Why invest in_bi_solutions
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The document highlights ten benefits of investing in business intelligence (BI) solutions, including faster information conveyance through visuals, user empowerment for timely decisions, and proactive issue management via alerts. It emphasizes the importance of accessible data for employees and customers, predictive analysis, and the ability to control data access and tasks. A case study on Lush demonstrates significant savings and profitability improvements achieved through effective BI implementation.
Why invest in_bi_solutions
- 1. B U S I N E S S I N T E L L I G E N C E S O L U T I O N S ? W H Y I N V E S T I N Q G A T E . C O . U K
- 2. Here is a summary of the top 10 benefits surrounding the introduction of Business Intelligence (BI). Q G A T E . C O . U K
- 3. 1. CHARTING & VISUALS Convey information faster than a wordy summary. Q G A T E . C O . U K
- 4. Frequently, the Board will want a more holistic view of the state of the business. All good BI solutions will be able to load data from a variety of sources. Using data from multiple systems allows a picture of the business from different angles to be drawn up and presented together. 2 . T H E W H O L E S T O R Y Q G A T E . C O . U K
- 5. 3.DIGGING INTO THE DETAIL A BI tool provides analysis by the users, when they need it. It is a good way to empower the employees to make the best decisions at the most appropriate time. Q G A T E . C O . U K
- 6. 4 . F I N G E R O N T H E P U L S E With BI tools it is possible to setup alerts that fire if a defined set of metrics are hit. This means that the business can pro-actively take measures to avoid a potential problem occurring or prepare for imminent celebrations! Q G A T E . C O . U K
- 7. 5. SHARING A WEB PORTAL Once some BI analysis is available, the benefit of this knowledge should be spread to a wider audience through: DISTRIBUTED DOCUMENTS ALERTS SELF-SERVICE ANALYSIS
- 8. 6 . S H A R I N G W I T H C U S T O M E R S Customers are often keen to have access to their data and BI providers can facilitate this by exposing the analysis via company websites/portals. Q G A T E . C O . U K
- 9. If the BI analysis is to be shared some consideration as to who sees what is likely to be a factor to consider. For example, you may want your sales manager to see all the sales team’s transactions, but for each individual sales person to only see their own activity. 7 . C O N T R O L
- 10. "With the breadth of functionality that is being made available from today’s BI solutions, it is important to have control. A place to be able to schedule and automate tasks will be provided. Such facilities will allow for IT Admins to control access and determine/manage the most suitable architecture for the delivery of BI". Q G A T E . C O . U K
- 11. 8 . S C E N A R I O T E S T I N G For the most part BI is a retrospective activity however some BI solutions will provide for some forward looking. Q G A T E . C O . U K
- 12. Historical data can be used to generate a model by which future predictions are made. Parameters can be set and input variables made available so that some “what if” analysis can be carried out. 9 . P R E D I C T I V E A N A L Y S I S
- 13. 1 0 . R E T U R N O N I N V E S T M E N T Not sure about ROI? Read this example on LUSH. Q G A T E . C O . U K
- 14. to keep track of stock levels, sales and freshness of product, they experienced: L U S H D E P L O Y E D Q L I K V I E W 1 M I L L I O N in stock loss savings within two years while significantly boosting in-store profitability 7 0 % O F S A L E S S T A F F uses Qlik daily and 100% uses Qlik weekly
- 15. “Shop managers have told us they’ve had their most profitable year ever. That’s because QlikView gives them access to all the data they need to manage their sales, stock and staffing. By gathering data together in one place for analysis, they can make smart, profitable decisions.” S C O T T S I L V E R T H O R N , H E A D O F D A T A S E R V I C E S , L U S H Q G A T E . C O . U K
- 16. Quick assessment of aggregated data for further analysis. Granular detail when required. An insight into future trends. Exposure to inconsistencies. Generally inform the business on metrics across the organisation. S U M M A R Y O F B E N E F I T S :
- 17. W O U L D Y O U I N V E S T I N B I ? Q G A T E . C O . U K Read more about Business Intelligence and what it can do for you.