Many companies use BI tools to improve their business. Typically their objectives are to make better decisions, improve customer satisfaction, reduce costs and grow revenue.
BI tools are often used to track key performance indicators (KPIs). KPI data can help identify areas where the company is doing well & areas where there is room for improvement. At DATAFOREST, we make sure that each of our clients is equipped with the appropriate BI tools. They stay ahead of competition by creating more value for their customers which in turn generates extra significant revenue from their operations.
But before discussing how BI can be used to improve business processes, it is important to understand what business intelligence is.
What is Business Intelligence?
Business Intelligence is a set of processes, methodologies & technologies that transform raw data into meaningful information for decision-making the present that information in a meaningful form for interpretation.
At its core, BI is about using technology to help people make better decisions. It's about taking a company's data—internal or external —and turning it into information that can be used to make decisions.
There are several different ways to think about BI, but one common framework is to consider it in terms of the three Vs.:
Volume: The amount of data that needs to be processed.
Variety: The range of different data types that need to be processed.
Velocity: The speed at which the data is generated & needs to be processed.
At DATAFOREST, we believe BI is not just about technology, it's also about people and processes. Technology is important, but it's only part of the equation. Equally important are the people using the BI system and the processes they use to make decisions. Technology, people, and processes must unite to make BI effective.
6 Ways Business Intelligence Can Improve Business Processes
There are many different ways that BI can be applied to improve business processes. Experts at DATAFOREST, with over 15 years in data engineering, are well-versed with BI and generate effective solutions that help businesses take their efficiency to the next level.
Here are 6 practical examples of using BI to help your business,
1. Identify new business opportunities
As the saying goes, "fortune favors the prepared mind." In business, opportunities are everywhere - but it takes a keen eye to spot them.
This is where business intelligence can help. Businesses can gain a deeper understanding of their markets by analyzing data, identifying trends, and uncovering new growth opportunities.
For example, let's say you own a hotel. By analyzing data on booking patterns, you might notice a spike in occupancy during the summer months, but a lull as autumn approaches. This insight could prompt you to offer special late-summer rates or to launch a marketing campaign targeting potential guests.
2. Make better decisions
In business, decisions need to be made quickly and efficiently. But with so much data to sift through, it can be hard to know where to start. Even worse, companies can start making decisions based on gut instinct, or without the objective metrics to understand the impacts of change.
Business intelligence can help by providing decision-makers with the information to make informed choices. By collecting and analyzing data and identifying trends, BI can give you the insights to make decisions aligned with your business goals.
For example, let's say you're a retailer considering opening a new store. By analyzing data on demographics, purchasing patterns, footfall, adjacent retail premises and competitor locations, you can decide where best to open your store and what type of products to stock.
3. Improve customer satisfaction
In today's crowded and competitive marketplace, businesses need to do everything they can to differentiate themselves from the competition. One way to do this is by providing exceptional customer service.
Business intelligence can play a role in improving customer satisfaction by helping businesses to better understand their customers' needs and expectations. Businesses can identify areas where they need to improve their service levels by analyzing customer data.
As a retailer who wants to improve customer satisfaction at your store, by analyzing data on customer complaints you may identify a trend of customers being unhappy with the long wait times at the checkout. This could prompt you to take action to reduce wait times, such as by hiring additional staff or opening additional checkouts.
4. Reduce costs
In business, one of the most important goals is to be profitable. One of the best ways to achieve this goal is by reducing costs.
Business intelligence can help businesses to identify target areas for cost reduction. Businesses can find ways to cut expenses and improve their bottom line by analyzing data on costs.
To illustrate this, let's say you're a manufacturer who wants to reduce costs. By analyzing data on production costs, you might notice that there is a trend of excessive waste. This could prompt you to take action to reduce waste, such as by changing your production process or by using more efficient materials.
5. Increase revenues
Of course, the main objective of any business is to make money. And the best way to make more money is by increasing sales.
Business intelligence can help businesses to identify areas where they can generate more revenue. Businesses can find ways to increase their top line by analyzing sales data.
Imagine you're a retailer who wants to increase revenues. By analyzing data on customer buying patterns, you might notice a trend of customers purchasing certain items together. This could prompt you to take action to increase sales, such as by co-locating them within the store, bundling products together or by running promotions.
6. Calculate the ROI of your marketing campaigns
Marketing campaigns which do not generate extra sales are a waste of money. But calculating ROI can be difficult because it requires businesses to track and analyze a lot of data.
Business intelligence can help businesses to calculate the ROI of their marketing campaigns. Businesses can determine whether their campaigns are profitable by analyzing data on marketing costs and sales revenues.
For example, let's say you're a retailer who wants to calculate the ROI of your latest marketing campaign. By analyzing data on the cost of the campaign and the resulting incremental sales, you can judge whether the campaign was successful. If the campaign generated more revenue than it cost, it was successful; if not, it was not.
Role of Business Intelligence in improving Operational Processes
Business intelligence (BI) systems are designed to help organizations make better decisions by providing accurate and up-to-date data.
When it comes to improving operational processes, BI can play a vital role. By helping managers and decision-makers access the right information at the right time, BI can help streamline operations and improve efficiency.
Being a results-oriented company, DATAFOREST ensures that our clients get real value out of the investment they make in data-driven BI solutions. While there are multiple benefits of BI, here are the four most important ones that we always seek to deliver to our clients:
1. Save time by automating data collection and analysis
The process of using BI involves collecting, organizing and storing data from various sources, then analyzing it to develop operational metrics, identify trends and patterns, and then using that information to make decisions about improving operations.
This can be a time-consuming process, manual maintenance is possible, but error prone and likely to fall into disrepair. There are ways to automate data collection and analysis using BI tools which can save time by extracting data
from multiple sources and then analyzing it to identify trends and patterns.
This information can then be used to improve operational processes by increasing efficiency, identifying bottlenecks or reducing waste. In addition, BI tools can help businesses save money by reducing the need for manual data entry and analysis.
As a result, automating data collection and analysis using BI tools can significantly benefit businesses of all sizes.
2. Reduce costs by identifying areas of waste and inefficiency
Businesses are always looking for ways to reduce costs and improve efficiency. Data driven BI solutions can assist in this task.
BI tools can help businesses achieve this by providing visibility into how resources are being used and where there may be opportunities for improvement. For example, BI tools can be used to track how much time is being spent on tasks, pointing to areas where task automation could be beneficial or identifying areas where processes can be streamlined.
This information can then be used to make changes that can improve operational efficiency and reduce costs. In addition, BI tools can help businesses save money by reducing the need for manual data entry and analysis.
3. Improve decision-making by providing access to accurate and up-to-date data
One of the most important benefits of business intelligence is that it can help improve decision-making by providing access to accurate and up-to-date data.
In today's fast-paced business world, decisions must be made quickly and often with limited information. This can be a challenge, but BI tools can help by providing up-to-date, consistent access to the data that decision-makers need to make better decisions that can improve operational processes. In addition, BI tools can help businesses save time and effort by automating the collection and analysis of data.
4. Increase transparency and accountability by providing visibility into operations
Business intelligence can help increase transparency and accountability by providing visibility into operations.
BI tools help businesses track how resources are being used and where there may be opportunities for improvement. This information can then be used to ensure that operations are running smoothly and that resources are being used effectively.
In addition, BI tools can help businesses identify areas where processes are operating inefficiently as so can be streamlined or improved. This information can then be used to make changes that can improve operational efficiency and reduce costs.
These are just a few ways business intelligence can help improve operational processes.
As you can see, BI tools can provide significant benefits for businesses of all sizes. If you're not already using BI in your business, now is the time to start.
Real-life Use Cases of Business Process Improvement
Business process improvement (BPI) projects identify and implement improvements to business processes. As a leading product and data engineering company, DATAFOREST offers business process improvement through its advanced data-driven solutions: web data scraping, data integrations, web application development, data science and DevOps. Major industries including E-commerce, Advertising, Retail, Finance, Cyber Security, Real Estate, Pharma, Insurance are already customers of DATAFOREST’s innovative business process improvement solutions.
However, you should not just take our word for it and see the results we delivered to our clients in the form of real-life business process improvement use cases:
How we helped an e-commerce platform reduce 1000 hours of manual work?
One of our e-commerce clients – Advanced Clear Path Inc – wanted to operate its functions on a seamless platform where all prices are kept up-to-date without introducing any human errors. DATAFOREST’s data experts knew exactly what they had to do.
What we delivered:
- A full monitoring process
- A solution for controlling the whole system via web interface
- An algorithm to monitor more than 60 million pages per day
- 1000 hours of manual work a month saved
- Canceled orders reduced by 69%
- Generated a positive impact of around $50K to $70K per month
In short, by using our data scraping and data integration services, we were able to deliver more value than was initially contracted by the client. It’s no surprise that 97% of our clients come back with new projects to us!
The CEO was amazed when we helped Luxury Goods Retail forecast demand with 88% accuracy!
Our data science expertise came handy while dealing with the issue that Luxury Goods Retail was facing. The complex task of building a sales forecasting system and optimizing the volume and assortment of goods was simplified into actionable steps and delivered within an aggressive time frame.
What we delivered:
- 8 TB of sales data processed in 24 months
- Classified stores into clusters based on customer behavior
- A refined neural network model
- Reduced the volume of residues by 19%
- Achieved an unparalleled forecasting accuracy of 88%
- Out-of-stock level decreased from 4% to a mere 0.9%
Undertaking such a mammoth task was not easy, however, throughout the project our qualified data scientists remained committed and flexible. Their determination to deliver results produced the exceptional results and that might be the reason why our clients give us five-star reviews on platforms like Clutch and GoodFirms.
It is truly hard to imagine, let alone do what DATAFOREST does while delivering its premium DevOps experience.
DATAFOREST don’t just promise to maximize performance and reduce costs, but actually execute and deliver. Our DevOps specialists can clearly define what they do to improve the function of your business: improve the stability of existing systems, enhance the overall monitoring and support of over 1,000 server/nodes, 50 cloud accounts and ensure a bulk of about 23,000,000 visitors every day.
DATAFOREST’s specialists helped a Machine Learning startup recently. The startup wanted a seamless AWS cloud that could sustain 2K queries per second and at the same time, desired the cost of infrastructure to come down to half of its present cost.
- Cost reduced to $22K from $75K per month
- Performance crossed the SLA by 30%
- A fully operational AWS
That is what you call DevOps done right!
The above-mentioned brief case studies are pivoted around how DATAFOREST’s suite of services are being delivered to clients and the kind of high value those have generated for numerous businesses so far.
Business intelligence can have a significant impact on operational processes. BI tools can provide accurate and up-to-date data, which can be used to make informed decisions. In addition, BI tools can help businesses save time and cost by automating data collection and analysis. At DATAFOREST, our goal is to bring practical and value adding Business Intelligence solutions to our clients and assist them in achieving unprecedented operational efficiency!
There are multiple emerging solutions which support businesses in improving their processes. DATAFOREST's services are some perfect examples. Take a look at them -
1. Data scraping:
Web scraping or data scraping is the automated process of extracting data from websites. Our custom web data scraping services help businesses increase their leads and sales by gathering data which they can use to market their products or services to a targeted audience. All the credit goes to the experienced data engineers at DATAFOREST who scrape valuable business data from over 500 million web pages on a daily basis!
2. Data Science:
Data science is the process of extracting insights from data. This can be done through various methods, such as statistical analysis, machine learning, and data visualization. Our data science experts can help businesses make better decisions by giving them a deeper understanding of their data and solve complex challenges.
3. Data integration:
Data integration is the process of combining different components or systems to form a cohesive whole. This can be done for various reasons, such as increasing efficiency, reducing costs, or improving functionality. Using our IT data integration services, businesses can connect all platforms and improve their operations.
4. Web applications:
A web application is a software program that runs on a web server. This application can be used to provide a service, such as a website, or perform a task, such as processing orders. DATAFOREST offers a wide range of web applications for both B2B and B2C business segments. We undertake end-to-end development of web applications, from discovery through to post-release support.
DevOps is a software development methodology that focuses on collaboration between developers and operations teams. Our DevOps service assists businesses to deliver software faster and with higher efficiency. They help in removing system barriers and carry out high-level data engineering so that businesses can scale themselves in no time!
Businesses can easily leverage our services to identify and implement improvements to processes and increase their efficiency, reduce costs, as well as enhance functionality.