Big data has officially taken over the business world. In fact, there’s a field within big data known as business intelligence (BI). BI tools and strategies give business users valuable insights that help them elevate their companies to new heights. Business intelligence might seem like future-talk to you, but if your company isn’t with it, it’s behind on the times.
There are numerous BI solutions, and implementing the right ones could make all the difference for your small business. If you want to learn how data analytics and BI tools can transform your business operations, we’re here to show you the way. Continue reading to learn about some impactful analytics and BI solutions that can help your company maximize its business data.
Business users can see the future with predictive analytics.
Many people in the business and finances world consider predictive analytics to be the most exciting of all business analytics and business intelligence solutions. Predictive analytics uses real-time and historical data to make predictions about future events, helping decision-makers stay ahead of trends and even set them. Furthermore, predictive analytics is so accurate that many law enforcement agencies across the U.S. employ it to predict crime sprees and the actions of people of interest. We believe if it can work for some of America’s top cops, it can work for your small business.
Maintenance analytics enables industrial companies to stay up and running.
One of the most valuable (and undervalued) types of analytics is maintenance analytics, which turns operational equipment into data sources that help improve performance and maintenance. Maintenance relies on sensors and other data-capturing tools to gather data and transmit it to business users via the internet of things (IoT). Maintenance analytics utilizes real-time and historical data to monitor /m/.the condition of equipment and deliver reports in real time. Analytics enables maintenance personnel to provide preventive maintenance, cutting unexpected downtime.
Business intelligence tools help business users optimize business processes.
As you know (or should know), operational efficiency is everything in the business world. Business efficiency is all about doing more with the same resources or doing the same while consuming fewer resources. Indeed, it’s a great competitive advantage when you can provide the same or better products and services than your rivals while using less time, capital, and other resources.
Prescriptive analytics uses historical data to deliver solutions for complex problems.
Descriptive analytics and prescriptive analytics are two more valuable business intelligence solutions. Descriptive analytics uses advanced analytics to get actionable insights into complex problems, enabling users to find correlations and anomalies to identify root causes. Furthermore, prescriptive analytics provides business users with effective strategies for dealing with the problem. As you see, descriptive analytics and prescriptive analytics work hand in hand to provide business users with insights and solutions when problems arise.
Business intelligence software provides scalability for small businesses.
Growing small businesses value scalability. They need BI systems that are affordable and can grow with their company. If you do your research, you can find a business intelligence platform that is agile enough to provide BI solutions for a project or an entire organization. Indeed, one of the things that set TIBCO’s business intelligence systems apart is their agility, which enables start-ups and small businesses to add functions to their business intelligence platform as they grow.
We could keep going about the many business intelligence solutions available and how effective they are, but experience is the best teacher. When you begin using data analytics and business intelligence for your enterprise, it won’t take long to see a noticeable improvement in everything, from business processes to customer experiences. If big data works for busy executives, imagine what it could do for your small business.