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The Role of Business Intelligence Tools in Effective Decision-Making

04 Nov, 2020  |  By PeerNova   |  Published in Articles,

The Role of Business Intelligence in Effective Decision-making

Business intelligence (BI) software tools have become increasingly essential for enterprises to gain insights, stay competitive, and maximize their growth. BI refers to the process of extracting and analyzing insights and analytics from raw data to ensure better business decision-making. Firms of all sizes must be able to effectively dissect, monitor, manage, and visualize their data to create appropriate business strategies and make informed decisions.

Evolution of BI Tools

Some form of business intelligence has always been around, stemming from manual spreadsheets and simple visualizations. As applications grew more complex, connecting databases and extracting summaries became increasingly challenging. As a result, business users began demanding that BI tools respond to changing markets and technologies. Eventually, firms started looking for standalone BI tools that were vendor-agnostic and compatible with the complex and fragmented enterprise landscape.

Traditionally, BI has always been used for batch applications using SQL. As time progressed, business users migrated towards streaming and real-time applications. These support real-time query mechanisms and streaming dashboarding capabilities. Today, the latest category of BI tools supports both streaming applications and natural language processing (NLP).

Benefits of Business Intelligence

BI tools utilize OLAP (Online Analytical Processing) to help enterprises perform data analysis, monitor KPIs, and generate all types of reports. As a result, firms can identify business trends (both negative and positive), communicate findings to their stakeholders, and gain actionable insights for informed decisions. When it comes to staying ahead of the competition, these tools can also give firms a leg up by providing data to predict market trends, discover new opportunities, and develop breakthrough strategies.

The benefits of BI tools include:

  • Fast reporting and analytics
  • Actionable business insights
  • Increased customer and stakeholder satisfaction
  • Past, present, and future market trends
  • Competitive analysis
  • Increased operational efficiency
  • Increased revenue
  • Better, informed decisions

BI software offers reporting and analytics that help business users inform their day-to-day business processes, by using reports, dashboards, charts, graphs, and visualizations. They deliver fast and accurate information by unifying disparate data sources, without assistance from an IT department. As discussed in our latest video, Grafana and Kibana are visualization engines which are part of BI tools. With BI software, firms can aggregate data sources for a complete picture of what is happening within their organization. This results in leaders making more timely, data-driven business decisions.

Business Intelligence Use Cases

Sophisticated BI is extremely beneficial for all areas of an enterprise, including the financial services industry. There are a variety of BI applications (trading, lending, retail, investment, etc) including:

  1. Historical sales data: Identifying trends and offering insights into the actual sales performance of a business.
  2. Client satisfaction rates: Identifying what is and is not working with past and current clients.
  3. Financial performance: Identifying metrics around the financial performance of a business, such as top-line growth, expenses, and how financial gains/losses are trending over time.

PeerNova’s Cuneiform Platform

Cuneiform® is the PeerNova® zero-code platform that automates data quality, end-to-end (E2E) visibility, and process correctness. While the solution is not categorized as a BI tool, it provides many similar benefits and values. Using the business rules engine, the solution can perform complex transformations and querying, and construct numerous types of business and process rules.

PeerNova’s Cuneiform Platform infers and provides an array of insights, so business users can appropriately identify, evaluate, and take automated or guided actions based on those findings. Through a zero-code framework, business users can easily mock up applications, set up and implement business rules, create functionalities, perform analytics, and gain insights with a self-serve interface. The solution is workflow- and business-process driven, instead of code-driven.

Firms currently struggle with the siloed enterprise landscape. Databases and applications are spread across the entire firm, leading to significant data quality and visibility challenges. The Cuneiform Platform provides E2E visibility to unify siloed systems, applications, and workflows. This allows the solution to apply Data Quality and Timeliness rules across live data. From there, the solution can visualize and export accurate, complete, and consistent information from disparate systems for analysis and visualization.

Ultimately, firms can utilize the solution not only as a standalone product, but also as a key component within their existing infrastructure. Enterprises can easily hook up their favorite BI tool to PeerNova’s solution. Users can apply a combination of drill-down capabilities for providing root-cause analysis, data quality, and process correctness.

The PeerNova Cuneiform Platform provides E2E automation, data quality, and visibility, resulting in key business metrics and actionable insights. Enterprises can quickly recognize and resolve exceptions, exceed client and stakeholder expectations, and identify the most promising digital transformation opportunities. As a result, firms can expect increased regulatory compliance, operational efficiency, and decision-making.

If you are interested in learning more about how the Cuneiform Platform can help your enterprise, please get in touch with us and request a demo today. You can also watch the supplemental video featuring PeerNova’s Founder and CEO, Gangesh Ganesan.

 




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