In the previous blog, we saw various factors like the cost reduction, profit center identification, maintaining efficiency, optimal use of resources etc. as the challenges that most of the CEOs face while managing a business. We also saw how Business Intelligence services helped to overcome these challenges by coming up with the suitable custom-built solution. So moving on to the next part, let’s see what more is disturbing the decision-makers in their daily operations:
- Innovation in the existing process: Mostly, employees don’t prefer to think out of the box and assimilate innovation in the organizational process to save time, cost and enhance accuracy. This is a serious concern for the Managers as it is very difficult to survive in the industry without introducing innovation into the existing processes nowadays. Innovation is primary aspect on the basis of which every Business survives. If that aspect is not working, then there won’t be any value for your customers. Business Intelligence helps the key people to identify the pain areas and deploy an innovative solution accordingly, to improve the productivity of the employees.
- People’s ability to embrace Technology: There is no point in introducing new technology to the process if the people working there aren’t embracing it. This co-ordination between People and Technology is challenging and proper actions should be taken to make sure nothing goes wrong for the company in this process. If the decision makers build the BI tool which monitors the “BEFORE & AFTER” effect after launching a new technology in a way that it shows the total progress made by the personnel (Who were using the old one) & who are using the new technology to gain productivity, it will reflect the real picture of embracing the new technology.
- Employee Retention: This case is pretty serious in most of the business organizations nowadays. Retaining the employee is really difficult as nothing can be done to stop a person if he really doesn’t want to continue. If Business Intelligence Tools are implemented in the HR department of such organizations, it will help the HR head to recognize the labor turnover, specific time period when employees leave the organization, its relation with the appraisal process etc which will ultimately help to get an idea about the statistics like when do employees resign the most, when do they perform unproductively during a year etc. This will help the HR to launch various motivational programs or change strategies in that particular period to retain employees for the maximum period.
- Operating in Global Marketplace: Managing the business worldwide is not a child’s play. In fact, even the big players in the market find it tough to manage their offices, people, resources that are based in multiple locations. Collecting, maintaining and making an efficient use of the data from these locations is highly important, and this is possible only by developing a robust BI solution that can cater the load of the information and convert it to a relevant format. Operating in a global marketplace with the help of a BI tool is feasible as you can see the data from all your offices, compare them, find out the locations that produce maximum output, see the productivity stats and take actions accordingly to improve overall output.
- Quick and Proficient decision making: Ever wondered how enterprise having turnovers in multi-millions manage their workforce, infrastructure costs, new businesses acquisition, investments etc. at such a scale? I always had this question on my mind. Well, it is indeed not an easy job, and that is why the decision makers are appointed from the top B-schools of the world. Still, having a higher qualification is not enough to make a precise decision quickly with the help of a relevant data. ERP can help, but not at this level. Therefore, a Business Intelligence can help these decision makers to maintain the data systematically and deliver the output in a graphical format to alter huge circumstances onto their laptop screen to take proficient decisions.
Business Intelligence Services is going to be a need of an hour for such enterprises by 2017. If you need a consultant to cater your requirements related to the organizational setup, maintenance of data in relevant formats, eLuminous technologies will be a reliable option whom you can trust upon.
Blogger, Internet Marketer, Marketing Analyst.