Nine ways to get more value from business intelligence in 2018

Description:  Improved customer relations, increased employee productivity, new revenue streams — big benefits await those who breathe new life into their business intelligence strategies

Source: cio.com

Date: Feb 14, 2018

For far too many organizations, “business intelligence” brings to mind simple statistical summaries in stodgy, dated reports. But beneath BI’s dull surface, keen insights await — especially for those willing to revamp their business intelligence strategy to tackle the kinds of issues forward-thinking organizations are already addressing with modern BI.

Whether you are looking to implement a new BI tool or get more value out of your current BI setup, you will find some promising ideas here, as we recount how companies are using BI to improve customer service, employee productivity, revenue growth, and more.  READ REST OF STORY

 Questions for discussion:

1. What three suggestions for getting more value from BI do you consider most important to implement ?  Why ?

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31 thoughts on “Nine ways to get more value from business intelligence in 2018

  1. Asma

    The three suggestions I’ve considered for getting more value from BI are Improving Employee Performance, Automated Budgeting and Forecasting and Cutting Time Wasted on Data Grunt Work.
    Business Intelligence provided employers with a powerful tool to monitor Employees’ Performance and be proactive rather than reactive by making employers able to track their employee’s performance and avoiding some problems sooner than later. Consequently, it can improve employees’ performance directly by rewarding effective employees and also indirectly. Moreover, human capital management affects productivity of the company by enhancing efficiency, quality of working hours and accordingly products and services. As a result it will increase sense of achievement for employees as well as customers’ satisfaction and also company’s revenues.
    Predicting Future revenues to improve decision making and increase sales. Using Business Intelligence that has access to massive most recent, historical and statistical data makes the operation more efficient by improving pace and accuracy of results and saving time and money unbelievably. Without BL and new forecasting techniques it is almost impossible for people to collect and manage this massive data. So it makes a great sense for businesses to apply this new technology.
    Cutting Time Wasted on Data Grunt Work helps companies to have better time management in more meaningful ways. Using Business Intelligence helps to save time which is treasure. Cutting time wasted on data grunt work provides company with real time data, Instead of wasting time analyzing data and then writing a report on their performance

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  2. Zubie Aghaegbuna

    Business intelligence is used to make innovative improvements to a business so that the business can adapt to the ever changing, and fast paced environment. Business intelligence can improve customer service, employee performance, and how businesses predict new revenue streams.

    1. Improve customer service: By increasing customer service as a Business intelligence strategy you increase the success of the business; because when consumers experience great customer service, they are more likely to come back- which in turn would increases revenue- because they are made to feel like valued customers. To ensure customer loyalty and expand their business intelligence mining techniques, a business can get feedback from consumers. This would be a great tool to invest in because a company can know how to improve or change certain aspects of their business in order to better serve customers.
    2. Improve employee performance through business intelligence: When employees work better/ more efficiently the business can run smoother and problem free. Using data collecting and info mining tools to collect information from internal and external sources, that can be used to improve employee performance are good measures to take towards the goal of gaining adequate business intelligence. Using business intelligence to increase employee output would minimize poor work input, and maximize productivity.
    3. Predicting new revenue streams using business intelligence: Business intelligence allows businesses to adequately Gather information from customers, internal and external sources to see what goods and services should be produced in order to boost sales. Another way to predict revenue streams would be to hold surveys or gather consumer feedback to see what products customers like more and would get a better value out of.

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  3. Kyle

    The question of what suggestions are most important depends largely on which industry you are in, but based on my experience with customer service, the three suggestions for getting more value from BI that I consider most important to implement are as follows:

    1. Build real-time BI into your customer-facing services – as the article states, BI data is gradually becoming a vital part of the value proposition and customers crave the latest information, so why not give them more of what they want? To me, this one is a no-brainer.

    2. Improve employee performance through BI – tracking employees with the goal of improving productivity is good for any business, but this strategy is especially useful in ones where direct supervision is difficult, if not impossible. The ability to compile quantitative measures of employee performance using well-defined metrics eliminates ambiguity, removes the appearance of unfairness or favoritism and enables merit-based incentives for top performers. It also provides managers with a clearer picture of weaknesses in order to facilitate coaching, training and overall improvement in productivity.

    3. Improve customer service – as the article suggests, compiling customer feedback and mining review data is an important business intelligence strategy for improving a product or service. Far too many companies struggle in this area, and I suspect a key reason is the lack of an effective BI solution to compile and analyze data from multiple sources, including social media platforms. This leads to a disconnect between how customers generally feel about a business and how that business operates and behaves towards its customers. It is extremely important for any business to have its “finger on the pulse” in this regard.

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  4. Mark Burry

    Employee performance can be greatly enhanced because of BI, it can be first used for training and showing the business in what areas your struggling in and focus on training employees in those areas. It can also be used to help current employees, managers can see what employees need help and also where they need help, allowing the manager to go to that employee to see if it can be worked on.

    Emphasizing data analysis over data collection, now more then ever it is more important to be focusing on analysis over collection. this is because it has become very easy to collect data online, however, it is not as easy to analyze the data, find the outliers, and make sure that the information is the most precise it can be, given the data allotted.

    Automated budgeting and forecasting, BI can be used to more accurately budget and finance, everything that people have been doing on pen and paper for years, can finally be done in just seconds because of BI. It will also make forecasting a lot easier and efficient, simply because the forecast can use data from all over the web to give the most accurate information to the business.

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  5. Brandon Turchyn

    All the mentioned suggestions in this article will help increase the respective industries as well as the incorporation of Business Intelligence (BI) into more uses. The three topics that I found have the most importance to be incorporated are bringing unstructured data on board, increasing employee performance, and cutting the time working on grunt work which I believe has application with shifting emphasis to analysis. I believe that the shift in being able to bring unstructured data on board evolved from the decreasing costs of software programs, data storage, and other technology related costs. In now being able to analyze large volumes of data at a lower cost corporations can crunch and analyze large volumes of data and structure it in a way that is beneficial to them. Business Intelligence has also changed the way that employees can self-evaluate themselves and be evaluated by superiors. In the past, employees would likely perform work for the year and then have a pre-determined date set for a meeting to review the performance of the year. This doesn’t seem like it is the most efficient way for neither the employee nor the company’s success. The incorporation of real time performance statistics, along with properly communicated performance indicators, will make for an employee that has a better understanding of what they are doing right or wrong. Finally, cutting the time working on grunt work has a large application in all industries. While data entry positions were very important positions in the past for a business to get an understanding of their customers through surveys among other applications, those employees can be better utilized in analyzing those numbers or working on other, more employee involved projects.

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  6. Sean Crocker

    This story talks about the nine biggest ways to get more business intelligence in 2018. Some of the most important options are: improved customer service, tracking employee performance, cut time on basic work, predict revenue, automatic financial systems, and being able to focus on business analysis over everything else. These are some of the ways that business can get more business intelligence in 2018. Being able to track employee performance is a very important step because if you are looking over the business to see what areas are the most productive then employee performance will be directly related to it. With the improvement to technology in the last years computers are now able to take basic work and complete it so that the employees can take that data and make business intelligence to help the company. With computer able to do basic work, the company will be able to get business intelligent faster and with less people involved. With computers able to do some of the work businesses can focus on business analysis, this will allow them to get it faster and have time to work with it more. With the ability to predict finance revenues shareholders and managers are able to see how the business is doing and can make changes to make the business more successful before it actually happens. In my opinion business should be able to use these methods and new technology to make their business more successful and be able to keep on growing with success in the future. These are some of the major ways that businesses can get more business intelligent in 2018.

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  7. dustin holman

    The three areas that i would consider most important to emphasise in businesses going forward would be first, emphasising data analysis over data collection. now that BI is getting more sophisticated it is time that businesses started analysing the copious amounts of data that they have been collecting. those that do this first and find better ways to analyse their data will have a huge head start over their competitors who are slow to do this.
    second, I feel customer service would be another important area to focus on. as industries have shifted to being more service-based customer satisfaction has become key businesses success. again those businesses that use BI to improve customer satisfaction and experience will have a head start over their competition.
    third, I am combining cutting time and tracking employee performance. by making your employees better you are making your business better because I am a strong believer that employees are what make a company function. if they are more motivated and given the tools to improve and the incentive to do so your business will only get better.

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  8. Nixon Le

    Three suggestions for getting more value from BI that I consider to be important to implement would be building real-time BI into customer-facing services, improving employee performance through BI, and improve customer service. Consumers are always looking for ways to satisfy their needs, and while looking for ways to satisfy their needs, they want to know what they can get at real-time, they want all the updates as soon as they can get it. As a consumer myself, I would love to know the updates for what I can get instead of purchasing something today, which was updated last week, to find out that new goods and services are updated tomorrow. This leads to an unsatisfied feeling if something provided the next day has a greater benefit then what was originally purchased before. Providing real-time data keeps businesses in the game if they are providing data before other businesses do. Knowing how to help your employees and providing a way to help your employees definitely assists with them becoming more knowledgeable and productive at their job. Improving employee performance is key in any business to continue smooth operations to become successful. The better your employees are, the better service provided towards customers, the quicker and more efficient they are leads to more profit being made, and possibly being a major threat to other competitors. Improving customer service in ways such as how the employees treat the customers, to providing excellent warranties to products and services are ways to keep customers happy. Addressing the problems before they happen by looking into how everything is running will prevent any mishaps, because customers either make, or break you.

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  9. John Brewerton

    Business intelligence is critical to any business seeking a competitive advantage in the marketplace. Although companies may have various methods to acquire business intelligence and useful information, the principle of seeking this greater knowledge and understanding is fairly consistent. One practical way to use BI is to provide current data to customers. Consumers are like sponges in the marketplace; they continually want more information. Before a consumer buys a product or even considers getting new products, they need to have the necessary knowledge. In this way, businesses and customers both benefit. The company may be viewed as customer friendly by providing helpful information about products or services, and customers benefit by having this information. Another way BI is a win-win situation for a company and their customers is customer service itself. By tracking current market trends, BI can help businesses to modify their products to better meet the needs of their customers. BI is also helpful internally for a company. Since BI tracks both historical and current information and gives predictive ideas, businesses can maximize productivity of all their employees. This can allow businesses to prepare for future events, as opposed to reacting to market forces and trends. Upon having a knowledge and means to prepare for the future, companies can train and/or inform their employees accordingly. BI can also be used to save time for data analysts and allow them to focus their time on other projects. Lastly, like many other business tools and technologies, BI potentially reduces a business’s operating costs.

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  10. Lindsay Versteeg

    Although in the past business didn’t know how to analysis this much data I think there are very important uses to business intelligence. One of the most important value of business intelligence is improving employee performance. Employees are generally your business’ biggest asset and they need to be rewarded/helped. With this business intelligence companies can create data reports that look at the productivity of employees. The employees that do exceptionally well can get rewarded and the ones that don’t do as well can get the help they need. Another value of business intelligence is the ability to cut time on data grunt work. The data is already sorted and laid out for analysts to look at during month, period, or quarter end. This saves a lot of time for decision making and also a lot of work for employees. When the data is present at any time they can make decisions at any time and just have to study the data instead of sorting it too. Lastly, improving customer service is another important value from business intelligence. The ability to scan through reviews on products and pick out the good/bad reviews that people have about products allow the company to satisfy the customer. Things such as reviews are so important to a business because its exactly the way customers feel. If someone had to scan through all this data they may not pick up as much information. Having this data present can allow a company to design something a little different or just keep it the exact same. This information is very useful for decision making and can help companies a lot.

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  11. Jonathan Torgrimson

    With business intelligence being such an available technology to companies nowadays, it is critical to choose what is best for your business. In my opinion I believe that the three most important BI initiatives for a company to implement are predicting new revenue streams, monitoring employee activity and automating forecasting and budgeting. Each of these have a significant role within a business, and with the help of BI could make or break a company.

    For predicting new revenue streams, I feel as though this is vital as companies are always looking at ways to diversify whether it be with a new product, or acquiring another company. I think BI could be extremely helpful with this, as being able to see how much revenue a potential venture could provide to a company, or if it is profitable for the competition then allows for owners to truly see if the benefits outweigh the consequences.

    Monitoring employee activity is such a great asset to have for any business for several reasons. This provides the ability for owners to see where they can cut down on inefficiencies as well as assist when determining which portions of a company can be streamlined. In today’s economy there are most likely several jobs that are simply filler, and with the increase in available technology, owners need to be able to determine if it is a smart business move to keep someone hired on for a position.

    Finally, automating forecasting and budgeting is one of the best things that I think can come out of the BI on this list. The ability to affordably, and more importantly accurately determine what a companies budgets look like is worth its weight in gold. With how easily a company can fail in its early days, every dollar counts and this technology can allow for an owner without a diverse team behind him to begin knowing what they must do to have their business survive.

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  12. Stefan Z

    Smarter decision making: It is important to have up to date, data-driven intelligence to lead to a better business decision and will ultimately contribute to great performance. The customer relationship management will act as the link between groups and will allow there to be an analysis done by the management team. With the end results, this will lead to any adjustments that need to be made.
    Deepen Customer Knowledge: This is important, because customers are interacting with employees. Employees need to know the information about the products, because they are there to help any individuals that have questions when the walk in the store. They now put emphasis on engagement rather than relying on outdate techniques that are hard to sell.
    Deliver excellent customer experience: When delivering excellent customer service, this is very important, because the word travels quickly. If there is terrible customer service, the word will get out and there will no longer be customers that shop at that store. You want to give customers the personal experience when they are shopping at your store. Individuals feel valued and important when they get the personal shopping experience. You want to be there to answer any questions that they have and provide them with the knowledge. On the other hand, if you deliver excellent customer service, the word will also get around and this could be a potential for gaining new customers into the store. This will also lead to previous customers that have shopped in the store, to come back and shop again.

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  13. Amber Erickson

    Three ways you can get more value from business intelligence are improving customer service, employee performance tracking and predicting new revenue streams. In a business customer service is a very important part. Good customer service is what makes people want to stay loyal to your company and keeps them coming back. Business intelligence can help decision makers improve customer service and understand more of what the customers want and need and how they can deliver this to their customers. By knowing what customers want and don’t want eliminates a lot of guessing and wasted time purchasing and marketing items that are unwanted. Another way to get more value from business intelligence is by improving employee performance. BI can help managers and higher level officials evaluate more accurately what their employees are doing and how efficiently they are completing tasks. It can also help see what employees may be struggling with and underperforming on tasks that may need further training or insight on. This will help your company be more productive and you can gain a competitive advantage over other companies in your market that maybe aren’t using BI to their advantage. Predicting new revenue streams with BI makes it possible to help a company get in contact with new customers they may have not been marketing to in the past, realizing new products they may have overlooked that customers want and analyze data more efficiently to get insight on the new things out there and how they apply to their customers.

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  14. Seye Morawo

    1) Forecasting. Get insights to make accurate and timely business decisions. Eliminate guesswork. Many times, executives make decisions based on their best guess and on their gut feeling. Often, these decisions are proven inaccurate because they were not completely informed. Using Business Intelligence, your decisions will be data and insight-driven, not taken by gut feeling. You will be able to analyze data in real-time for making immediate decisions.
    2) Organization performance. Successfully track key performance indicators by getting alerts and notifications every time data changes regarding a specific key performance indicators. If the data changes, you get notified and can drill down to see why it happened and what can you do to fix it.
    3) Employee efficiency. Take advantage of your team’s potential. By collaborating and being able to create discussions with other team members when you spot a change in data, you can make better decisions together. Find out who are the relevant people for a specific issue and create an team to solve it.

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  15. Brandon Simmelink

    1. Employee performance. As a manager, it is crucial to be able to know exactly what your employees are doing with their time. If they are finishing tasks too early then you can track this and know exactly how much time a certain task will take. Also if employees know they are being watched and evaluated they will then try and perform at a higher clip. This will then ultimately increase efficiency and improve business altogether. As you increase efficiency by improving employee performance you can gain an advantage over other companies because their employees might not be under the same pressure to try and perform as well. If you want to improve your business it is very important to implement to try and gain a leg up on the competition.
    2. Using BI to predict revenue streams can be very important to a business. Using certain information gathered they can then send out targetted ads to try and draw in new customers. Or they can see what certain competition is doing and see if that will help improve your certain business. Obviously using BI to predict new revenue streams will help create new sales and if these new sales outweigh the cost then this is clearly something that is important and should definitely be implemented into business.
    3. Customer service. Using BI in the space of customer service is definitely important. To improve the feedback process will improve customer satisfaction which in turn create continued business or will create new business. Ultimately if you improve your customer service this will give you a competitive advantage over the competition. So this is essential for every business that wants to try and jump ahead and get to the top of a certain industry.

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  16. Michael Grol

    The three suggestions for getting more value from Business Intelligence I think are: improving employee performance, cutting time wasted on sorting and processing data, and improving customer service. Improving employee performance is very important for a business where you want to get the most out of your employees. Business Intelligence can help you add value because it can help you put your employees in the right positions for them to succeed and help your business the most. Business Intelligence can also help cutting time wasted on sorting and procession data. This can be a very time consuming process if you don’t have the right people doing it or the right technology. I believe that using AI would be the fastest and best way to sort and process the data. Because AI can do the work of many employees, the employees can be busy doing other things that can benefit the company. This can be very valuable to the business because with the data sorted and processed you can make faster decisions and more efficient decisions. AI can even be used to recommend decisions. Improving customer service is another thing that business intelligence can help with. I believe that businesses that put an emphasis on having great customer service do way better than businesses that don’t. Using business intelligence to improve customer service should be a priority for all businesses. I believe that when you contact a company for that customer service it should be almost instant. The longer the customer has to wait the less likely the customer will be back. I think that business intelligence can really improve that for many businesses.

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  17. Jessica Holod

    The three suggestions that I consider most important for getting more value from Business Intelligence are using it to track employee performance, improve customer service and user experience, and the ability to further analyze data rather than just collecting it. For managers, having the ability to track employees performance could be very helpful when they want to see what employees are helping the company the most, and which employees are hindering the company. This could be helpful when looking to promote employees, or if there is ever a need to lay off an employee, having their data available to justify decisions could help greatly.
    Improving customer service will never not be important, and using business intelligence to improve this aspect of a business is an excellent use of resources. When a company has the opportunity to improve on something like customer service or user experience they should take that opportunity and do everything that they can to learn and benefit from it.
    Not only does Business Intelligence make it easier to collect data about a company, the technology also makes it possible to further analyze any data without too much trouble. I think that this is really important for companies because of all the possibilities that arise when given useful data. It can help to tell a company where they need to improve, or learn more about what their customers are looking for, which I think is one of the most valuable pieces of information that any business needs to know.

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  18. Rhett Carlson

    I believe the greatest power business technology has is tracking employee performance. Being able to see which employees are making the best effort and seeing which ones that are not contributing as much is a huge asset. Being able to reward the ones that are helping you and then trying to motivate the ones that aren’t allows you more power in handling your workforce. As an employee I am more motivated also if i know that I am being monitored. Budgeting and forecasting is also really big. Being able to track your inventory and what is being sold more allows you to predict the future better. It is better to be making or ordering more products before you run out and business technology allows you to predict that better. Business technology makes tracking lots of information much easier for a business and more viable in predicting and making future decisions. The other biggest point would be predicting new revenue streams. Business technology allows you to find new ways of making income the company may have never realized. Just like dating websites tracking your information to match you with people, but then also selling that information to other companies so they can market to you. If that is ethical or not is still up to question, but it did allow the dating websites to make another kind of income that wouldn’t have been its first thought when starting the company.

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  19. Emily Chong

    I think three of the most important business intelligence focuses would be improving and monitoring employee performance, predicting new revenue streams, and forecasting and budgeting. Being able to monitor real time employee performance can access how a person is achieving goals, using time efficiently and effectively, and achieving productivity related objectives. Through this type of business intelligence, you can ensure employee output is according to business needs. A big part in business intelligence is predicating new revenue streams. A business can look into new streams by using this type of BI and making the best financial decisions for the company. They can explore unexplored territory before taking huge risks that may or may not work out. They can determine future wants from customers and follow up on those forecasted predictions before others have the chance to catch on. This offers them a way to find new income sources while not facing huge unknown risks. Lastly, forecasting and budgeting. Many businesses already use these types of business intelligences. Many retail stores establish current budgets from past years goals and actual numbers. You can already see these technologies in real life, but they can certainly grow and evolve. Being able to know where revenues will go can help a business budget employee hours, daily goals, how many products you need stoked on the shelves for that time period, to how much money you can spend on wants and needs. These types of business intelligence help everyday business transactions and business day to day life thrive.

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  20. Caitlin Beach-Allan

    Improving employee performance through BI is important to implement because it not only helps you to let your employees be the best they can be, but it also makes your company better. By being able to individually see which employees are struggling, and what it is they’re struggling with, it allows you to assist them in a proper way and allows them to be more confident in their job. In contrast, it also shows you the employees that are going above and beyond, and allows for you to reward them accordingly. It also makes sure that all employees are doing their job right and efficiently, which makes your organization stand out to its customers. Automating budgeting and forecasting is also an important BI to implement. By using BI to do this, it puts the entire organization on the same page as to what goals want to be accomplished and what needs to be done to accomplish those goals. It also allows for all employees to refer back to the data at any time available, to ensure that the organization is on the right track. Finally, the shift from emphasis to analysis through BI is important to implement. As stated in the article, usually more time is spent collecting data than analyzing the data. With the use of BI, it allows for organizations to quickly and effectively collect the data required, and in turn provides them with much more time to analyze the data. This results in quicker decision-making, and in turn a more efficient organization as a whole.

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  21. Ryan Mah

    Business intelligence is used as one of the main sources to gain competitive advantages over the competition, used more efficiently, companies can create a more uniform and successful environment. Using this information, and having more of it, we can expect companies to work endlessly to use data to the best of their abilities. I would say that improving employee performance would be the most important task of any business intelligence. This is because the more efficient an employee can become, will in turn create a more efficient corporation, ultimately producing a more revenue/more successful business in the long term. The second most important is the emergence of automated budgeting and forecasting, with these services completed by internal sources, it would allow employees to focus more on important matters, and less on tasks that add no true value to the corporation. This would allow employee time to be better spent, and in turn produce better results for the company. This will also reduce costs as more jobs become automated, less employees are needed, improving profit for any firm. The third most important business intelligence would have to be the improvement of customer service, with more of an understanding of customers, and their behaviors, we can expect that any company would do everything in their power to keep customers as happy as possible. This means using this intelligence to know what prices to set, coupons to give out, and how to personally achieve a friendly relationship with all consumers in the marketplace. All of these factors put together shows us how important business intelligence can become when used correctly.

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  22. Olivia Kennedy

    Improving employee performance through BI- This allows the business to take advantage of their employee or team’s potential. This can allow a business to find the most relevant and or best workers for a specific issue, and create a specific team to solve it. BI can help a company set goals, and recruit the right fit of employees. I think it also sets and provides a structure, while offering support. It can help a business communicate and coach their plans and ideas. I think it can also help a business monitor, evaluate, and help make better joint decisions. This would allow the company to involve their employees in the decision making process. In regards to BI helping companies, it will be able to offer help in; monitoring, and evaluating performance, while allowing the business to hold their employees, and teams more accountable.
    I think BI can help improve the company’s employees, and teams performance by motivating, engaging, and empowering them. Thus, leading the company to perform and do better as a whole.

    Customer service- feedback process using BI- Businesses will be able to get a clearer and more rounded view on their customers. It allows the company to understand their customers behaviour more accurately, which will allow them to provide their customers with customized offers. This makes me think of the Target article we read and discussed a few weeks ago. Where they were able to send customized coupons for their customers, based on their purchases and search history. A business knowing what their customers buy or don’t; the time, and where- enables the business to turn that information into profit.

    Predicting new revenue streams- By being able to analyze all the data more efficiently, and effectively, will help a company obtain insights about potential opportunities that may have been overlooked. It would also allow for a business to create new offers, and to adjust to the current market situations, which may lead to higher customer satisfaction.

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  23. Chantelle Konynenbelt

    The three suggestions which I consider most important for getting more value from BI would have to be, improving employee performance, predicting new revenue streams, and automating budgeting and forecasting. Through business intelligence, we can have a better understanding as to what needs to be accomplished the most promptly and which tasks are going to demand a greater workforce, or amount of time. With this information, business can more adequately divide their workforce to achieve the greatest result. In doing so, productivity is enhanced, and employees are also more engaged, as their tasks are much more specific. The benefit of employee performance is also evident, when employee work can be traced, and employees are accurately rewarded and compensated for their work. Another aspect of BI which is important is predicting new revenue streams. Like employee performance, companies are better able to track the performance of their own products, services, and employees, and they can therefore identify which audiences to target, and which new products should be developed. The ability to access, and organize data has improved significantly, so companies can also monitor external data to determine which future steps should be taken to improve the company’s bottom line. The ability to predict the future based on past trends and data, really allows organizations to make smarter business decisions. As for automating budgeting and forecasting, information is being updated in real time, and company financial goals are much more easily monitored. Rather than relying on spreadsheets and inputting data, new technologies allow for the data to being automatically entered. This allows for organizations to very accurately monitor the changes to their budget and stay on track financially. The new technological advances being made are impacting business a great deal, and business intelligence continues to improve decision making in industry.

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  24. Blake Cousins

    The three suggestions for getting more value from Business Intelligence I consider the most important to implement is automating budgeting and forecasting, improving employee performance through BI, and cutting time wasted on data grunt work. Budgeting is important to run a business, knowing how much capital you have at your disposal to spend and make a profit. Budgeting and forecasting is something that can significantly benefit from being automated with BI because of all the historical and current data being processed and stored. Forecasting will be more accurate because of the data it can collect and automatically process. Improving employee performance through BI is significant because we can determine where employees may need help in improving their job making them more efficient. We can then show them the information collected how they can improve. Making employees more efficient makes the business efficient as well. It can also create less problems for other employees and managers if everyone is able to know what their role is in an organization. If we can help employees improve and be more effective at their job, we can help them make it easier and it will be less stressful on them. Having less stressful employees makes the work environment better and provides the organization with a lower employee turnover rate. Cutting time wasted on data grunt work is important because time is an important resource, wasting less time on something that needs to be done. Processing the data would take a long time but, with using BI we are able to do this much faster and are able to create information in real time. Having this ability allows us to see what is profitable or where we can cut costs on goods or services.

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  25. Ellis Davies

    Employee Performance
    Being able to monitor how employees are using their time will be a big advantage to a company and will create a more productive workforce. As an employee, if you know that you are being closely watched daily, it will cause you to be more efficient and effective with your time. This will create greater output for the company, and be able to reward those who are producing results and be able to see who may not be pulling their weight.

    Predict New Revenue Streams
    In today’s age, thriving markets and opportunities are being created in very unconventional ways and surprising many people with their success. An example of this would be cryptocurrencies and more specifically bitcoin. There are many success stories that have come from ideas that have been rejected many times and been labelled ‘stupid’ or how it would never work. By using business intelligence to predict new revenue streams, it can give firms a head start in finding unexplored ideas.

    Automated Budgeting and Forecasting
    It is always wise to look ahead to future ways of innovation rather than living in the present or looking back on past successes. By using business intelligence as a means of improving forecasting techniques, companies will be better equipped to evolve to future markets and fight off new entrants.

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  26. Courtney Smith

    Firstly, I believe build real time BI into your customer-facing services is an important implementation that would value many companies. By bring real time BI you are bringing in many opportunities to be the first or have the first-hand knowledge you need to compete or even having information that brings more profits to your company. To use real time BI you can help customers in ways you couldn’t before with technologies you didn’t have before.

    Next, in every business there needs to be hard decisions as to what is working and what is not and is BI can help that, then improving employee performance through BI would be useful in all aspects of business. With Business intelligence helping managers knowing who needs help and giving reports on what areas people are struggling in can cut down time on the manager trying to figure it out themselves and give that time to helping the employees improve.

    Lastly anything that can help efficiency in business is important in my eyes so cutting time wasted on data grunt work is another value of BI. On the daily basis BI can track data and comply it into sheets that are usually for the business in helping them make decisions. This same work would usually be done by an employee at the end of the month taking hours of time that they could be working on something else. Instead BI completes this task in less time on a daily bases which gives reports quicker and more often, leading to companies making smarter decision when they need to be made not a month late when it is too late.

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  27. travis.dow@uleth.ca

    1. Employee Performance
    Human resources represent a large percentage of the costs associated with the business cycle. Not only is labor a major component of WIP, it represents a majority share of most margin reducing expenses. Since labor is required at every point in the logistics network, from inputs to end user, managing the efficient allocation and functionality of labor has a direct influence on the reduction of costs. Reducing the input costing of a product, expands the per unit margin. Furthermore, effective and efficient man hours can result in increased production volume, which combined with per unit margin expansion, can lead to a substantial growth in the bottom line.
    Business intelligence allows this to occur. Not only does management receive benefit from rapid analysis of data regarding human resources in real time, but front-line users of info technology are aided in the undertaking of their occupations. Inevitably, they will produce more in less time. Not only does this make individuals more efficient, but there is an opportunity to forsake time spent on routine tasks which absorb most of the hours available, to apply this input to non-routine, and more rewarding tasks. Latency is reduced, and overall efficiency is increased.

    2. Forecasting
    Proactive action is always more effective then reactive. Remaining strategically placed within the market, and prepared for potential risks, requires an anticipation of future events. Solidifying a competitive advantage requires not only large volumes of systematic information, but also the effective, and reliable application of that information. Failing to forecast future events can lead to reduced growth, and reduced return on investment.
    The proper application of business intelligence remains the greatest advantage in strategic forecasting. By compiling vast amounts of data, interpreting patterns, and observing current indicators, management can add assurance to the risks and rewards affecting the entity. Full and effective management of internal functionality, in relation to the the five forces model, will provide the necessary competitive edge to remain successful.

    3. Customer Service
    Effective customer service is an essential part of the entire business cycle. From promoting a product or service to the market, to monitoring product satisfaction, customer care is priority. Given the global market, a prospective end user is provided with many options. With the choice of alternatives greatly increased by business, a major component of competitive advantage is the ease of procurement. Given two identical alternatives, and constraints of time coupled with a preference for simplicity, manipulating the process of acquisition can improve the potential of acquiring the transaction.
    Fully integrating business intelligence into the business model will increase the ease of purchase for the end user. By making the purchase process less complex, and more transparent not only reinforces customer preference for our product over competitive alternatives, but also provides a greater level of assurance in the process, from product research, through to after market care and B2C relations. The logic is simple. Make your product easier to acquire with less risk, and maintain a higher level of customer satisfaction; thereby, increasing market share. Effective application of business intelligence reinforces this strategy.

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  28. Dylan Earl-Nager

    B.I. (Business Intelligence) is a necessity for corporations now a days. With how many people there are and all the statistics behind each person these B.I. generators are extremely important.
    Ease of access of this stored information is huge. so much time is lost trying to find the right statistics and numbers. The systems are too big and too unorganized for users of the systems to access info quickly and easily. It is important to create a system that is easy to use. if its easy to use its easy to teach and finding the information wont take as long cutting down wasted time. Employee performance is also insanely important. If that data B.I. produces is easy for employees to read and interpret the data will be more useful to the employees. With data being more useful employees can understand ways to evolve and progress themselves in their work environment. Making the employee “better” at what ever they are doing for work. Now yes that means the B.I. will have to be specialized at each and every level of the job to give every different type of employee specialized roles/instructions or info. Lastly i’m split between two. its important have some real time data just so all the data is not stagnate. With real time data results and B.I. can be more specialized and accurate to specific events or get last minute info that you couldn’t before. And of course depending on the industry customer service is very important. Upgrading B.I. capabilities to increase customer service results can be very beneficial.

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  29. Brett Canadine

    Business Intelligence is constantly evolving. Not only is Business Intelligence able to collect more types of data but it is also able to put different types of data to different uses. For example, many organizations are using Business Intelligence to track employees and their performance. This is a huge turning point as it is important for organizations to know the true value of their human capital. The uses for data collected on employees can be used to reward successful employees and eliminate unnecessary employees. Management can only do so much physical monitoring and tracking of their employees and therefore unproductive employees may go unnoticed. Business Intelligence eliminates this concern which will reduce their labour costs and make the overall operation more efficient. The data collected can also be used to determine the strengths and weaknesses of each employee. Human capital management is very important in businesses now days as by leveraging human capital as best as possible can greatly reduce labour costs and greatly improve employee efficiency. Employee teams could be created by using the collected data to match Employees who are strong in one skill with employees who are weak in that skill but are strong in another. This data collected could change the breakdown of businesses entirely as Business Intelligence will constantly provide more ways to improve the work process for efficiency and effectiveness. If businesses want to capture the full value of Business Intelligence, then they should use it to collect data on their employees and let the internal effect of this positively impact the end customers.

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  30. Andrew

    Using BI tools to predict new revenue streams makes a lot of sense as the advanced technology can help sales decisions in ways that no human ever could. This added utility comes from the fact that BI has access to so many statistics, “vertical growth rates, fixed and variable infrastructure costs and historical data” (Harpham, 2018, para.18). Although it is theoretically feasible for any human to consider these factors as well, BI helps enormously in cutting down the cost of doing such and improving the accuracy and reliability of the results as well. Integrating this data with existing operations can also be capitalized on through the use of BI, once again making it hard to ignore for businesses.

    Secondly, improving employee performance through the use of business intelligence can help deliver a better overall product or service at the end of the day. I also believe that this implementation technique also inevitably improves customer service (5) as well. Because these two factors are so closely entangled, I think its important to not overlook either integration of BI. With that being said, integrating BI so as to improve employee performance remains the superior choice because of its effect on the customer experience and the absence of the opposite.

    Finally, building real-time BI into your customer-facing services is definitively one of the most critical ways to implement BI. I would argue this because as businesses evolve in the modern-era, transparency with customers is becoming increasingly critical. This transparency can be built upon through the use of BI and even help to provide a more satisfying experience to customers.

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  31. ISMAEL NIETO

    1Bring unstructured data on board. The emphasis of this is to create proactive tools to obtain more ways to find relationships and represent data to make business decisions that will lead to higher profit by prioritizing orders and ranking employees to create incentives in the workforce. This can be applied from sales to manufacturing to banking or Marketing, data is meant to represent patterns and patterns can find room for opportunity or risk so the more we can integrate the better business decisions can be. Which brings me to the second option, shift the emphasis to analysis, As mentioned in the text, the amount of hours analyzing data can take double or triple the amount it took to gather, if BI can integrate tools such as mentioned in the finance departments to not only display but analyze and even recommend or advise, it could be the absolute competitive advantage between one company and the rest. This requires very advanced software skills, but the resources are out there. Now with the previous two mentioned this will bring us to the last one. Prediction of new revenue streams. This has been implemented lately by using social media influencers to attract attention to products and reach the desired demographic. These influencers can be seen as a potential source of revenue for a company and through the use of statistics they can predict income and demographics from the followers. This by the right integration of unstructured data into categories, then shift emphasis to analysis and then find a new source of income from data that was always there but giving it new emphasis

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