Why is Building a BI Strategy Important?

Global Data 365
March 26, 2023

Many business executives face the ongoing challenge of obtaining straightforward and reliable reporting from their business software systems. While they recognize the vast amount of data at their disposal, the processes of extracting, organizing, and evaluating that data often seem unnecessarily complex. This is where Global Data 365 comes in. We are committed to simplifying the reporting process through a robust BI Strategy, making it more efficient and accessible for everyone in the organization.

Business intelligence is the method of transforming raw data into actionable information. It helps you to gather data from various sources, arrange it, and then analyse it. In recent years, BI has exploded in popularity among small and mid-sized businesses (SMEs), owing to advances in technology that have made powerful analytics accessible to businesses of all sizes.

When you realize the real business advantages that powerful reporting can offer, BI resources provide a very good return on investment. A BI strategy will let you solve all your data problems and requirements, create a coherent structure, and sustain it. What happens if you begin BI implementation without a plan? In other words, if you are focused on making those graphs but no one in the business understands why or how to use them.

There is no one-size-fits-all solution because every other organization is unique. In the end, it’s all about figuring out where the company is now, where you want it to go in the future, and how you will get there.

Why Stock Reporting Tools Are Not Effective

Most businesses already use a variety of monitoring methods, and they may not even be aware of how disorganized their processes are. Consider the different tech platforms that your company employs. Most businesses use an ERP system to manage their financial and operational activities daily. Some companies have their own CRM system that may or may not be integrated with the ERP. Others use a digital marketing automation tool to generate and develop leads, improve customer interaction, and increase brand recognition and reputation.

These structures have their own set of reporting features. Unfortunately, such methods are frequently intended to be effective. They meet the basic reporting criteria, but they are limited in terms of versatility and complexity. Those tools, in many cases, lack the ability to generate custom reports.

Frequently, current reports cannot be modified to benefit the organization’s strategic, complex business processes.

ERP software, in general, is infamous for requiring specialized IT skills for report creation and customization. This entails allocating limited IT resources to the task or hiring costly outside contractors to complete the task. Accounting, inventory, sales, and buying are the only areas where ERP reports can provide details. There is some consumer data there, but it is likely to be minimal.

To some degree, integration can help with the issue of information silos, but it can only go so far. However, some companies have begun to realize that time-consuming workarounds are inevitable disadvantages. The process of running reports through two to three different systems, then exporting the information to Excel, and forming a report takes time and manual errors.

BI systems must address the differences between the software systems that business leaders rely on to control their businesses and to deliver genuinely accurate reporting that offers a unified view of the business. A successful BI platform should deliver data in real-time and be simple enough to use so that everyone in the company can create and change reports without needing specialized skills.

Cloud ERP

As companies move toward Cloud ERP, they must think about the consequences of reporting and analytics. Most tech providers have taken the requisite measures to change the way you access data as they have moved to a cloud-first approach. Businesses that used a cloud ERP framework will no longer render direct database queries using structured query language due to security concerns. This is a technological transition, but it has far-reaching consequences for business intelligence.

As companies move to Microsoft Dynamics 365 Finance & Supply Chain Management from Microsoft Dynamics AX, for example, they will have a variety of options for accessing data and running reports. A better solution for businesses looking for a dependable BI platform with a low total cost of ownership is to look for a robust, validated reporting and analytics product that is optimized for high performance and ease of use.

Building Powerful BI Strategy

In any company, BI can be used to effectively improve operations. Everyone will concentrate on the same goals, collaborating with the same KPIs to push action and develop procedures, when the whole team is working from the same strategy and has access to a common source of reality. Although technology is a part of every discussion about business intelligence, it should not be the baseline. Building an effective BI strategy must address the requirements of the organization’s financial and operational decision-makers. It should meet financial and operational reporting needs with powerful and adaptable tools that enable everyone in the company to create and adjust ad hoc reports without requiring advanced training or IT skills.

At Global Data 365, we provide effective business intelligence solutions to meet your company’s needs. Some major questions that make their BI strategy effectiv e are:

– What are the record systems of your business data?
These are typically the starting point for creating a cohesive approach to reporting, putting together data that provides business leaders with a comprehensive picture, a unified understanding of what’s going on in the company.

– In the company, how does your team use reporting?
Which reports do decision-makers consult on a regular, weekly, or monthly basis? What happens if you need an urgent report?

– Are the financial reporting systems capable of completing period-end closing quickly and efficiently?
Is there a way to make the period-end process more efficient and automated? Do the numbers in the general ledger and sub-ledgers of the ERP method immediately connect to the reconciliations and supporting worksheets?

– When do the stakeholders receive the information?
Have you ever had a situation where you wanted details right away but couldn’t get them? What were the consequences of the delay?

– Is your company thinking of shifting to cloud ERP or cloud CRM system?
If it is so, you must link with a provider who can meet your needs both now and, in the future, when you migrate to the cloud.

When you answer these questions, it can help you figure out what you want to do with BI in the coming years, as well as the kinds of benefits your company will reap in the short and long run.

Usually, when companies are implementing a BI plan, the finance department’s specific reporting requirements are ignored, but with Global Data 365 onboard that won’t happen, as we prioritize customer satisfaction.

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Global Data 365 is composed of highly skilled professionals who specialize in streamlining the data and automate the reporting process through the utilization of various business intelligence tools.

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Where BI fits into your Data Strategy?

Global Data 365
January 26, 2023

With the rise of predictive and prescriptive analytics, driven by advancements in machine learning and AI, traditional business intelligence (BI) techniques are evolving. BI is no longer just about historical data insights; it now incorporates features once exclusive to advanced analytics platforms. As organizations build out their data strategies, it’s crucial to understand the distinct roles BI and other analytics tools play. Knowing where BI fits into your data strategy is key to maximizing the value each platform brings and ensuring data-driven decisions are made effectively.

Here, we will look at where business intelligence fits into the current analytics landscape. We will see how business analytics is changing as tools, strategies, and staff requirements change.

Business Intelligence vs. Business Analytics: What’s the difference?

In the widest sense, analytics refers to any technology-enabled problem-solving activity. Experts classify analytics into four groups on a scale of one to four, with descriptive and diagnostic analytics on the lower end of the scale and predictive or prescriptive analytics on the higher end. When starting an analytics system, most companies start with BI, which is part of the descriptive process. Business intelligence is the method of transforming data into actionable intelligence that helps an organization make strategic and tactical decisions. A good BI strategy, it’s what makes it possible for a company to collect, analyze, and present data.

It’s all about the data, according to Beverly Wright, executive director of Georgia Tech’s Scheller College of Business’s Business Analytics Centre. It isn’t attempting to do something other than telling a story about what the data is showing us. While some business people can associate BI with analytics, Wright says data professionals differentiate between the two. Some define BI as providing insight into what has occurred, while others describe analytics, especially advanced analytics, as predicting what will occur in various future scenarios.

Business Intelligence for Business Use

BI uses more organized data from conventional business platforms, such as enterprise resource planning (ERP) or financial software systems. To provide views into previous financial transactions or other past activities in areas like operations and supply chain management. According to analysts, BI’s importance to companies today stems from its ability to provide insight into such areas and business tasks as legal reconciliation.

According to Wright, BI tools, like many other parts of the business technology stack have developed to become much more intuitive and user-friendly. She describes that in the past, companies used data scientists to use these systems to create dashboards. They’re now completely automated. As a result, companies can more effectively implement data systems that enable non-technical business owners to use BI tools to generate reports. Obtain much of the information they need without involving data professionals in day-to-day operations. Analysts believe that this alone qualifies BI technologies as critical business tools.

BI as a Gateway to Business Analytics

While reporting solutions and other BI tools have a position in the enterprise, analysts claim they have limited capabilities. Bain & Co., a multinational management consulting company, estimates that more than half of companies use at least three separate analytics providers to produce performance reports in its 2017 study Six IT Design Rules for Digital Transformation.

BI tools don’t offer the kind of in-depth data analysis that can lead to new market opportunities and development. According to John Myers, a senior analyst in business intelligence, “BI is not driving sales and innovation.” Enterprise Management Associates employ intelligence. Even though Myers reports that 20% of US businesses are already at the BI level, he believes that most companies do not want to stop using analytics, and attempts are being made there. Users can begin by looking at sales data and then want that data to be calculated by state or product, according to Myers. Then they’ll like to see their top 10 customers from the previous year, as well as their common characteristics. Forecast which customers will be in the top 10 in the coming year based on that detail.

BI in Your Data Strategy

While data professionals continue to play important roles in advanced analytics, such as modeling, Myers says their participation varies depending on the business case. To detect possible credit card fraud, for instance, advanced analytics systems rely on unmonitored models rather than data scientists querying the systems. Organizations generally buy off-the-shelf BI products as well as commercial advanced analytics products. Myers adds, but they tend to have their own data professionals build the machine learning and AI capabilities they need because there’s not a set of packages on the market; the products just aren’t there.

Many BI tools, according to Brahm, are bringing in more and better data signals to generate more reliable, informative reports that blur the boundaries between BI and more advanced analytics. He believes that these new technologies are assisting users in making better decisions by answering questions about how to maximize and optimize the business, such as who the company can target, what promotions are available, and which ones are available to whom.

Technology organizations are more advanced in their implementation of advanced analytics capabilities, such as machine learning and AI, and are more likely to have done so already. If you find out more about how BI is helping to transform businesses, and where BI fits into your data strategy?  Contact us.

How Global Data 365 can help you?

As a premier provider of Power BI services in the Middle East and Africa, Global Data 365 empowers organizations to streamline data management, gain actionable insights, and make smarter business decisions. Our expert team specializes in delivering tailored solutions that address the unique needs of each client, ensuring that Power BI maximizes impact across their operations. By understanding where BI fits into your data strategy, we help you leverage the full potential of business intelligence to drive growth and success. Trust Global Data 365 to elevate your BI capabilities and deliver measurable results.

Talk to Our BI Experts and Set Your Strategy NOW!