29th Sep, 2020
techmagnate, , Designation
Undoubtedly, for every organization, the key to success is keeping the customer at the heart of its strategy. Alongside, it’s also true that in the age of digital connectivity customer has access to all the information which allows them to be better informed and make choices to suit their changing needs.
On the same note, organisations are leaving no opportunity to collect information at every touch point of customer journey that enables it to draw out strategies and take decisions to keep the customer engaged throughout its sales/service life cycle.
This exercise of collecting data and drawing out meaningful insights has established the base for data mining, data analytics to create faster and more effective business solutions.
To put it correctly in parlance of business language this has given rise and enhancement to the concept of Business Intelligence (BI). Since the business landscape is changing rapidly, to keep pace with it there is a need of new age
BI solutions which are faster, more accurate and reliable to deliver the insights at a pace that enables better customer engagement and retention strategy. This is how we are shaping the future of BI.
Need for speed
As organisations have evolved there has been a constant struggle by companies to collect relevant data. Some of the prevalent challenges to mention are:
- Lag in data collection, data processing and response of analysis through traditional BI tools. Time consumed in this process has an impact on speed of information, as a result, impact the effort required which makes it difficult for the organisation to assess the required BI investment and map it to expected benefits.
- Then there is an issue about desired outcome and inferences due to data quality and accuracy. Organisations wishes to have access to correct, real time and accurate data, followed by the insights and not just data extraction from the IT team.
- The organisation has to have essential mechanisms which allows it to support scale. The question that arises is – how traditional BI approach provides support here, given the challenges of data latency and accuracy issues.
New age BI approach
Ultimately, the answer to all these challenges lies in the strategic amalgamation of new age BI solutions, traditional BI methods, along with the right data mining methodologies.
New age Data warehousing is essential to lay the foundation for new age BI solutions. It is very much needed to cut out the inefficiencies in data movement and duplication. The prerequisite here is to move away from functional data warehouses to data types that can serve the requirements across the organisational functions.
IT cannot continue to cater the individual functional needs as that does not foster collaboration between various functions and causes hindrance to adaptation and improvement.
Also, increasing competitiveness and rapidly changing consumer choices are demanding real time data to keep an organisation ahead of times. Moreover, an organisation cannot exist any longer without the analysis of past purchase data. For a company to be agile and adaptable the data warehouse along with new age BI solutions must allow it to map real time data to the past purchase trends.
At last, agility and accuracy are two important ingredients of decision making. These are possible only if an organisation is able to continue to adapt new age BI solutions, build collaboration amongst the business units and keep upgrading data warehousing solutions which enables it to effectively engage, convert and retain customers.
This article was originally published here.