Business Intelligence 360
Business Intelligence (BI) is a process of analysing a business – across all its functions, to reveal actionable insights. BI breaks down data from multiple sources to find relationships across functions and identify “What happened” and “Why it happened”, providing a pathway to improve current processes, correct inefficiencies and boost overall business productivity.
BI is built on the foundation of a set of tools that work together to quickly and seamlessly capture, organise and analyse data form all your key business systems. With the inflow of data and the outflow of analyses, you can identify the performance of current KPIs (Key Performance Indicators) as well as establish new KPIs, create benchmarks and measure the effectiveness of new strategies and tactics.
Bullseye CX’s Business Intelligence 360 (BI 360) is a complete Business Intelligence platform that aggregates data from all the relevant systems in your business to reveal performance at both a Macro and Micro level across all functions. Building on the ‘Single Source of Truth’ model, BI 360 derives actionable insights based on identifying all contributing factors to any given area of performance and providing this information to those who need it, when they need it.
Key BI Stats:
A study conducted by Business Application Research Center (BARC) highlights that of those who participated in the survey:
- Saw an improvement of 46% in reporting speed, data analysis and planning
- Saw an improvement of 49% in business decision making
- Saw an improvement of 43% in employee satisfaction
The Importance of BI:
In many instances, organisations today, especially small to medium sized businesses often rely upon instinctual decision making, based on the organisation culture, familiarity and personal experience of those who make such decisions. This often leads to data driven facts being neglected, not intentionally, but often because decision makers didn’t know they could be made available.
BI helps alleviate re-direct decision making to be based on facts, that are made available to the relevant decision makers in a timely and easy to understand manner.
BI also helps break down the effects of confirmation bias, which is the tendency to find information based on one’s pre-existing beliefs.
Some Benefits Resulting from BI
Quicker Decision Making
- More focus on specific areas
- Less Clutter to dig through
- Visual and streamlined insights
Uncovering previously hidden information
- Revealing cross-functional and cross system relationships in data for true cause and effect analyses
- Identifying hurdles that previously prevented efficient operations
BI and Data Warehousing
A Data Warehouse is a platform that pools multiple, disparate sources of data into a single location. Many systems such as including Financial, Payroll and Rostering, Facilities, POS, Membership and other software collect data in their respective databases. This makes it difficult to establish a true cause and effect relationships between actions captured in disparate systems. A data warehouse brings all the data in a single point, where it is stored securely for analysis.
Bullseye CX’s BI 360 is built using our propriatry data warehousing process, which ensures a seamless connection between source systems, enabling pwoerful analytics.
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