Business intelligence is the art of leveraging the power of analytics in collection, processing and visualisation of business data. It allows companies to search for ways and means that could enhance efficiency, cut down costs and help in effective decision making. Business intelligence and analytics also serves as a pathway to improve sales as well as productivity of an organisation. An awareness of the existing market strategies as well as the know-how about future market dynamics is a direct consequence of business analytics. In addition to this, we can also mine historic data sets related to the behaviour of the market and predict the direction of future investment trends. This is popularly called predictive analytics.
Analytics in the Silicon Valley
In the present times, business analytics is becoming a major trend in the Silicon Valley of India. Many prospective businesses are investing in data analytics to harness various benefits in future. Different types of business analytics courses in Bangalore are also being promoted to ensure that the existing skill set of employees can be expanded both horizontally and vertically. The blossoming of sector skill councils, software parts and digital plants in Bangalore is a testimony to the advances that the city has made in the information technology industry.
The case study of Uber
The business model employed by Uber is directly dependent upon data that is sourced from various locations. Important updates about the traffic across the roads prominent landmarks and alternative routes is extremely important for the smooth functioning of this logistics company. There are four stages that are involved in the analytical model employed by Uber. The first stage is about data collection in which both structured and unstructured data sets are consolidated at a single warehouse. In the second stage, information is classified as primary and secondary. The primary information is directly useful for drivers and customers. The secondary information aids in the interpretation of primary information. Rest of the information is usually discarded. In the third stage, this information is analyzed and supplied to a platform where customers meet drivers. The fourth Stage is a supplementary stage that collects the feedback of the customers and tries to make customer service delivery better.
What business analytics guarantees?
Business analytics is a direct precursor for effective customer service delivery as well as informed decision making. It helps to cut down costs by proposing innovative solutions. As such, it improves business intelligence as well as growth prospects of a company. Let us examine this closely.
Effective customer service delivery
Customer service delivery can be effectively improved once we come to know about various aspects of customer behaviour. Some of these include buying behaviour, transaction records as well as frequently browsed services. With the help of product recommendation, customer analytics as well as predictive analytics, we can improve customer service delivery and give clients an immersive shopping experience. In addition to this, we can also boost grievance redressal mechanisms so that the frequency of returning customers is increased.
Informed decision making
Business analytics is extremely crucial for decision making because it provides information related to various aspects of market dynamics. It also gives information related to different investment opportunities and boom and bust cycles of the market. With the help of historical data, we can get a sense of the business market and also come to know about business strategies and their consequences with respect to our competitors.
Cost effective solutions
The proper management of different types of financial processes not only saves cost but also helps in overcoming short term and long term business challenges. It is with the help of business intelligence that we can propose cost-effective solutions and come up with new and innovative products and services. In addition to this, we can also make our services more market oriented and customer friendly when we leverage the power of analytics.
In the present times, businesses operate in a highly volatile environment that is susceptible to cyber-attacks. It is in this context that business intelligence can provide warnings related to ventures where substantial financial risk is involved. Furthermore, there have been instances when business intelligence has provided us with pointers for fraud detection.
In addition to the above mentioned benefits, business intelligence can be leveraged for other purposes as well. For instance, the mantle of business marketing is incomplete without the aid and advice of business intelligence. Proper marketing strategies help in placement of the product and effective brand positioning. The need of the hour is to leverage the power of analytics and intelligence for realising long term business goals.