Having huge amounts of data is both a blessing and a curse if it is not used to its fullest potential. Companies in nearly every industry, both private and public, have all kinds of data at their fingertips whether they realize it or not: customer usage, bug reports, number of active accounts, churn rates, and the list goes on. Data is everywhere, and businesses are now faced with figuring out how to make all this data mean something.

Data, once turned into information, helps answer questions: Are our marketing efforts working? How do we stack up against competitors? Can we expand into a new area? How well will a new product perform? What are the future trends?

Make Better Decisions with Business Intelligence

Business intelligence turns raw data from multiple sources into actionable steps to achieve an organization’s goals. Gaining an understanding of the information available is powerful. For example, Momentum has helped our clients gather and present data on resource utilization and areas of need. We’ve then worked with clients to create a case for increasing their workforce and helped them receive approval for new employees, even during hiring freezes and tight budgets.

The information gleaned from the business intelligence framework has applications across multiple parts of the business, such as:

• Optimizing the customer service experience
• Identifying new market opportunities
• Forecasting demand and adjusting supply according to trends
• Determining whether marketing strategies are effective
• Assessing compliance with industry standards and regulations

Business Intelligence Framework

Business intelligence doesn’t have to be overwhelming. These four key elements can help make sense of large amounts of data to turn it into meaningful insights.

Collection

Most organizations collect staggering amounts of data about their products, services, and internal operations. Data collection is a complex process, often involving sophisticated data collection software and automations that are invisible to the consumers and staff. At this stage, the data likely has little value on its own. For example, customer feedback surveys, point-of-sale transactions, and applications for services all result in data. Still, it doesn’t have much meaning until the data is analyzed and contextualized.

Storage

Once data is collected, it needs to be stored so it can be analyzed, reported, and ultimately acted upon. Every organization will have a different data storage approach, but many businesses utilize cloud storage solutions that integrate with their private IT infrastructure.

Analysis

What does the data mean? How can we turn raw data into valuable information that helps achieve the organization’s strategic goals? Data analysis, in the context of business intelligence, means asking questions about raw data so it can be used to make decisions according to the organization’s goals. This analysis also includes comparing data from multiple sources to answer questions. For example, the number of people who were at a state park one weekend might correlate with COVID cases in that region.

Reporting

Developing a customized reporting solution helps eliminate meaningless metrics so you can drill down to exactly the information needed. Reporting and data analysis depend on each other. A dashboard integrates data from multiple sources so that the end-user can make decisions and turn that data into information. An interactive, responsive dashboard that visually represents relevant data is far more helpful and useful than a 50-page spreadsheet or lengthy report.

Need Help?

Data surrounds us in our daily lives, and organizations collect more data than ever before. A solid approach to analyze that data and use it to answer key business questions is vital to success. Knowing where to start isn’t always easy. Let us help you!

Momentum consultants work closely with organizations to improve the functionality and efficiency of their workflows, products, and services. Our suite of customized services can help your organization understand and act on its data to ensure you meet your goals. Contact us today to get in touch with our business intelligence experts.