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It’s Kind of a BIg Deal

The importance of Business Intelligence (BI) to companies of all sizes


We all want to know where our business is going, what we can expect for the future and, better yet, the margins of success we will see in the upcoming months. But in order to see the future, we need to know “the now” of said business. Business Intelligence (
BI) provides us with that knowledge whether your business is small, medium, or large—BI is a one-size-fits-all tool.

At amshot, we focus strongly on being able to customize software to meet the individual needs of our clients—and that includes BI. Keep reading for a crash course in all things BI and why it’s worthwhile.

BREAK IT DOWN NOW

The formal definition of Business Intelligence refers to tools, technologies, applications and practices used to collect, integrate, analyze, and present an organization’s raw data in order to create insightful and actionable business information. Basically, Business Intelligence is a system for turning your business data into info that can help you make informed business decisions. BI allows us to pinpoint areas of weakness and strength in real time to gain further insights and tackle any opportunity to enhance business output.

That was a lot of loaded words, so think of it as an update. Updates to a cellphone let users see what Apple or Samsung or Google have been working on to make their experience better. Each upgrade has new benefits such as new gadgets, faster loading speeds, increased battery life, etc. All of those changes were made by looking and analyzing the current, ongoing issues within the software. Business Intelligence is like a non-stop, ongoing update to your business that leads to more overall success.

HELP YOURSELF

There are numerous benefits of using BI. As we mentioned, it provides real-time feedback that allows businesses to identify and achieve efficiencies in their organization, but that’s not all. Our team looked at the ways BI helps businesses, and here are just a few that stood out to us:

  • More accuracy when reporting, analyzing and planning – No matter how much you do something, it won’t matter unless you are accurate on every account. BI allows you to organize data without the potential for manual error and make decisions in real time.
  • Faster analysis, planning, and reporting – Efficiency plays a big role in business profitability. BI allows companies to make business decisions in a more timely matter, especially under pressure. It consolidates a lot of data and gives us a single perspective.
  • Improved data quality – You know the saying “quality over quantity”? With BI, businesses have access to both. It gathers the entire quantity of big data and transforms that into accessible figures in a high quality way.
  • Increased competitive advantage – It is important to understand that Business Intelligence is not the same as competitive intelligence. BI scans internal data within your business, which leads to a competitive advantage, while competitive intelligence looks at other people’s business. Knowing everything about your current state of business and tackling the issues that arise puts you ahead of competitors on its own, even if you don’t know the ins-and-outs of your competitors’ business.
  • Reduced costs and increased revenues – Of course, this is the ultimate goal for any business. BI lets you determine who your customers are by collecting data at high speed, which allows businesses to know them inside and out. Understanding their consumer behavior can result in a faster point of sale in a more accurate way.

USE IT OR LOSE IT

The ability to focus on the current state of your business becomes increasingly easier when utilizing everything BI has to offer. Every company want to be aware of where they stand as an individual part of the larger market, and BI helps companies analyze their systems, employees, and functionality. While this type of technological support may be new to some industries, the opportunities for growth and profitability that BI provides should be considered by any business looking to upgrade.

No two businesses are alike—we know that. BI helps us make your business more successful by blending this cloud of big data with the individual needs our software can provide. BI is the overhead macho-man of business analytics that can help companies grow and succeed, and amshot can help implement it. Contact us for a free consultation.

The Empirical Elegance of Data

Our modern lives have been built on the back of unwavering certainty. Steam engines allowed us to spread out, trade, and communicate across vast distances. Modern medicine is built on guaranteed biological reactions within us. That’s the kind of definitive cause and effect we’re finding in big data and data analysis. Couple that with the computational prowess of machine learning, capable of sifting through billions of business variables in seconds, and suddenly you have a resource that is not simply additive, but multiplicative, and free to shift and scale according to any demand.

Business Driven Data/Data Driven Business

A company is comprised of every decision made at every level by management and staff. We can only make decisions based on the information we digest, and in the past the direction of a business was driven by obvious bits of information that most people could interpret. 10,000 products sold is an effective indicator that there’s a market for that product, but what about the unseen, mercurial undercurrents that drive a consumer economy? That’s what a data driven business model employs to insure success and profit. With data, you don’t have to take a single step without knowing the ground on which it will land.

The Internet of Things and Data For Customers

Computers are a part of everything now, and everything is communicating. We’re able to draw statistics about how products are being used by utilizing consumer input. The context of this usage can be extracted to form a perfect picture of a consumer’s relationship with a product. It’s not just for the business, either, because making select information available to your consumer enriches their experience with a product or service. Examples of this include exercise watches that track your progress and shows how you compare to other users, and a streaming service that makes suggestions based on what others with similar viewing histories also watched.

Information, Learn Thyself

The most world-changing aspect of data is its ability to build on itself by way of machine learning and automation. With little input from the user, systems can gather, sort, and interpret data at speeds and in ways that a human could never fathom. With the inclusion of products capable of obtaining data by themselves, what we find is that a well-nurtured, but more hands-off approach to data is becoming increasingly prevalent. To put it simply, it’s the difference between picking fruit and planting a seed.

One Size Fits All

Data is flexible, too. Data analysis can be a panorama or a microscope, depending on business needs. A small company cannot afford to miss any scrap of usable information, like recurring complaints, common user issues, or simply what color of product consumers in a particular region are more likely to take home with them. Likewise, a large company receives such an incredible amount of information that interpreting patterns and trends from this chaos is the only way this company can stay mobile and ensure growth.

The beauty of data is not from form, but function. The form that data takes is increasingly massive heaps, growing into mountains, of information that make increasingly less sense to decision makers concerned with the broad, immediate path. The function, however, is an assured honesty, an empirical statement that can be the answer to any question a business may have. That’s what makes data beautiful.

There’s so many sides of data, so many angles from which to extract, and this only grows with our ability to collect it. Every day at amshot we are devising new ways to make this process seamless for the end user, be it business or consumer. Get in touch with us and start your way down the certain path that data can lay before you. Give us a call at (405) 418-6282 or send an email to consult@amshot.com for a free consultation.

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Big Data and Predictive Analytics: The Competitive Edge

How does using data/business intelligence give businesses an edge over those who don’t utilize customer or company data?

Data is the most valuable commodity for any modern business. Small bits of information — such as customer age, consumer habits, and location — all add up to a bigger picture. Minute, seemingly disposable data accumulates to form what we call “big data”, an ocean of information gathered by a company’s day-to-day interactions with a consumer. Business intelligence is the practice of forming this bigger picture, making vast quantities of information easily digestible and actionable. Here are a few questions that data analysis can answer for you and your company.

Who is our customer?

Millions of people are regularly engaging with millions of products and services. Each and every day, a single consumer interacts with dozens if not hundreds of businesses by way of advertisement, digital applications, brick and mortar establishments, and subscription-based services. Add in what they’re not partaking in and you’ve got a much more vivid picture of who your customer is. By knowing the habits of your consumer, and by way of predictive analysis, a business can know how the market will respond to an idea before it’s even rolled out.

How are customers interacting with our product or service?

People’s personal relationship with and perception of your brand can make or break your business. Do you find that more of your sales come from older people or younger? Do they sell especially well at a certain time of day or time of the year? Do customers frequently pair another product or service with yours? These details can seem like minutiae, but they form the trends that will completely determine your success.

What is our public image and what do consumers expect from us?

Data analytics aren’t just important for the direct interaction consumers have with your brand. They also help summarize how those customers are responding after those interactions take place. Posts and digital reviews — across social media platforms and Google listings — give you the most honest, unfiltered representation of how your brand is perceived. Be it positive or negative, this data allows a company to self-reflect and apply tweaks to their image that will foster a positive relationship with consumers.

Who are our competitors?

Mistakes are the growing pains of any business, but data analysis of the mistakes of others is a much more painless experience. In today’s world everything is shared, and deep in the data trail are the reasons why others have failed or succeeded. For example, if a similar company’s product failed, look and see if the mistake wasn’t in targeting the wrong demographics, or casting too broad a net when choosing an audience to advertise to. These are the foundation of what is called competitive intelligence, and it is a vital practice. If you aren’t learning from others’ mistakes, they are most certainly learning from yours.

Knowing your customer, how they perceive and interact with your brand, and how you compare to your competitors are some of the answers that can steady a business during turbulent times or take profits to the next level for even the most successful business. Information is the single most important asset, and it’s just waiting to be taken.

That’s what we at amshot aim to do for your company. We know where to look, and our expertise is in creating custom programs and applications that make it possible for this data to be gathered, deciphered, and interpreted for easy understanding by decision makers within a business. If this sounds like something your company needs, email consult@amshot.com or give us a call at (405) 418-6282 to set up a free consultation.

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