Blog

May 12th, 2015

BusinessIntelligence_May12_BA dashboard is a business intelligence tool used to display metrics and key performance indicators (KPI) for organizations. The tool has grown in popularity over recent years, since implementing business dashboards has become cheaper and easier than ever before. Dashboards gather two or more KPIs and statistics and turn them into a visual interface. By implementing dashboards you will have an overall view of your business, or at the very least some parts of it. Here are some uses of dashboards in real-life business situations.

Marketing insights

The marketing department in an organization typically analyzes a significant amount of data from various channels. Whether the purpose is to forecast monthly sales, predict trends, or build marketing strategies, marketing officers need to compare, sort, and analyze raw data in order to present it in an understandable format using dashboards. Once raw data has been polished into meaningful information and presented to business executives, key decision makers are able to make choices based on that information.

Tracking sales opportunities

Sales dashboards are perfect for tracking various products and services throughout their lifecycle. With sales dashboards, you can identify sales opportunities by monitoring top-selling products and comparing the growth in revenue on a periodical basis. The implementation of sales dashboards eliminates the need to spend hours manually entering data and preparing sales reports, spreadsheets, charts, and manual data.

Social media management

There’s more to social media management than posting regularly on your business’s social media accounts. And in most cases, the default dashboard offered by your social media platform doesn’t give you a deep insight into your social media campaigns. What’s more, managing multiple social media accounts can quickly become a cumbersome process since you have to use several login credentials. That’s where dashboards come in. You can manage your accounts all at once through a comprehensive social media dashboard, saving you valuable time and effort.

Financial reports

Presenting financial data is so complex that, if not handled by competent employees, will often lead to misinterpretation and misunderstanding of critical data. Dashboards make creating financial reports much easier, and financial analysts can take advantage of dashboards to display sensitive data in a comprehensible graphical format - be it customer invoices, progress toward revenue goals, or business expenses.

Project collaboration

Businesses of all sizes require their employees to collaborate on projects, whether it’s on-site or online. Project supervisors need to get their teams together, in order to give them an insight of the projects’ requirements, deadlines and responsibilities, and to learn about the projects’ progress. With the help of project collaboration dashboards, members will see the complete workflow of the project, allowing for a more efficient and collaborative working environment.

Dashboards can truly take away the complications of presenting complex business data. If you’re looking to implement business intelligence tools to simplify your company’s data analysis process, drop us a line today and we can help.

Published with permission from TechAdvisory.org. Source.

April 28th, 2015

BusinessIntelligence_Apr28_BWhat does business intelligence mean to you and your company? Most business owners think they have a pretty good idea, when the reality is that our grasp on this most vital of business tools is all too often outdated and no longer fit for purpose. Just like other concepts and tools inside and beyond the corporate world, the ideas behind business intelligence have seen dramatic changes in recent years - fuelled not least by the arrival of a new generation of entrepreneurs who have set out to do things differently. If you can still see these outdated beliefs in your approach to business intelligence, it’s time to change.

Business intelligence should be simple

For too long now, business owners have been fed the idea by business intelligence tool providers that the means by which we understand our organization’s success should be as easy to digest as possible. That has led companies to take an overly simplified view of business intelligence. It is one that just doesn’t deliver the same depth of useful analytical detail that we need if we are going to really understand what’s behind growth (or lack of it). Nor does it allow us to genuinely develop a sense for the direction our companies need to be moving in - and how to get them there.

While simple business intelligence tools will work just fine for some organizations, the majority of us need to be demanding more complex, sophisticated tools to manipulate and generate value from the wealth of data that is at our fingertips. We are in an era where there is still value to be gained, but you have to dig a little deeper for it - and if you’re using outdated software that just isn’t up to the job, you’re going to struggle.

Big data is the be-all, end-all

We have no problem with big data - large-scale changes in industry practices, and our understanding of the ways our businesses work and grow, depend on it. But there’s a mammoth difference between using big data for the sake of it - because we’ve got into the mentality that its ability to deliver industry-wide improvements means it’s the magic cure for our organizations - and putting in place solutions that enable our front-line staff to actually use it.

After all, what’s the point in generating terabytes and terabytes of information if our outdated business intelligence tools aren’t capable of empowering non-technical staff to gain true insights into customer behavior, sales patterns and the like? Recent business intelligence sector developments mean that our companies can benefit from quality tools to visualize simple data collections, but the ability to do the same on a larger scale is still lacking. The lesson? If you’re looking to reap the rewards of large-scale data collection, equip your team with the tools that allow them to perform quality analysis.

The cloud alone is the answer

“The cloud” is the IT industry’s latest buzzword, but too often it gets touted around as an all-round solution that will solve each of our woes, without us really understanding its true purpose or how we can get the most from it. This is particularly the case in relation to business intelligence, where company owners are frequently led to believe that they can instantly enhance their business intelligence capabilities simply by moving everything upstairs to the cloud.

We’re big fans of the cloud and believe that with proper understanding and implementation it can pay real dividends. But the truth is that simply repeating your usual business intelligence routine - but doing so in the cloud - isn’t going to change much. If your business intelligence tools are too conventional and don’t offer enough flexibility, that will still be the case even if you put cloud technology over the top of them. It’s important to address the underlying issues before you contemplate a move to the cloud, so that you can truly reap the advantages of both changes.

If you’re guilty of being stuck with an outdated, or just off-center, view of business intelligence, give us a call to see how we can update you and help you to get the most out of it.

Published with permission from TechAdvisory.org. Source.

April 21st, 2015

BusinessIntelligence_Apr14_BBusiness intelligence tools should be on the radar of every entrepreneur. Without them, how can you know where your organization is doing well, where it needs to improve or how it is going to grow? Microsoft recognizes the growing significance of the business intelligence market and has just acquired Datazen, a three-year-old business intelligence and data visualization platform. The move follows Microsoft’s release earlier this year of the free Power BI product. So, whether you’re a current Datazen user, or are looking for a new business intelligence solution for your company, here’s what you need to know.

Datazen stands out from the business intelligence crowd in that the tool is built with mobile users in mind. The goal with the conception of Datazen, which was previously known as ComponentArt, was to create a user-friendly business intelligence product that balanced power, simplicity and a pleasant experience for the end user. The software is compatible with iOS, Android and Windows devices, and last year the firm released an update allowing offline use across all platforms.

The move means that Datazen now provides mobility to its users, allowing them to continue working with their business intelligence data wherever they are based and no matter whether they have an internet connection. Connected to the launch of offline capabilities, the same release also improved the synchronization process between the Datazen app and live data sources. This allows users to work with up to 100,000 records locally on any device, and enjoy immediate data retrieval.

In addition to Microsoft’s wider push on business intelligence tools, the company is focused on specifically doing so with the cloud and mobile in mind. This forms part of the corporation-wide priority for innovation in mobile-first, cloud-first IT solutions, identified by CEO Satya Nadella last year. Microsoft says that Datazen’s offering will complement that of Power BI and that, over time, the IT giant aims to integrate the two in order to bridge the gap between on-site and cloud-based business intelligence tools. Datazen is already optimized for Microsoft’s SQL Server Analysis Services.

According to Datazen, its current users can continue to access and use all of its products in their current form. Microsoft has also announced that SQL Server Enterprise Edition customers with at least version 2008 can now access Datazen software at no additional cost. The company claims the move will bring Datazen’s mobile data visualization and interaction possibilities to millions of business users globally.

Learn more about how to implement business intelligence to grow your company - call us today.

Published with permission from TechAdvisory.org. Source.

March 31st, 2015

BusinessIntelligence_Mar31_BIn today’s competitive business environment, large companies have operations in many places within their home country and other parts of the world. Each of their branch offices may generate huge volumes of data on a daily basis, and corporate decision makers require access to those data sources. This is where data warehouses come in. The data warehouse is one of the most important business intelligence tools a business need to have. It turns the massive amount of data generated from multiple sources into a format that is easy to understand. Here’s some background information about data warehouses and their key benefits for businesses.

Data warehouses defined

A data warehouse is a centralized store of all data generated by the departments of a large organization. It is specially designed for data analysis, generating reports, and for other ad-hoc queries. A data warehouse extracts the huge streams of data from a company’s operational and external databases and turns them into meaningful data, so business decisions can be made based on this information.

Differences between data warehouses and databases

The purpose of a database is to record and store current data from users. A database is suitable for the traditional type of data storage method. For instance, a bank ATM uses a database to record their customers’ money transactions in real-time. A data warehouse, on the other hand, is a type of database but specifically designed for data analysis. It is used to store and summarize large volumes of historical data.

Benefits of data warehouses

A goal common to all businesses is to make better business decisions than their competitors. Once a data warehouse is implemented into your business intelligence plans, your company can benefit from it in many ways.
  • Better decision-making - Corporate decision makers will no longer have to make important business decisions based on limited data and hunches. Data warehouses store credible facts and statistics, and decision makers will be able to retrieve that information from the data warehouse based on their personal needs. In addition to making strategic decisions, a data warehouse can also assist in marketing segmentation, inventory management, financial management, and sales.
  • Quick and easy access to data - Speed is an important factor that sets you above your competitors. Business users can quickly access data from multiple sources from a data warehouse, meaning that precious time won’t be wasted on retrieving data from multiple sources. This allows you to make quick and accurate decisions, with little or no support from your IT department.
  • Data quality and consistency - Since data warehouses gather information from different sources and convert it into a single and widely used format, departments will produce results that are in line and consistent with each other. When data is standardized, you can have confidence in its accuracy, and accurate data is what makes for strong business decisions.
A data warehouse is essential for any business that wants to profit from sound business decisions. If you’re looking to implement a data warehouse into your business, give us a call today.
Published with permission from TechAdvisory.org. Source.

March 17th, 2015

BusinessIntelligence_Mar17_BIf your business is not already using business intelligence systems, you are at a distinct disadvantage against the competition, and are failing to maximize a truly valuable opportunity to understand your position in the market. Business intelligence takes raw business data and converts it into insights that you can not only understand, but which offer a valuable view of your company’s current standing, where it’s headed and what you need to do to get there. Nevertheless, the business intelligence landscape can be a confusing one - here are some terms you need to get to grips with as you take your analysis to the next level.

Reporting

Whether simple or more sophisticated, reporting forms the foundation of business intelligence and is key to knowing how your company is doing - and how to make it do better still. No matter the size of your company, financial reporting helps you to understand your position in terms of revenue and expenditure. Typical reports you might produce on a regular basis include balance sheets, cash flow statements and profit and loss accounts. Business intelligence tools like Enterprise Resource Planning applications can help you get a hold of these reports and customize them to suit your needs, to a level of detail and usability that most of us just aren’t going to manage with a spreadsheet alone.

Data Visualization

Having access to reams of business data is all very well, but in reality it’s not of much use if it doesn’t mean anything to everyday humans. You and your colleagues are business focused and, while you might know your way around a bit of data analysis and your IT systems, you don’t want to spend your lives with your head buried in sheet after sheet of formulae. Frankly, you’ve got better things to be doing than that - like getting on with the day-to-day management of your business.

That’s where visualization comes in. Just what it sounds like, visualization is about taking your raw data and presenting it in a way that’s instantly understandable and meaningful to its audience - whether that’s you as business owner, your boss or your company’s investors. Visualization can help you to convey a high-level overview of business performance, before you drill down to consider more specific areas of your products and services. Some business intelligence tools also offer interactivity to allow you to get exactly what you need from complex data.

Corporate Performance Management

The performance of your business depends on a huge number of factors, and if you are properly preparing for the future then you are considering a multitude of scenarios depending on how those factors play out. That can leave you with multiple versions of your budgets and cash flow statements but, without effective business intelligence software, you’re likely to have that information stored in a messy tangle of spreadsheets.

A better solution is a business intelligence application that allows you to import data from various locations, and adjust your reporting output according to variables in the numerous factors you are forecasting. With speed that those clumsy spreadsheets just couldn’t replicate if they tried, you’ll have at your fingertips a set of responsive, adaptable reports that enable you and your team to spend more time on analysis and making plans for the future.

Want to learn more about using business intelligence to propel your company to greater heights? Get in touch with us today.

Published with permission from TechAdvisory.org. Source.

March 12th, 2015

BusinessIntelligence_Mar10_BBusiness intelligence, or BI, is a common term in the business world today. It combines and analyzes data to help business owners make important decisions and strategies. Business intelligence was only used by large enterprises until very recently but technology has evolved rapidly, and BI’s costs have dropped dramatically, making it affordable for small businesses.

What is business intelligence?

As a business owner, you may have come across business intelligence at some point in your research for efficient business tools. Business intelligence is a term that sounds intimidating, but it’s actually really easy to understand.

BI is a set of tools and techniques that transform raw data into information that companies can actually use for business purposes. You can use BI tools to collect data from internal systems and external sources. That data can then be analyzed and compiled into text or visual reports for corporate leaders, assisting them in making important business decisions.

Benefits of BI for small businesses

When it comes to analyzing data, business intelligence is a cut above other methods like simply pulling data from Excel spreadsheets. Businesses can use BI for many purposes. Here are some benefits.
  • Boost sales - Business intelligence tools can create and analyze data to improve sales. You can send an email to your clients, inserting a link to your website, then monitor their behavior with an analytical tool to subsequently target your emails more successfully. You can also use BI for sales forecasting and to decide on the best method to reach your sales target.
  • Identifying opportunities - BI tools allow you to assess your company’s capabilities and compare your strengths and weaknesses to your competitors. You can also identify market trends in order to respond quickly to change.
  • Better customer service - Customers are the lifeblood of any small business, and you should take customer service seriously. There are BI software programs that collect post-service customer feedback. Your customer service team is informed when they receive low feedback scores, so they can follow up and resolve any issues.

Implementation

After you’ve researched the benefits of BI to your business, the next step is to implement it in your company. The first thing to clarify is your need for business intelligence. Do you want to improve your sales? Are you looking for new customers? It’s important to be clear on this, so that you can choose a BI tool that will provide the best solutions to your problems. Once your objective is clear, it’s time to determine what resources you already have to get the job done. In some cases, your existing tools may be sufficient.

There are lots of BI options to choose from, and you should pick the one that best suits your needs. Want to know how to adapt business intelligence to your company? Give us a call and see how we can help.

Published with permission from TechAdvisory.org. Source.

February 24th, 2015

BusinessIntelligence_Feb24_BIn today’s technological landscape, companies increasingly rely on sophisticated business intelligence tools to help them to make better and more strategic business decisions. Applying the best technology to your practices can give you an edge over your competitors and increase the thing that matters to your business most - productivity. Read on to find out more about three efficient BI tools that may benefit your bottom line.

The Internet of Things

The concept of the Internet of Things (IoT) is to embed electronic sensors into any physical objects, allowing them to be controlled via the Internet. This includes everything from mobile phones to refrigerators, washing machines and even cars. The idea of IoT is exciting and definitely practical in today’s technology-driven world. While the concept has been around for several years, many business owners still don’t even know what the IoT means. So let’s take a closer look at how IoT will impact businesses.
  • Increased efficiency - Businesses will be able to connect devices for efficient, real-time operations. For instance, IoT can connect a warehouse system and point-of-sale scanners together to provide better inventory management.
  • New business opportunities - Today there are approximately 10 billion connected devices, and this number is growing fast. IoT opens a door to new business opportunities as customers need new devices and services in their everyday lives.
  • More security concerns - While the idea of connecting everything together is exciting, businesses will have to pay extra attention to security. More data stored online means increased chances of information theft and cyber security issues.

3D Printing

Some businesses have probably never considered that 3D printing could be of use to them, partly because they’re so accustomed to the traditional way of printing 2D materials such as posters and flyers. But now 3D printing allows businesses to manufacture three-dimensional solid objects from a digital file. Since the costs of technology are expected to decrease, 3D printing could be adapted to business practices for various purposes.

The main benefits of 3D printing for businesses are increased productivity and creative, customizable new designs. Product designers can use 3D software to speed up the creation of product prototypes. It also allows for remote cooperation between colleagues, which increases the ability to brainstorm ideas for faster product-development cycles. 3D printing processes are also highly customizable to suit the needs of clients.

The Enterprise Cloud

Companies are now familiar with cloud computing, having used it for data storage and synchronization for the past few years. But the enterprise cloud offers more flexibility and scalability than regular cloud computing, and is noted for its cost efficiency, security, and easy-to-use model. Enterprise cloud computing refers to a firewall protected computer system which is able to offer software, infrastructure and platform and web services. They can provide private access and a virtual scalable environment controlled by either a single company or consortium.

Nowadays, businesses require faster innovation, remote access, and better cross-product integration. This is where the enterprise cloud comes in; to deliver cost savings and provide better security to accommodate business growth. You’ll want to adopt the enterprise cloud to gain advantage over your competitors.

If you’re interested in boosting your business performance with BI tools, contact us today and see how we can help.

Published with permission from TechAdvisory.org. Source.

February 4th, 2015

BI_Feb4_BWe’re all familiar with Excel. It’s safe to say that it’s a great tool for tracking data. But what if there was a way to keep track of information from not only Excel, but a multitude of frequently used applications and services? And what if you could find this information by typing a simple phrase such as, “sales for [new product name here] 2014”? Microsoft has made this possibility a reality. And not only may it help save your business time, but it’s also free.

What is Power BI?

Power BI is a Cloud service which mainly functions as a self-service data analysis tool. What makes it unique is its use of advanced visualization options (graphs, charts, etc.) and the ability to find data by using natural language to ask questions and get answers. For example, you can simply type, “which department had the lowest sales profits last month?” and then get a chart that will visually display the sales from the different departments.

Another distinct characteristic of Power BI is its ability to collect and analyze data from various applications and services. These include Salesforce.com, Marketo, Excel, Zendesk and more.

And lastly, being a Cloud based service, the data is easily shareable, and employees can access it whether they’re in the office or on another continent.

Do I really need data analysis for my business?

It’s easier to get ahead of the competition if you know where you’ve been. With knowledge of your past failings or successes, you’ll know what methods and strategies are working and which ones aren’t. Then you can make appropriate business decisions based on facts and not assumptions.

For some, Excel may give you the ability to track all the Business Intelligence you desire - if the data you need is relatively simple and is kept all in one place. But if you have large amounts of data over various applications, then a product like Power BI can be a huge time saver since you won’t have to waste hours finding and organizing it.

If Power BI is so awesome, why is it free?

Power BI comes in two versions: the free one and a pro version for $9.99 a month. The pro version will feature more support for streaming data, quicker scheduled data refresh, and more storage. But light to medium data analysis users will still gain much from the free version.

Likely the real reason for the free version of Power BI is to capture market share from Tableau software, which currently dominates the self-service analytics market. Microsoft appears to be trying to create a simpler data analytic system that will be less complex than Tableau and more appealing to non-tech users.

And once they get sign-ups, Microsoft can then use this as a gateway to sell other Microsoft business products.

Want to discover how Microsoft’s Power BI or other Business Intelligence products can give your business an edge? Contact us today to see how we can help.

Published with permission from TechAdvisory.org. Source.

December 3rd, 2014

BI_Dec2_BBusiness intelligence, and more specifically the metrics that support it, is among one of the most important processes a company can integrate. While it can be tough to get started, many companies find success to begin with by tracking overall sales metrics. There are a ton of sales metrics you can employ that can give you a better overall picture of your business, and here are five of the most common.

The sales pipeline

This metric is often employed by businesses to show current sales opportunities and estimate the number of sales or revenue the sales team will bring in over a set period of time, usually a couple of months. When employed correctly, team members are better able to track and remain in control of their sales. Managers can also be assured that targets are more accurately set and reached.

When companies set up their sales pipeline metrics they often set out to measure:

  1. Average time deals remain in the pipeline.
  2. Average percentage of converted leads.
  3. Average worth of every deal.
  4. The number of potential deals in the pipeline.

Overall sales revenue

This metric is often seen to be the most important sales-related metric to implement, largely because it provides managers and owners with a good overview of the health of their company and overall performance. In short, sales revenue allows you to accurately view the profitability of your business, even if your profits aren't presently growing.

Beyond giving a useful whole-business overview, this metric can also uncover exactly how much each sale influences or contributes to the bottom line. This can be calculated by using the standard profit-ratio equation - net income over sales revenue.

Accuracy of forecasts

Any sales manager knows that forecasts are just that, predictions. But, because so much of sales is based on informed speculation it is important to track the overall accuracy of any future forecasts. By doing so, you can uncover gaps in processes and reveal any forecasting tools that need to be improved.

From here, you can track improvements and tweak forecasts to ensure that they become as accurate as possible. After all, if you can show that you are meeting your goals, or are close to meeting them, you can make more reliable decisions and be assured that your company is doing as well as it appears to be.

Win rate

The win rate, also known as the closure rate, is the rate that shows how many opportunities are being translated into closed sales. Because this rate looks at the number of sales, you want it to be as high as possible, especially when you look at the time your sales team puts into closing sales.

While a high rate is preferable, low win rates are also useful largely because they can highlight areas where improvement is needed. For example, if your team has constantly low win rates across the board, then it could signify that there is a need for more training on closing sales, or that sales staff may not be knowledgeable enough about the products or services being offered. A fluctuating rate could show increased industry competitiveness and highlight when a sales push could be beneficial.

Loss rate

The loss rate can be just as important as the win rate, largely because it focuses on how many potential customers did not purchase products and/or services from you. It can really highlight problematic areas in the early sales process. For example, by tracking the loss rate you may be able to see that response time is low, causing potential customers to walk away.

Essentially, when measured correctly, you can use loss rate to improve the overall sales process and hopefully bump up your overall win rate. You can also compare the two rates to really see how big of a gap there is and give your team a solid goal to try and find ways to reduce this gap.

If you are looking for solutions that allow you to track and measure your sales and any other data you generate, contact us today to learn how we can help turn your data into valuable, viable business information to lead your company to better success.

Published with permission from TechAdvisory.org. Source.

November 6th, 2014

BI_Nov03_BFor many businesses it is important that there is steady and productive interaction with clients and that they can capture important data from these interactions. While there are many ways to achieve both these objectives, there is one way that is gaining traction with many companies, especially those who want to capture better data: gamification.

What is gamification?

It's human nature to be competitive, and many of us exercise this nature by playing games. Be it team sports, board games, video games, or even office-related games, many of us partake in some form of game on a regular basis. Gamification is the incorporation of game elements, such as points, rules of play, competition, etc. into business-related processes.

By implementing game elements into areas like marketing or training, you can drive engagement, while also collecting better data, primarily because most people will be more willing to provide relevant information when they are invested in a game.

When it comes to implementing these elements into business processes, many companies tend to focus on either customer gamification or employee gamification.

Customer gamification

The vast majority of customer-oriented gamification relates to rewards programs and repeat customers. Small to medium businesses who have successfully implemented these elements usually do so via social media and mobile apps. Repeat customers gain points for each purchase and when they reach a certain level receive a freebie perhaps or a rebate. This in turn drives the need to keep purchasing and to "win".

Many businesses have been successful in implementing this game characteristic into social media, where people who interact gain levels and therefore access to such benefits as discounts. Businesses implementing customer-oriented gamification often see both increased engagement and better data flowing into the organization. In fact, many businesses have found that the data implemented through these elements has been useful in decision-making and overall business intelligence efforts.

Employee gamification

Employee-based gamification is usually employed by businesses to encourage teams and individuals to work together towards a common goal. For example: Implementing a point or badge-based sales system where at certain sales levels badges are awarded, which can then be used for a reward, has proven to be incredibly successful for many sales-oriented companies. Publicly announced results and recognized rewards can also be a great employee motivator.

As with customer gamification, employee gamification can be a great source of data. For example, by tracking where employees are, and their results, you can quickly see weak spots or places where help may be needed. Essentially, more data means the ability to make better decisions.

Should my company implement gamification?

While this may sound like an exciting, and useful tactic to implement in your business, it's not for everyone and it won't fit well with all activities. What you should do is to look at whether the objectives and goals of the program you wish to implement can also be paired with gamification.

If you find that gamification, or elements of it, won't benefit your business program, then it's best not to implement it for the sake of it.

How to implement gamification

There are a wide number of mobile apps developed around gamification, along with social elements and ideas. What we suggest is talking to us to see how we can help first. We can work with you to find solutions and ways to implement your solutions. Contact us today to start the game of business success.
Published with permission from TechAdvisory.org. Source.