Novius Group understands that the goal of Business Intelligence (BI) is to provide a clear understanding of organizational data and enable more informed decision-making and analysis of that data. To achieve this, BI solutions must gather data from all critical information systems throughout the enterprise, which are typically disconnected from one another. ERP, CRM, accounting, sales, HR, manufacturing, and inventory management systems are commonly included in the list of data sources to be consolidated into the single BI data platform. Once centralized, review, analysis and continuous monitoring of the data helps organizations control costs, identify and avoid problem issues, and exploit opportunities for improved productivity, efficiency, and profitability.
An important aspect of reporting and analysis is being able to represent information with charts, graphs and tables that help make sense out of the data. Too much data can be a problem. Business intelligence uses data visualization to display information in an easy-to-use format that illustrates important business relationships.
Scorecards allow you to track key performance indicators (KPIs) such as budget performance or actual vs. planned. Businesses, typically, have a set of key performance indicators for financial performance, employee retention, sales, marketing and other areas of operations. However, they are often difficult to calculate and keep up-to-date due to the source data often being distributed across the company and not maintained in a timely manner.
A third area of data presentation in business intelligence is producing analytic reports that allow users to ‘slice and dice’ data to get answers to business questions. These analytic reports allow users to dynamically adjust key trends such as time period, products, regions, etc. so that data can be explored and analyzed. The dynamic nature of these reports allows users to make real-time changes to see data the way that most benefits them. Gone are the days of having to submit a request for report modifications and to wait weeks or months for IT to respond.