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Business Analytics – effective real-time solutions

Published 30/10/2018

“The situation is similar to that which was a few years ago in the market of business management systems (ERP). At first it seemed like a novelty, it was often taken as an unnecessary product, the customers said they were doing well with MS Excel or other accounting management systems. But, finally, the wave has sprung up, and today ERP systems can be found in many companies. The same will happen with the business analytics – its development is unavoidable because automation of data analysis is encouraged as the pace of any activity is continuously increasing. Now we face other relevant issues such as: how to effectively use the capabilities of business intelligence systems, how to avoid becoming a slave of another technology, and, at the same time, a resource of IT enterprises? ” – says Bernard Gailius, head of the business development team for IT solutions expert team PRODIVI.

 

Concentration on key issues

One of the key advantages of a business intelligence tool is to provide the necessary information in real time, allowing you to respond to the problem in the right time and find a solution. P. Gailius says that only properly used business analytics can become a true value for a company that conducts  business.

 

“Apart from the filtering the specific data, it is also important to automate certain mathematical-analytical actions. For example, when assessing the cost of a spoilage, you first need to count the spoiled units and evaluate their price. This is the whole sequence of actions that usually require individual efforts. However, knowing some details about the company and its experience with dealing with spoilage, it is possible to display on the screen the financial cost of the spoilage and monitor its real-time change. ERP system registers a new case of spoiled item and immediately displays it on the screen. Basically, business intelligence solutions can be compared to a telescope, microscope, or other complex monitoring-measurement tool. It’s a very powerful tool with many different features, but unless it’s used properly , it may prove to be worthless. To use this tool efficiently, it needs to be adjusted for a particular case, “- he emphasizes.

 

An example of this particular case is the practice of the precision mechanics component manufacturing company Sargasas.

 

“This kind of business digitization tool was a real discovery for me. I had long been thinking about how to systematize the company’s work without expanding the team. The embedded business intelligence system has helped us focus on the most important issues. What is more, clear visualization system motivates employees. All this increases the efficiency of the company. I think that this is the real result of the Fourth Industrial Revolution, “comments Mantas Kačerauskas, Managing Director of UAB Sargasas.

 

According to Mr. Mantas, the visualisation of the spoilage data has reduced the amount of the spoilage (the financial loss has become constantly visible to everyone). At the same time, real-time monitoring of work efficiency increased the work rate and motivation of employees, thus increasing the reliability of delivery of the product.

 

Installation is an important step in creating value

 

2017 year’s Gartner quadrant of Magic BI and Analytics shows three leading players – Qlik, Tableau, and Microsoft’s product “Power BI” . According to Mr. Gailius, The marker is shared by these companies, but proper adaptability of products however, depends on their customers.

 

“The technological and managerial competence of the specialists is of the greatest importance when choosing a developer. It should be emphasized that the technological and consulting factors are equally important in this work. Developers often tend to perceive themselves solely as IT companies, and therefore expect the client to have a very clear perception of their needs. In Business Analytics, this is not the right access. In fact, clients usually know what data they want to measure and monitor. However,  it’s often difficult to evaluate all the options without having the experience of working with business intelligence tools. Developers’ another mistake is to only offer the simplest, most typical business intelligence solutions. It’s like using the telescope where the binoculars are enough, but then the eyes do not even raise to the stars.  The implementation of business intelligence is a complex project or even a series of projects that enables managers and employees to rediscover their company, see its real status, quickly react to disruptions and thus achieve a completely new level of efficiency, “says PROVIDI spokeswoman.

 

According to Mr. Gailius, one of the best-rated solutions – Power BI – is an absolutely versatile tool. Its licenses are inexpensive and therefore suitable for both small and large businesses, and it’s also adapted essentially to any field of industry.

 

“First of all, Power BI is designed for managers of different departments, and those who are responsible for specific data. However, their applicability is not limited. Data visualization is the basis of Business Analytics and may also be important in production, where employees need to constantly see their work plans, rankings, norms, work results, etc., in real time. Our customers have noticed that data visualization has a direct impact on employee motivation. By seeing the result of their work in real time, people intuitively seek to work faster, more efficiently and more qualitatively, “- says Mr. Gailius.

BI tools allow you to stream data (graphs, analytics) to the outside – for example, a corporate website, accessed from any other device in an offline environment, therefore it poses a highly sensitive data security issue. There are considerations as to whether it is better to buy and install a tool inside, or to rent it, seeing the popularity of cloud services.

 

“Yes, lately it’s been a recurring issue. There isn’t onee correct answer is , the individual choice depends on many factors. There is a conviction that intra-corporate data is safer than data held by certified cloud provider, such as a Microsoft server, but it is just an illusion. However, sometimes the local database solution may be more practical or even inevitable when dealing with extremely sensitive information, “says Mr. Gailius

 

In both cases, properly managed business data brings added value. Ensuring timely delivery of the required information is the trump card in business. Systematized essential data allows you to make quick decisions, respond to changes, eliminate errors, and develop new business strategies. Saved time is equivalent to the money saved, which can be invested in building the competitive advantage and increasing progress of a company.