05.07.2024

BUSINESS ANALYTICS PLATFORMS – THE HIDDEN TRUMP FOR SUCCESS

Data drives modern business and holds the potential to optimize activities and decisions, achieve higher efficiency and a number of competitive advantages. In today's dynamic world, no company can afford to ignore the benefits that the proper use of its business data can provide.

However, the accumulation of information, the multiple sources from which it comes, and its fragmentation pose challenges to working with the data. At the same time, the users of this information are in most cases business professionals who have neither the time nor the skills to build complex and multi-layered analytical models. They need systems that present information in a form that is easy to perceive and analyze. This is where modern business analytics platforms come into play.

What are BI platforms?

Business analytics platforms are the right solution that helps turn data into a strategic asset. They facilitate the processing and analysis of data from various sources to provide valuable information and optimize the making of informed business decisions.

Modern BI platforms such as Tableau and Power BI are easy to learn and use even by non-specialists and allow the presentation of data in an easy-to-perceive graphical form, in which users can easily find answers to the questions that excite them.

The direct benefits of BI platforms

Business analytics platforms are the hidden trump card of any company that wants to use its information optimally. The implementation of BI solutions is capable of taking businesses to a whole new competitive level in terms of informed decision-making, operational efficiency, flexibility and responsiveness.

Among the direct benefits of BI solutions that businesses can immediately feel are:

• Improved and accelerated data-driven decision making
• Identify trends and patterns at a glance
• Detect internal disturbances and optimize operations
• Improving targeting and increasing the effectiveness of marketing and sales, among others.

How business analytics platforms are transforming industries

BI platforms are used in all areas of business and all industries:

• Wholesale and retail trade - BI platforms are an indispensable assistant in sales analysis, inventory optimization, detection of dependencies and seasonal trends, as well as overall better understanding of consumer attitudes. With their help, businesses can much better respond to consumer needs, increase satisfaction and offer workable programs to drive consumer loyalty.
• Production - with the help of BI solutions, industrial enterprises can analyze in much greater detail each individual stage of the production activity, identify and optimize inefficient processes, reduce the volume of waste, overstocking with raw materials and a number of others. As a result, manufacturers can achieve a much more efficient process with low cost levels and competitive production cost levels.
• Financial services - as an industry with very large volumes of data and highly dependent on its optimal management and use, financial services can realize many great benefits from the implementation of BI platforms, among them a better understanding of consumer attitudes and product development and services to satisfy them; better risk management and generally improving customer service.

The future of business analytics platforms

Like all products in the field of business management software, BI platforms are developing at an extremely fast pace. In the last year, the various directions of artificial intelligence and machine self-learning are actively entering them, which make their use even easier and more intuitive not only for IT and analytical specialists, but especially for end business users. They can now, with a few short questions, get from the systems interactive graphs presenting the data they need, as well as sample explanations of what they are based on, as well as in-depth What-If scenarios.

All the listed advantages of BI platforms, as well as their constant development, gradually turn analytical software into an indispensable business assistant at every level in the company.

Business analytics solutions are among the most beneficial investments a business can make to achieve and maintain a high level of competitiveness in today's world. Most such software can be used for a monthly rental, which is determined by the number of users who will work with it and their roles.

The costs of licenses and consulting services for system implementation, training and development of initial references can also be financed with funds under various European programs, including the currently active BG16RFPR001-1.004 "Support for family businesses, enterprises of creative industries and crafts".