How BI Solutions Can Optimize Internal Processes In A Business-BI Services Provider

Today, businesses are generating and gathering more data than ever using a wider variety of digital platforms including social media, emails, websites, and enterprise software like ERP. Enterprise Business Intelligence (BI) tools have the ability to analyse this large dispersed data and make strategic decisions more data-driven and effective through data collaboration, visualization, reporting, and predictive analytics capabilities. It helps in identifying key opportunities and solutions to leverage them by generating insights on key performance indicators across business units, customers’ trends, and other important performance factors.

One of the top 10 digital technologies, Business Intelligence Solutions are not limited to any specific business function or industry. Regardless of finance & accounts, sales & marketing, human resources, or procurement, each internal operation must be optimized in order to increase business value in the long run. Let’s explore BI Solutions with dashboard examples for some of the most prominent internal operations:

BI for Finance & Accounts

A static, isolated spreadsheet will neither provide you with the speed required to make financial decisions, nor will they provide access to real-time information or automated data extraction and calculations. BI Financial Dashboards provide a clear roadmap to see the larger picture with key financial metrics like income statement, cash flow, liquidly, revenue, profit, and wealth scorecard. It allows you to implement better cost and cash management strategies. BI dashboards with interactive data visuals present comprehensive data storytelling to translate financial performance to the management. It saves numerous hours usually required for manual data preparation and analysis and set a healthy foundation to upscale your financial analysis process. Below are some important BI Financial Dashboards Examples:

• Financial Comparison Dashboard
• Financial Risk Management Dashboard
• Income Statement Dashboard
• Wealth Management Dashboard
• Investment Portfolio Analysis Dashboard
• Profit and Loss Dashboard

BI for Sales & Marketing

With Business Intelligence dashboards, end-users in every function of the organization have a more effective means of gaining detailed insight into their part of the business without going back to IT or data specialists for understanding data. BI dashboards for sales and marketing is built on the basis of a CMO’s metrics that gives data visualization containing important key performance indicators across multiple marketing programs. It helps in improving sales and marketing planning by eliminating data silos and generating reports on various marketing programs.

BI allows enterprises to understand customers, market, and their trends to acquire and retain customers in today’s competitive business world. Some important BI Sales & Marketing Dashboards Examples are:

• Customer Analysis Dashboard
• Sales Scorecard Dashboard
• Social Media Monitoring and Analytics Dashboard
• Email Engagement Analysis Dashboard

BI for Procurement

Business Intelligence tools can perform procurement analytics by collecting, extracting, monitoring, and evaluating procurement data, and generating actionable insights. It helps enterprises in improving purchasing process by tracking relevant metrics such as the compliance rate, number of suppliers, supplier defect rate, and purchase order cycle time, among others. Implementing Business Intelligence solutions to procurement helps your team to resolve traditional contractors’ conflicts and provides a wealth of benefits to both sides.

With supporting figures and facts on cost estimation, compliance rates, supplier performance, payment analytics, and price benchmarking, the procurement team can better collaborate with other departments, especially the Finance team, resulting in better performance, strategies, and future negotiations. BI Procurement Dashboard Examples enterprises implement include:

• Cost Estimation Dashboard
• RFQ/Procurement Performance Dashboard
• PO Trends Dashboard
• Vendor Performance Dashboard
• Lead Time Analysis Dashboard

BI for HR & Administration

Built on the Power BI Platform, Business Intelligence for HR & Administration is an end-to-end analytics and reporting solution to help organizations discover meaningful HR insights for improving employee recruitment, satisfaction, retention, and workplace strategies. It enables HR professionals to make data-driven decisions by tracking, monitoring, and analysing key HR KPIs including recruitment, hiring, salary, performance, training, attrition rate, and absenteeism. Below are prominent BI HR Dashboard Examples:

• Employee Performance Dashboard
• Recruitment Dashboard
• Workforce Demographics Dashboard
• Salary Comparison Dashboard
• Employee Development Dashboard

BI for Management/Executive

Business Intelligence Executive dashboard is an advanced analytics platform used to visualize company KPIs and metrics which are critical for efficiently managing a business. It aims to provide CEOs and its top management team with a bird's eye view of the company's overall performance in business operations such as finance & accounts, sales & marketing, procurement, and HR & administration among many others.

Executive dashboards are developed by connecting relevant data sources with the internal software platforms deployed within the business – Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) etc. BI Executive Dashboard is a self-service data analytics tool for enterprises to view and analyse their business’s most important information without switching to multiple platforms or systems. Here are some examples of BI Management Dashboards implemented across industries:

• Management KPI Dashboard
• Executive Financial Dashboard
• Investor Relations Dashboard
• Sales KPI Dashboard
• Customer Status Dashboard

Data analysis and forecasting are now easier than ever with self-service BI tools and their easy-to-understand dashboards and reports. With these tools, users are able to collect and analyze real-time data, utilize advanced features, and identify future trends. By  implementing Enterprise Business Intelligence tools into your organization, you can turn data into insights and generate reports on key metrics without profound technical knowledge. It will not only save you hours of manual work but also help you in identifying inefficiency gaps and solutions to address them effectively.