BI (Business Intelligence) is a set of processes, architectures, and technologies that convert raw data into meaningful information that drives profitable business actions. It is a suite of software and services to transform data into actionable intelligence and knowledge.
• Measurement: creating KPI (Key Performance Indicators) based on historic data
• Identify and set benchmarks for varied processes.
• With BI systems organizations can identify market trends and spot business problems that need to be addressed.
• BI helps on data visualization that enhances the data quality and thereby the quality of decision making.
As the healthcare and Pharmaceutical industry evolves the need for BI is a necessity. We at Alpha MD believe no matter the size of your organization it is good to be agile and on top of the game while you grow your business and make in-roads. Historically BI has been often used in different ways and format but seldom in a structured manner with well-defined end goals. Organisations end up spending millions of dollars figuring out some simple answers for making some key strategic decisions.
Some of the areas where BI can be put into action:
• Marketing Analytics
→ Website Analytics & Tracking
→ Conversion rate optimization
→ AD tracking
→ ROI Analytics
• Sales Analytics
→ Sales Operation planning
→ Sales forecasting
→ Sales force effectiveness
→ Sales performance & Targets
• Brand initiative & Impact measurement
→ Decision point & Levers
→ Marketing Efficacy measurement
→ Attribution modelling
• Big Data Science
→ Data Pipeline, Data enrichment & Data Lakes
→ Propensity models
→ Recommendation engines
• Social Media intelligence
→ AI-powered insights
→ Category exploration
→ Audience segmentation
→ Influencer scorecards
→ Social command centres
Advantages of Business Intelligence
Here are some of the advantages of using Business Intelligence System:
1. Boost productivity
With a BI program, It is possible for businesses to create reports with a single click thus saves lots of time and resources. It also allows employees to be more productive on their tasks.
2. To improve visibility
BI also helps to improve the visibility of these processes and make it possible to identify any areas which need attention.
3. Fix Accountability
BI system assigns accountability in the organization as there must be someone who should own accountability and ownership for the organization's performance against its set goals.
4. It gives a bird's eye view:
BI system also helps organizations as decision makers get an overall bird's eye view through typical BI features like dashboards and scorecards.
5. It streamlines business processes:
BI takes out all complexity associated with business processes. It also automates analytics by offering predictive analysis, computer modeling, benchmarking and other methodologies.
6. It allows for easy analytics.
BI software has democratized its usage, allowing even nontechnical or non-analysts users to collect and process data quickly. This also allows putting the power of analytics from the hand's many people.
Although business intelligence does not tell business users what to do or what will happen if they take a certain course, neither is BI solely about generating reports. Rather, BI offers a way for people to examine data to understand trends and derive insights by streamlining the effort needed to search for, merge and query the data necessary to make sound business decisions.
Business intelligence is descriptive, telling you what's happening now and what happened in the past to get us to that state.
About the Author
Jignesh Barasara is the founder and CEO of Alpha MD, who are a healthcare and life sciences consultancy based in Mumbai with offices in London and Philadelphia. Alpha MD is a multi-disciplinary consultancy who specialise in early stage market access; research, development and regulatory affairs; and Business Intelligence in healthcare and life sciences. You can contact Alpha MD in the UK at firstname.lastname@example.org and email@example.com
The One Nucleus blog is written by individuals and is not necessarily a reflection of the views held by One Nucleus. Please email firstname.lastname@example.org for more information on 'guest blogging'.