Business Intelligence, we've all heard of it, but what is it?
The whole concept of Business Intelligence surfaced in 1865, with a young guy called Richard Devens who was using it to describe how a banker profited from information by gathering and acting on it before his competition. More recently, an IBM computer scientist described the potential of gathering Business Intelligence (BI) through the use of technology. Business intelligence, as it is understood today, uses technology to gather and analyse data, translate it into useful information, and act on it "before the competition".
BI tools are used across all industries, like the Oil, Retail and Apparel, however not all companies like Shell, Walmart and Arcadia Group can afford to splash out on such luxuries. The main purpose of BI is that it provides historic data to present actionable information to help executives and managers make informed decisions for their business. A good BI tool can span a companies entire data set, collecting information on everything and dishing out brightly coloured graphs and charts alongside some pretty hefty consulting services to understand the graphs. BI tools are typically understood by Data Scientists over a time period that could last up to 6 months, and with the average salary of a data scientist being upward of $100,000, you can imagine this is very expensive and time consuming.
Information can change overnight, so investing in a BI tool that takes a matter of months to implement may raise a few eyebrows. Although BI tools create deep and powerful reports, it is questionable how much of this 300+ page report will actually be used by the executives. The modern version of BI report needs to focus on technology to make decisions quickly and efficiently based on the right information at the right time. ServiceClarity focus on the KPIs that matter and produces interactive reports which gives executives access to the information they want to know on a weekly/monthly/quarterly basis. KPI reporting data can be derived from numerous integrators like Excel, JIRA, HubSpot, Xero and countless more. The information is extracted and presented in many forms including metrics, KPIs, reports and dashboards.
Why choose a KPI report over a BI report?
It's not a question of choosing a report of lesser value but a report of a more concentrated value. There are multiple reasons circulating cost reductions but they are obvious. You can receive a sample KPI report within 5 days of integrating your data, and from this you can start to implement various strategies like Price optimisation or Inventory management based on what you now know. Big Data is key to achieving insights into how a business operates but alone it is meaningless. A KPI report, gives you a greater scope on how your business currently stands. As an executive you want the complete solution to analyse margins and profitability across the entire business process.
What is the CRUCIAL element within KPI reporting, is integration from multiple internal and external sources. For example, you want to take information from your internal project management platform and integrate this with your CRM platform in order to calculate the return of investment with the marketing/sales efforts and your customer upload/retention. We understand the importance of seeing the bigger picture. It is vital to see how various departments interlink in order to implement a data-centric approach on a collaborative strategy. ServiceClarity executive reporting integrates across all departments to provide real-time KPI reporting. If you want to find out more, just click the bright boxes below!
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