Tuesday, March 23, 2021

Variety of Business Intelligence

With high velocity and continuous disruptions, business executives are sensitive to emergent trends, pay close attention to the opportunities and risks on the way.

Business Intelligence refers to computer-based techniques used in spotting, digging-out, and analyzing one of the most invaluable organizational assets-data, to achieve business value. It's critical for the company to share that information among its primary stakeholders, to make business intelligence more “visible” for them to run a smart business. 

So applying the variety of business intelligence to problem solving is goal-directed and purposeful, and all intelligent activities are planned to reach well defined goals and drive business forward smoothly.

Process intelligence: Process Intelligence is the information that is extracted from a process about the process; throughput times, bottlenecks etc. It can also mean process governance –the process to manage processes, such as risk control, compliance, monitoring, etc. A business process is "smart" when it accommodates controlled excursions away from what would otherwise be a rigid sequence of steps. The smart process needs to have dynamic aspects to it. It is rigorous; it can handle ad-hoc and exceptional matters smoothly and it ‘knows’ enough to be able to handle failures effectively. The process oriented perspective enables the business management to make continuous improvement such as system optimization, process streamlining, or cost optimization, etc.

Processes underpin business capabilities, capabilities underpin business strategy. At the business scope, you create a system around the process, call it a management system which becomes a vehicle for strategy execution. Smart business processes should actually be born out of a strategy, such as a process for customer services, when applied strategically saves much cost, allowing you to become more competitive to achieve business goals. Processes can be designed, approved, documented, and owned, but almost always require some combination of physical, data, resource/people assets, measurement and monitoring systems, management systems, and coordination systems to truly become capabilities that organizations can deploy, manage, and attenuate/amplify against demand variety as needed.

Customer intelligence: Organizations with high dig IQ have a clear understanding of how customer-centric approaches enhance the business model and extend profitability. In order to run a customer centric business, make information available and useful, exert lots of intelligence to capture customer insight and business foresight. Approaches to building business intelligence upon customers tend to look at the past behavior of individuals to try to determine the segments that they belong to and forecast future behavior.

People centric organizations will attract happier customers, everything from how pricing is affecting close times and support calls to referral business activity triggered by high customer satisfaction, etc. The information based Decision Management manages customer treatment decisions as corporate assets and each customer decision is considered individually. These decision assets are identified, modeled, enhanced by analytics and business know-how, checked for compliance, evaluated for risk and delivered to the multi-channel business systems in a structural way.

Competitive intelligence: The business intends to understand where their competitors are getting a negative sentiment. Social analytics enables the business to track competitors on social media and understand how competitors are leveraging social platforms for monitoring brand sentiment or customer engagement. It goes beyond understanding what is being said to understanding who is saying it, what are their influence networks and where it is being said. It helps to develop a strong brand, improve effective communication and collaborative innovation.

Digital workforce today is more informative, flexible, and virtual in the hyperconnected digital world. Organizations use social platforms and collaboration tools to communicate, learn, and grow, engaging diverse and intellect minds in brainstorming and co-solving problems. Showing the value internally of proactive information-driven analytics can help to build a case for performing it, build differential business capability, and improve organizational maturity systematically.

With high velocity and continuous disruptions, business executives are sensitive to emergent trends, pay close attention to the opportunities and risks on the way. To survive and thrive around the multi-faceted business world, it's important to apply the variety of information based analytics and to decode complexity and improve overall business maturity.


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