How is Business Intelligence Transforming Businesses to be Future-Ready?

How is Business Intelligence Transforming Businesses to be Future-Ready?

The Digital Revolution is having a roaring good time, and the market is subject to trade places as per the very demanding nature of consumers. While Data has become a powerful thing, every industry is diving into the unknown, taking risks to place themselvein an advantageous position. However, the rapid development of technology and innovation has guided us through a tough time and equipped us to provide the right. At this time, businesses need a thorough, insightful model of functioning processed through Business Intelligence.  

A report by Zion Research predicts that the global Business Intelligence market is accounted for US$16.33 billion in the year 2015 and is expected to expand to a whopping US$26.50 billion by 2021. This makes Business Intelligence one of the best career option for the year 2021. In this blog, we will find out how the worth of Data is directly propositional to the growth of Business Intelligence in the Job Market? 

Why do Companies need Business Intelligence?  

Customer Engagement is a massive subject and companies are working tremendously to extract quality data from their customers to provide the best suitable services, products or solutions. So, what is the role of Business Intelligence, and how is it transforming businesses? Business Intelligence is a combination of strategy, technology and tools that helps or influences strategic discission for any organization.    

Data Mining, business analytics, data visualization, and implementation of tools and infrastructure help improve efficiency, productivity and all in all the revenue of any business. Thus, Business Intelligence processes data and provides actionable insights to look into. BI displays a clear picture of what is trending and what is affecting the business’s performance in the market or even predicts the future to capitalize on the opportunity.   

What are the trends that are providing BI with an Edge? 

Just like the growing technological developments around the globe, the future of Modern BI looks promising. A better customer engagement and retention is the goal for every business and the following trends are boosting its relevance with each passing day.  

1.Data Governance

According to ForbesStrong Data Governance will help Business Intelligence have a new perspective. In the present time, Data Governance and Management has become the key priority for businessesOrganizations emphasize just any data but useful quality data curated by classifying it into categories like its source, accessibility, and how it will help them achieve the desired goal? With proper Data Governance, they will improve data quality, privacy and security and thus help BI. 

2. Prescriptive Analysis

After much research on Descriptive and Diagnostic Analysis, future trends suggest that businesses will invest in the prescriptive analysis. A great deal of time and effort is put into the strategic planning of the approach, and Prescriptive Analysis is about creating a model that will highlight any market’s future. This determines a well-thought-out outcome than rushing into discussions.

3. Collaborative and Integrative BI

Collaborative BI is the combination of business intelligence software and collaborative tools, as well as social and web technologies, to enhance data-driven decision making. It explores data in real-time, where systems will be able to send automatic alerts to users and update them about needful changes that must be made in the data to operate better.

4. Natural Language Processing (NLP)

Along with AI and Machine Learning, NLP has been helping BI to indicate a plan for future business strategies. Chatbots and virtual assistants are dealing with humans since some time now. It is only through NLP, they will help address human concerns (your customers) preferably human-like by analyzing customer sentiments and response, abstract information from statements through conversational AI and registering appropriate data to act upon and also to add personalization to consumer needs.    

 To conclude, the BI landscape is shifting only to adapt to the market’s current needs only to increase the business’s competitivity structure. If you think this is the right time to switch careers and step into the world of Business Intelligence, enrol yourself in Big Innovation Centre, India’ e-learning Course on Power BICheck out our Membership Options and Sign in Today.  

Changing the Matrix of Procurement with Blockchain

In argument to the absence of trust that was previously determined to state Blockchain Technology, it is actually elevated various business platforms to express transparency, security and accountability. The undeniable abuse of information and communications technologies at organisations split paths and concluded to loss of trust over third parties. However, for trust literature Blockchain eliminates various intermediaries’ risk to create a safe and secured framework for all. Since 2008, Blockchain has emerged as a solution for multiple industries like Banking, Healthcare, Government or Retail and Consumer goods.  

 

Procurement 

This blog focuses on the revolutionary changes that Blockchain is bringing into Procurement. So, among many other ways, it helps in the accumulation of records as a digital ledger for processes involving one or multiple parties. It automatically adds a very new record for every new party leaving behind a digital footprint for every new transaction revisiting the Procurement Process. 

The Procurement Process Involves: 

Stabilised Procurement is essential for any business. It is the procedure of acquiring products and services from suppliers and vendors by emphasising on costeffectivenessBut what are the steps that consist in this process of Procurement? 

  1. Distinguishing Requirements 
  1. Determine Specifics of the Requirement 
  1. Sourcing and Scheduling 
  1. Negotiation & Finalisation of Cost and Terms 
  1. Purchase Requisition and Placing Order 
  1. Delivery of the Purchased Order 
  1. Dispatching for Evaluation  
  1. Product/Service Inspection 
  1. Processing Payment 
  1. Keeping Record and Review 

 

When do you restructure your Strategic Sourcing and Procurement organisation?  

Be it globalisation or technological advancements around us; these have frequently impacted how businesses operate. A successful business is a product of labour and toil, and the synchronised evolution and seamless moving of all the departments in one particular direction. Procurement has played a critical role in advancing your business; however, it is most neglected and misaligned with the rest of the departments. You know you need to realign your Sourcing and Procurement Process and ensure business growth. In the absence of which, the organisation might suffer inefficiency and misconduct.  

 

Where Blockchain and Procurement Meet 

As discussed before, we had long passed the day when it was considered that Blockchain was meant for cryptocurrencies. The needful utilization of Blockchain is well interpreted for business, and organisations have started to acknowledge its benefit in leveraging company needs. In 2019, IBM partnered with Blockchain developer Chain yard for a Trust Your Supplier Blockchain.  

Since Procurement is a labourintensive and expensive process, businesses are digitizing the ins and around this arrangement. Blockchain is one such Emerging Technology that is benefiting the Procurement ProcessAs per the World Economic Forum, streamlining information with the help of blockchain has the ability to increase trade by 15%. 

 

Analysing the use of Blockchain in Procurement 

There are various benefits of using blockchain in your business. However, there are some that sourcing and procurement are utilising for leading the horizon as well.  

  1. Smart Contracts– Smart contracts are self-executing contracts having the terms of an agreement between buyers and sellers been directly written into lines of code. The code lays across a well-distributed, decentralised Blockchain network. The code helps in controlling the dispatch, and transactions, which are trackable and irreversible. 

 

  1. Building Trust– Business is all about trust, and a long-term business relationship is based on faith and confidence in the other parties. As said by Robin Sharma- “The Business of Business is relationship; the business of life is human connection”. Blockchain enhances diligence in Procurement. It helps keeps transparency for both parties, whether buyers or sellers. It creates a network that is easily accessible to partiers for looking into transaction logs– Eliminating the risk of delay and duplication.  

 

  1. Heightening Security– A business involves various aspects of interaction and transaction. For a more secure idea, blockchain creates a decentralised ledger that is shared among a particular network to fill in sensitive data protection as well as maintain privacy.  

 

  1. Automation and Standardization– The manual process of keeping ledger or records is inefficient and timeconsuming. It also adds the risk of loss of data and errors. Blockchain, as a solution backs up the entire procurement process by digitizing and streamlining the procedure, untangling the complex, detailed documentation.  

Apart from these Blockchain has still a lot to offer for the procurement function, which is the reason why procurement professionals should start considering its use at the earliest. Integrating this tech to a company’s processes will result in sift pay-outs to vendors, precise invoicing and save a lot of paperwork. If you are considering to implement Blockchain in your business and need help in familiarising your employees with the Blockchain Technology, visit us at biginnovationcentre.in and enrol to our Membership Programme to receive a greater understanding of various Emerging Technology