With the pace of business continuing to accelerate at warp speed, there is a growing focus on data utilization to direct planning and use predictive analytics for competitive advantage.
Business Intelligence (BI) is a critical tool for innovative organizations that want to grow, lead their field and their competitors.
Cloud storage and computing has greatly simplified business processes and decisions through the development of BI, planning and predictive analytics into a single platform. That platform can pull together data from various individual BI tools to generate reports and dashboards and provide a view into the future.
What business wouldn’t want a crystal ball these days?
But how do you go about finding that single cloud-based platform that can deliver the customized solution your business needs?
We’ve assembled a list of must-have features that businesses are looking for in an ideal BI platform.
- A single, scalable cloud-based platform that pulls data from multiple open source or proprietary environments into one place that integrates it all
- A workspace to model, analyze and forecast your financial data, where you can make changes on the fly and simplify your financial analysis with interactive visuals
- One that allows you to plan for the future by forecasting revenue based on real outcomes, where you can see trends before they start with predictive insights
- A version that lets you challenge opinions with up to the minute reporting from the systems that run your business
- A real advantage is the ability to track all purchasing, inventory, fulfillment and service deliverables with real-time analytics – bringing all your data together to tell your story and make better decisions
- Increase productivity by enabling end users to create and publish dashboards
- Measure pipeline health and revenue progress with dashboards accessible across the organization
- Visualize and tack all your marketing campaigns in one place, predict campaign outcomes and demonstrate return on investment
- Improve campaign performance and spot tends to align your spend to your most important KPIs
- Look for scalability, accommodating everything from small, nimble departmental deployments to global implementations that can grow with your business
This model eliminates the need to spend dollars to create more BI infrastructure because it resides in the cloud and offers the advantages of saving time, money and resources, especially IT resources.
The holy grail is finding and implementing business intelligence, planning and predictive analytics in one platform.
If your goal is growth, invest in a single cloud-based platform that provides predictive insights to help you answer any business question by finding patterns in the data and highlighting key drivers that affect any aspect of your business.
A final tip: Go with a platform that is backed by decades of experience in business analytics. There’s no substitute for the kind of experience that can maximize data-driven decision making, or bring you the next generation in analytics.
In Part 1, we looked at the advantages of implementing business intelligence on a single clod-based platform that combines data from multiple BI tools into one place. That eliminates the need to create more data analytics infrastructure and to let business focus on managing and extracting the benefits of data.