI companies but also its users and other professionals involved with it.

Banking:

  • BI facilitates the banking organization to change the financial performance and allows the organization to set up and meet goals and track progress using a huge volume of information, integrated from numerous enterprise systems and sources. Banking professionals and stakeholders can monitor their financial strength and create and share reports to abide by the government and industry regulations
  • BI helps to excel the banks in customer service and meliorate customer acquisition with targeted marketing and market research. Users can distinguish the most profitable customers and analyze buying behavior and preferences
  • BI helps users to measure risk trends and forecast profitability with reliable data. Moreover it supports all banking requirements and analytical needs including credit analysis, regulatory compliance, operations management, loan monitoring, dealer loan analysis, demographics, customer profiling and many other factors of business success.

Financial services

  • BI enables the users to identify and focus on business factors that are in need of betterment or fine-tuning. Financial services companies can maximize operational efficiency and gain profit margins by establishing and cascading new strategy and monitoring operational performance and tactical performance, KPIs and metrics. Automated alerts enable the business user to customize information views and receive updates when a critical threshold has been crossed; thereby ensuring that corrective action is taken swiftly and decisively.
  • BI facilitates to analyze and manage centralized administration of all consumer information, with data integrated from several enterprise systems and sources. Users can create personalized dashboards to view this information in a convenient way can be easily understood by them. They can summarize data and drill down data to present results in charts, graphs, and gauges for presentations and analysis.. Users can analyze consumer credit and monitor activity to identify the most profitable markets, customers and demographics, and to mitigate default and risk.

Insurance

  • BI facilitates insurance companies to manage and analyze Sales, marketing and channel partners thereby enabling the business user to monitor information from various distribution channels and identify which customers are more profitable and forecast results with complete insight into which channels are the most cost efficient
  • BI helps in agent performance analysis to identify cost saving opportunities and increasing yield. Managers can promptly determine which agents have the highest customer retention rates and monitor actual results against plan
  • Claims results can be monitored and new trends and strategies can be deployed to detect fraud and risk causing factors. Users can establish automated alerts to notify them of specific issues so that the user can take quick execution to resolve problems or determine the root cause before missing the target
  • Manage and Analyze actuarial and risk factors by  evaluating new trends, identifies areas and markets where risk is increasing and enables swift risk analysis with robust reporting, charts, graphs, gauges, alerts and other tools to support decision-making and extenuate risk.
  • BI supports all insurance requirements and analytical needs including credit analysis, regulatory compliance, operations management, policy monitoring, underwriter and loan analysis, demographics, customer profiling, claims analysis and many other factors of business success.

Advantages of BI/DW services and solutions in BFSI industry

  • Maintain and Ensure to meet the regulatory, governmental and industry compliance by balancing the risk involved between business and growth
  • Produce user-friendly  Reports on performance, customer demographics and other factors through dashboards and KPIs to the management
  • Analyze and act on customer business intelligence
  • Provide a bird’s view structure of risk, customer profiles, products, services, regions, sales, marketing and other information and indeed, increase customer profitability, ameliorate customer service and cut down operating costs and risk
  • Fulfill user needs for diverse views and perspectives and provide custom support for individual roles, functions and team activities
  • Boost revenue  and Improve efficiency of the overall business process and increase the confidence of decisions making for the management
  • Increase value of investment with full insight into costs, performance and risk factors and Leverage investments in existing resources and infrastructure by integrating data from existing sources
  • Assist in cost control, resource allocation and operational management
  • Ensure accurate, timely decision-making with granular, enterprise-wide information, graphical displays and personalized dashboards and alerts to provide up-to-date information and simple analysis
  • Identify and take corrective measures for inefficiencies, process issues, and under performance using powerful key performance indicators (KPIs) and metrics
  • Calculate and adapt pricing and strategies based on accurate forecasts and trends
  • Align performance with strategy and objectives and enforce accountability
  • Accomplish complete insight into financial and operational results, claims adjustment and management, overhead costs and fraud and risk management

Is your organization into BFSI ? How can your organization adopt successful business intelligence implementation? Email your interest to Shaughn Knight, AVP – Business Development and Inside Sales Operations.

SmartPrise BI for Sales & Marketing Team

30 Nov

It is a fact that “Sales & marketing” are the heart of any organization to run their business successfully. Sales and marketing requires specific amount of skill sets and determination to create an undefeated business across the globe. At the same time the marketing skills and the sales activities of the sales person or the sales and marketing team has to be identified and supervised to improve the performance. In how many organizations the sales management or the head of sales take initiative to measure and manage their team’s skillsets and activities? Unfortunately, the answer is always no because most of the organization doesn’t remember that sales and marketing is a process. Only if the organization has a tendency to operate at process level they can see the success in their business, else they will certainly be defeated in this competitive market.

BI advantage:

BI enables the sales teams to

  • Analyze results by product, customer demographic and geography.
  • Provide information on key sales transactions and the information are shared with user-friendly reports, dashboards and automated alerts.
  • Increase their sales targets by constituting individual sales targets and monitor generated sales with drill down and drill through potentialities and provide comparison with previous historical data of sales.
  • Build profits by focusing on productive activities and find the source of shortfall in sales and correct the issue before it becomes critical.
  • Identify valuable customers based on their requirement and allot resources more effectively based on the geography, sales and volume.
  • Increase the customer satisfaction and customer retention.
  • Increase the sales forecasts with accuracy and on-time delivery
  • Achieve the targeted sales at the right time and within the forecasted budget
  • Increase the clientele list with high-value customers
  • Deploy promotions and advertising that could yield the organization better profit and market shares
  • Predict the sales forecast of the company and can provide insights on customer and prospect behavior.
  • Better align with the production team as well to ensure the appropriate level of inventories, products and raw materials are available to meet the sales demand.

Why SmartPrise?

SmartPrise BI® is the complete end-to-end Enterprise Intelligence solution for small-to-mid enterprises, which enables them to monitor report and analyze their business performance effectively. The solution enables the enterprises to transform data into business-critical information that helps them to scale as well strategically plan to improve their business performance. SmartPrise BI Mobile for Health is developed based on Cognos, SSRIS, Business Objects, Spotfire, Xcelsius and can fit with any leading ERP & CRM applications that include Microsoft Dynamics, Infor, SAP & Oracle.

SmartPrise BI® suite provides enterprises accurate, consistent and clear data in the form of reports, scorecards and dashboards that acts as a key information for decision and policy makers to give consents, frame policies and guidelines and allocate funds for different planned and ongoing activities across the organization. The suite is addressed to meet the intelligence analytics needs of wide range of industry verticals which includes Healthcare, Banking, Finance, Telecom, Pharma & Life Sciences, Travel & Logistics, and Wholesale & Retail.

Our SmartPrise BI Mobile suite, which works standalone, or with your Learning Management System, enables companies like yours to instantly:

  • Keep sales teams more informed and productive
  • Deliver high-priority business/product/service updates
  • Improve accessibility to compliance/certification training
  • Increase access to corporate knowledge/expertise
  • Ensure regular corporate communication
  • Reinforce formal training
  • Analyze the delivery and usage of mobile content in real time

For more information on SmaprtPrise BI please click here