Does Your Company Need Enterprise Business Intelligence?

This blog has been updated on - October 19, 2023

Implementing Enterprise Business Intelligence (BI) benefits organizations in countless ways. It leverages advanced data analytics for strategic decision-making, faster and more accurate reporting, capturing insights, and improved efficiency.

According to Statista, the Business Intelligence software market revenues will hit the US$25.73 billion mark in 2023. The US market will stand with over US$13.15 million revenue share in the global BI software sector.

These massive numbers signify the impact of business intelligence.

Another study further indicates that the enterprise BI market's annual growth rate (CAGR) will be 5.83%, contributing to a market value of US$34.16 billion by 2028.

There is no denying that business intelligence can facilitate growth in significant ways.

This blog will help you understand the purpose of enterprise business intelligence and what is the right approach to implement it in your business.

What is Enterprise Business Intelligence?

Enterprise business intelligence is a data-driven business solution comprising apps, technologies, practices, and tools.

Modern BI software such as PowerBI, Tableau, and Quicksight assist in gathering, consolidating, and analyzing an organization's raw data. That helps users to visualize the company's growth patterns with actionable insights.

Enterprise intelligence platforms have played a crucial role during the pandemic.

As per Datanyze's survey, there are 236,320 global companies in the business intelligence industry and around 273 organizations developing business intelligence tools.

Enterprise BI can steer both strategic groundwork and operational decision-making in any organization.

It can be an asset for a company struggling to make their day-to-day business decisions with the benefits of data engineering and insights.

Let's discover the applications of enterprise business intelligence solutions in the next section.

Enterprise BI: How Does It Work?

Business intelligence solutions collate multiple forms of data across disparate sources or departments within an organization.

Organizations using BI can track market trends, financial data, production data to extract meaningful insights. Based on those insights, their business strategists and marketing teams further shape their future strategies or plans.

Here is how enterprise business intelligence works:

Data Integration Solutions

To streamline integrating and managing data of different types, formats, and structures within varied data models.

Organizations can leverage Microsoft Power BI and MuleSoft data integration tools with a reputed enterprise BI service provider like BluEnt.

Data Storage Solutions

This will incorporate search-driven analytics for enterprise data querying and reporting. Companies can introduce data warehouses to store tons of data and generate reports using custom reporting tools.

Implementing enterprise BI for data storage eliminates the challenges of updating dashboards and reports manually.

Data Analytics Solutions

That will combine the power of Artificial Intelligence (AI) and advanced predictive analytics. Modern enterprise BI tools use AI and Machine Learning algorithms to deliver actionable insights and suggestions.

Data teams and business strategists use AI-driven insights to outline their upcoming strategies and data-driven roadmaps.

Data Reporting Solutions

Enterprise Intelligence involves self-service BI tools for data visualization services and reporting.

Business managers and planners can generate and share custom reports comprising charts, graphs, and heat maps to demonstrate progress.

How Can Enterprise BI Tools Transform Business Operations?

Organizations around the globe are adopting enterprise analytical tools and big data to drive better performance and gain a competitive streak.

Enterprise business intelligence benefits can help you run your company efficiently and boost revenues. Let's discuss them one by one.

An Unbeatable Analytical Process

Business Intelligence tools come with advanced statistics and analytics capabilities. Every business wants its team to take strategic decisions without losing precious time and opportunity. Here's how.

• Access to granular details can be monumental as decisions can be more data-driven and strategic.

• The different types of data analytics tools make the process more intuitive. This enables non-tech-savvy team members to work with data without learning the code.

• The dynamic BI reporting mechanism empowers the teams to analyze the data and develop personalized reports.

  Overall, business intelligence facilitates the establishment of business objectives and targets.

• The seamless processing, scrutinization, and evaluation of complex data gathered from multiple resources helps in faster decision-making.

High Customer Experience & Satisfaction

What do customers expect from a company? An exceptional experience. Isn't it? Here's a list of what you can expect from leveraging BI tools.

• Interpret customer expectations from services or products,

• Identify critical areas influencing customers' buying choices,

• Analyze customers' activities, feedback, or responses to a product or service,

• Understand buyers' preferences, likes, dislikes, and other behavioral aspects.

BI tools can massively influence customer satisfaction by continuously recognizing opportunities to enhance customer service.

Keeping track of customers is effortless and impactful with BI systems such as CRM software (Customer Relationship Management).

Have you spoken to a BluEnt CRM yet?  We can help you to track and maintain your loyal clients, discover newer customers, and offer exceptional customer service.

Accelerated Business Operations

The enterprise business intelligence system empowers professionals to focus more on strategic goals and planning.

It delivers valuable data insights that allow your company to find loopholes in your processes and take actionable measures.

Let's say too many clients need to purchase after adding your products to the cart; the team can determine the reason through the enterprise analytics applications or tools and act on it. That saves you time and effort.

Furthermore, enterprise BI supports business process agility from the following perspectives:

• Centralizing data and automating processes through enterprise business intelligence can amplify productivity and efficiency. For instance, the benefits of email marketing automation tools in businesses can speed up the process.

• Team members can only depend on themselves to procure data or insightful reports. With BI tools, they can access data and conduct analysis whenever they want.

• Reducing time in the manual data analysis process eventually leads to timely decision-making for innovation and improvement.

• The team can work with data science on innovative strategies, newer products, and programs that can drive growth and profits.

Augmented Competitive Value

Today, many businesses have access to ways to stand out and keep ahead of the competition.

However, accessibility alone doesn't provide the surety of top-notch success rates.

Enterprise business intelligence empowers organizations with tools that make it easier to stay ahead.

• The ability to identify and incorporate key market trends helps businesses to understand the evolving needs of their customers. As a result, they can study seasonal changes in customer demands and keep up with them.

• Organizations can explore what the competitors are up to, enabling them to curate their business goals accordingly and make informed decisions.

• As a company evolves, spotting problems and addressing them immediately can help immediately to scale efficiently.

How Can BluEnt Be the Right Partner for Enterprise Business Intelligence Solutions?

Enterprise business intelligence has transformed how businesses strategize, operate, and perform. However, they need to connect with certified BI developers or an agency to make the most out of it.

We at BluEnt understand how to combine data analysis, visualization, and reporting, and transform it into an asset for your organization.

Our service offerings include:

• Business Process Management,

• Business Intelligence,

• Customer Relationship Management,

• Data Science Services 

• Enterprise Content Management

• Enterprise Resource Planning and

• Enterprise Mobility.

Are you ready to employ a business intelligence solution? Contact us to get started.

With a portfolio featuring hundreds of leading brands and businesses, BluEnt is spearheading the domains of business strategy and consulting. Let's assist you in achieving maximum value with our competencies.

Frequently Asked Questions

What is the difference between Enterprise BI and traditional BI?

Enterprise business intelligence is ideally suited to large organizations dealing with complex datasets.

They need enterprise BI solutions for data integration, security, and scalability preferences.

On the other hand, traditional BI is tailored for small and medium-scale enterprises.

What are the challenges of implementing enterprise business intelligence?

Enterprise BI challenges usually involve complexities in data integration, high costs, and the need for dedicated professionals.