TouchstoneBI’s Data Driven BI Credentials
Touchstone Business Intelligence has been a leading provider of business intelligence support for over 40 years now. As the methods used to collect business intelligence data, and the scope of what can be done with that data have evolved over those four decades, we’ve evolved alongside them, and adapted what we do to meet the current needs of our clients across the globe.
This evolutionary process has led to the development of a comprehensive service offering covering the implementation of BI systems such as TimeXtender – and much more besides. TimeXtender is built on the Microsoft Azure platform, and so this is another area in which we can support you, but we don’t just deal with the implementation phase. Our team of experts are also available to help you develop a winning data strategy before implementation takes place, and advise you on a range of other supporting services – including how to use the cloud for business intelligence.
What is Data Driven BI?
The process of gathering, processing, and analysing data to acquire knowledge that guides and supports improved decision-making is known as ‘data driven business intelligence’. This methodology is founded on the concept that facts should guide decision-making, rather than feelings or speculation. Keeping this fundamental idea in mind, data driven BI gathers information from a variety of sources, including company finances and other internal documents, client interactions, social media, and website analytics data. Advanced analytical tools (such as machine learning techniques or data visualisation software) are then used to thoroughly examine this data. The primary output of this process, the output used to support decision-making throughout the company, are the insights that emerge as a result of that data analysis.
What Does A Data Driven BI Strategy Empower?
There are numerous benefits to using a data driven strategy for business intelligence, including:
Accurate Business Intelligence Reporting
A well-thought out and well-implemented data driven business intelligence strategy is the foundation upon which good business intelligence reporting is built. In turn, accurate business intelligence reporting is a key asset that a business’ decision-makers rely on to inform their decisions.
Improved Decision Making & Problem Solving
With data driven BI, decision-makers have access to accurate and timely information, allowing them to make informed decisions that are based on accurate real-world data rather than intuition or guesswork, which can be inaccurate.
Increased Efficiency
By automating data collection and analysis, businesses can reduce the time and resources required to make informed decisions. In addition to this, the decisions taken as a result of this data driven approach may also lead to increased operational efficiency in other areas of business.
Competitive Advantage
A data driven approach allows businesses to identify patterns and trends that their competitors may not be aware of, potentially providing businesses that can make good use of a data driven approach with a competitive advantage in their industry.
Better Customer Experience
Because some of the data that can be collected pertains to customer behaviour and preferences, businesses can use the insights offered in this area to better tailor their products and services around their customers’ needs, potentially leading to higher customer satisfaction and loyalty.
Things To Consider Before Implementing A Data Driven BI Strategy
While there are many benefits to using data driven business intelligence, there are also some challenges that businesses may face when implementing this approach, including:
Data and Input Accuracy
Data driven BI relies on accurate and reliable data. If the data is incomplete or inaccurate, or entered into the platform incorrectly (something that is thankfully hard to do with automated data capture), the insights gained from it may be misleading – a ‘garbage in, garbage out‘ situation.
Data Privacy and Security
Collecting and storing large amounts of data can pose significant privacy and security risks. Businesses employing data driven BI must therefore ensure that they are complying with all applicable data protection regulations, and taking appropriate measures to secure their data.
Finding Personnel With the Right Skills
Implementing a data driven approach to business intelligence requires a team of skilled professionals who can collect, process, and analyse data. People with the required expertise may be difficult to find, and the cost of hiring them can be high.
Data Driven BI: Frequently Asked Questions
What types of data can be used?
Virtually any type of data – including customer feedback and CRM data, internal company financial data, or website and social media analytics can be used for data driven business intelligence.
How can companies guarantee the accuracy of their data?
By implementing strong data validation procedures and routinely checking their data for correctness and completeness, businesses are able to offer reliable guarantees regarding the quality of their data.
What are the most popular instruments for data visualisation in business intelligence?
TimeXtender and Power BI are two examples of popular data visualisation products that are commonly used for data-driven business intelligence purposes.
Conclusion
Data driven BI is transforming the way businesses make decisions, providing them with valuable insights that support informed decision-making across the organisation. While there are challenges to implementing this approach, the advantages are significant, and can lead to an array of benefits for the businesses that use it – including increased efficiency and productivity, increased profits, and a competitive edge within their industry. By investing in data driven business intelligence, businesses can therefore stay ahead of the curve, and continue to make informed decisions that support their long-term success.
