We live in an increasingly data-driven world. In industry after industry, organizations are mining information for those precious nuggets of insight, which will help transform their business overnight. From satellites that beam back thousands of images of the earth everyday for the weatherman, from electronic sensors that pick up anomalies in traffic patterns to identify criminals on the run, to retailers spying on their competitors’ parking lots to gauge how much time a customer is spending in the store, the use of data is all-pervasive.
While previously, such insights were extracted using spreadsheets such as excel, the time taken to set them up, as well as their inadequate analysis, collaboration and reporting capabilities rendered them ineffective, creating a strong business case for “Business Intelligence” tools.
Business Intelligence architecture, applications, and databases do a better job at analyzing historic and real-time data, and extrapolating or manipulating the information to help decision-makers make smarter and more informed decisions. The ramifications of this, within the enterprise are huge and significant.
Business critical information can be shared more efficiently with people across the organization using a common software platform, such as those offered with Domo. By having a single source for financial, market and operational information, people are more empowered with insights regarding business performance. This helps sales and marketing departments identify and target fruitful opportunities better. BI softwares generate graphical and easy-to-understand reports, which give them the scalability and flexibility to include as many departments and users onto the platform.
However, with scalability and flexibility come other issues. Now, data has to be integrated from multiple business applications or data sources within the enterprise and outside. Even as the need to quickly access relevant business intelligence increases, the number of users accessing them is also increasing. This results in BI systems that become sluggish and less effective with time. The business consequences can be drastic.
Further, data is no longer being collected from traditional software systems in the enterprise or public domain alone. Increasingly, they are also coming from appliances, devices and machinery that are used in day-to-day life. Called ‘Internet of Things’ or IOT, this involves the use of sensors and communication protocols by appliances for collecting data and interacting with each other over the Internet, in order to automate mundane tasks in our daily life.
This implies that enterprises may be sitting on outdated, inefficient, or inadequate business intelligence systems that are not achieving the purpose they were intended for. The only way forward is to have better architected, better designed and better integrated BI systems that are geared to handle both data and Big Data.
DNF Consulting Services has tremendous expertise in the BI, DWH (data warehousing) and Analytics arena. Our vendor-agnostic, platform-agnostic capabilities help business organizations analyze millions of bits of information in real-time, and make better predictive assumptions on the future. These assumptions and insights help organizations gain the much-needed edge in today’s highly crowded and, competitive marketplace and evolve from a market leader to an industry leader.