“Our Industry does not Respect Tradition. It only Respects Innovation” - Satya Nadella (CEO of Microsoft)
The given statement made by someone as renowned a personality as Satya Nadella, clearly hints at the intrinsic nature of the IT industry. It gives a sense of the need for the Technology Industry to continuously adapt to the ever evolving technological innovations. Since Business Intelligence, armored with Artificial Intelligence and Machine Learning have evolved as significant innovations within the tech industry; the question of how would the Technology Industry use Business Intelligence for its own growth and productivity, has definitely emerged as a question of prime importance.
In this blog, we will try to look at how the Technology Industry use Business Intelligence. We will consider the benefits of Business Intelligence for Companies as well as their specific application in the field of the IT Industry.
- What is Business Intelligence?
- Benefits of Business Intelligence
- How would the Technology Industry use Business Intelligence?
What is Business Intelligence?
It is a common assumption that data can be extremely valuable for a Company. However, the mere presence of huge amounts of data is of no value, unless there exists a coherent strategy for analyzing it in order to derive information from the same. One extremely useful strategy for extracting this information is by using Business Intelligence. Thus, when you think of how would the Technology Industry use Business Intelligence; you should think of BI in terms of the means to streamline activities and business processes for optimal performance.
Business Intelligence is a combination of Data Analytics and the processes of data collection, data storage and data management. The objective is to assess and transform raw data and information into actionable and meaningful insights. These insights have a positive impact on the different kinds of business decisions of the organization.
Benefits of Business Intelligence
Before we delve proper into the question of how would the Technology Industry use Business Intelligence, it would be worthwhile to look at the advantages of using BI for organizations in general.
- Increased Efficiency
Business Intelligence ensures significant improvement in productivity and efficiency of a business organization through optimum allocation of resources as well as data driven decision making. Companies have limited budgets and by way of providing precise data and accurate information on crucial issues; Business Intelligence help the executives in diverting the scarce resources into productive channels. Moreover, BI helps decision makers to take decisions based on hard facts, rather than gut instincts. This helps in reducing the possibility of lapses in future and also augments efficiency.
- Customer Insights
One of the greatest contributions of Business Intelligence towards business enterprises is in terms of providing them the opportunity to know their customers better. By way of analyzing consumer data depicting their behavior and interests; a Company is better aware of their needs and wants. This helps in strategic planning and improved targeting through a virulent marketing campaign.
- Live Data and Report Generation
Given the scale of competition, it becomes crucial to ensure ways of generating reports in as fast a manner as possible. This provides the decision makers with immediate feedback and helps in producing a quick response. Business Intelligence, by way of expediting tasks through automated dashboards and other Data Visualization strategies, can help in analyzing and processing data in the matter of a few hours. Moreover, the BI tools help in viewing data in real time, improving the chance of live monitoring and of taking necessary action.
How would the Technology Industry use Business Intelligence?
The increasing reliance upon technologies like the Internet, telecommunication, PCs and so on, has been one of the vital factors for the boom in the Information Technology sector. In due course of time, it became evident that the IT sector had become the backbone for the other domains of society. Dependence on Information Technology became indispensable and in order to increase productivity, companies have been increasingly resorting to a prudent usage of technology as well as business strategies like BI. This implies that the question of how would the Technology Industry use Business Intelligence, emerged as a prime query of concern.
In this section, we will specifically look at how would the Technology Industry use Business Intelligence in ways by which it would be able to reap maximum benefits for the sector.
- Streamlining the process of Data Collection and Enhancing Storage Architecture
The operationalization of huge volumes of data, forms the basis of the Tech Industry. Business Intelligence helps in streamlining the process of accumulation, storage and management of data in a way which will help in its analysis. Most of these Companies have to handle huge data marts and data warehouses. BI helps these Companies in storing their data in the best way possible as it provides for integration with those systems without the need for any third party platform.
- Improved Functionality
Given the scale of operation within the Technology Industry, it becomes imperative to access data from multiple sources, fast and in a seamless manner. Doing this with the help of traditional and conventional data storage solutions, can be an extremely laborious task. However, BI provides for seamless access to multiple data sources from within a data warehouse at a much more rapid rate. These databases can include CRM data, functional data as well as operational data.
- Protection and Security
The issue of Data breach can be a huge nuisance for all industries, cutting across sectors. Given the nature of operation of the IT Industry, this issue becomes all the more important. Thankfully, Business Intelligence provides robust solution for ensuring the safety of data by restricting its accessibility to and usage by specific users only. The tech industry can exploit BI platforms for instituting data permissions, which in turn, narrows down the scope of data available to individuals.
- Impressive Scalability
The notion of scalability refers to the capacity to be changed in scale or size. When you try to understand how would the Technology Industry use Business Intelligence, you should be clear that the industry continuously seeks to expand the purview of BI. For instance, Tableau (a renowned BI platform) has been carefully designed to be significantly scalable from one person user to entire organizations. Business Intelligence can ensure significant benefits for the tech industry as it can allow for usage with the existing operating systems as well as facilitate on-premise and remote access.
- Growth of IT departments
How would the Technology Industry use Business Intelligence to provide for the betterment of its in-house departments? This is an important question and in trying to understand this, it would be worthwhile to remember that BI, especially through Self-Service Analytics, helps in empowering the departments. At one end, self-service BI helps users to create their own reports quickly; while Business Intelligence can be utilized by executives for tracking KPIs (Key Performance Indicators) for assessing departmental performances.
It is evident that there is no debate over the need for using BI; however, the question of how would the Technology Industry use Business Intelligence in the best possible manner to achieve its goals, is definitely worth considering. It is important to come up with ways and means for exploiting BI in the most efficient way possible, in order to reap maximum benefits from the same. The need for agility and user autonomy has pushed the demand for integrating BI solutions within the Technology Industry. Moreover, BI does not merely ensure the safety and security of data within the IT industry, but also guarantees improved client experience.
Business Intelligence has successfully entered the landscape of more than one industry. Given the kind of advantages which it brings with it, it is no wonder that BI has evolved as one of most coveted and dynamic domains. We, at Syntax Technologies, offer you an incredible opportunity to develop as a Business Intelligence expert as we help you cultivate the necessary BI skills.