How Are Industries Leveraging BI Dashboards & Driving ROI
Over the past few years emerging technologies have rattled the doors of organizations & implored CXOs to pay closer attention towards rethinking the digital strategy for their organizations. For CXOs who are in the habit of ‘future-thinking’, one of the technologies that would be on their minds is, BI dashboards.
Today, it is difficult to find a successful enterprise that has not leveraged BI technology for their business. No wonder the BI & Analytics market is projected to grow to $20 Billion by 2019!
So, you may think, why is Business Intelligence gaining such popularity? The competitive pressure of today’s businesses has led to the increased need for BI, mostly near real-time or operational BI.
Taking a simple example of an airline who wants to offer best services to its high end customers – if certain problems with the aircraft are causing a delay for a customer, a real-time insight would allow the ground staff to proactively ensure that the customer is potentially rerouted, in turn, increasing customer loyalty & customer experience. Another example is how a financial company who wanted to increase ROI & sales of its products through its online users, leveraged BI Dashboards & derived real-time insights on how to achieve this by showing tailored offers specific to each user, read the case study here – BI Dashboards In Finance!
Business Intelligence Dashboards: How are they Shaping the Industry’s Perspective Towards Data?
‘A business intelligence dashboard is a data visualization tool that displays the current status of metrics and key performance indicators (KPIs) for an enterprise. Dashboards consolidate and arrange numbers, metrics on a single screen. BI dashboards use a customizable interface and the ability to pull real-time data from multiple sources- TechTarget’
What today’s businesses mostly face as a challenge is, leveraging the right data for competitive advantage. Poor decisions coupled with inadequate technologies can drive a business on a downward trajectory. In a data-driven revolution in technology, data management is of high value for any industry. So, how are intelligent dashboards solving this problem?
- Identifying & consolidating relevant data (KPIs) from a vast spread of data sources
- Presenting organized intelligent information for the relevant audience
- Standardized & compartmentalized data which is transparent to the organization
- Enhanced decision-making capabilities through reduced data redundancy & inaccuracy
- Ability to gather data from sources & publishing contextual information across channels
- Reduced redundancy & resource wastage through on-demand & real-time reporting
Industries Using BI Dashboards & Leveraging Profitability
Taking the example of a liquid bulk third-party terminal provider for oil and chemical industries, which is operating 67 terminals in 25 countries were interested in using IoT for digitizing their terminal to obtain greater consolidated real-time insight into their operation and obtain cost savings in energy usage. They turned to a NextGen platform of IoT for a pilot in one of their terminals.
The primary goals of this pilot were to create a consolidated dashboard and come up with innovative solutions – in the energy consumption especially – leading to cost savings. They already had setup PLCs but were just reading data from various devices in isolation. And their insight into the electrical consumption was after-the-fact and not real time.
BI dashboards with IoT helped by giving the enterprise a;
- Consolidated dashboard with real-time view of all tanks, motors, pumps and heat trace, in addition to disparate system such as weather station
- Correlate real-time sensor readings with infrastructure details such as strapping charts to compute volume, flow etc.
With a robust & reliable understanding of costs and profitability & their sensitivity to changes in demand, the enterprise is now able to make informed and incisive decisions about strategy and tactics.
To know more read our case study on – Liquid Bulk Terminalling
IT Security & Surveillance Industry
An industry leader for deriving IT, Security, and Business intelligence from network data engineered a platform that transforms network data into streaming intelligence to see, understand and act on business as its happening.
The platform is built to handle the low-latency, high-performance and big data analytics requirements for the world’s most demanding real-time businesses. It is used to monitor over 50 petabytes of data and over $170 billion worth of transactions per day and is trusted to provide real-time analytics that powers large electronic exchanges, Investment banks, and business conglomerates.
But there was a critical challenge- With the amount of data rapidly growing, how would one find the story at all; and then, how to tell that story in the most compelling, responsive manner. How does one know what is important? Answer – BI Dashboards!
- Network data is analyzed & stored to provide meaningful insights with the help of customized dashboards.
- The dashboard allows the user to view the data in both live as well as historical mode by automatically identifying the network data.
- It also allows the user to view data based on a set timeline or customize insights with the help of customizable data filters for better insights.
- Auto-refreshing of dashboard happens in a multi user-scenario to provide all live updates to make it easy for collaborators
- Instant visualizations of key performance indicators (KPIs) and business parameters
Who can tell a better story than such enterprises who understand the importance of right data? To read on – Data-Driven – Storytelling & Dashboards Lead To Better Business Insights!
Future Of Business Intelligence Dashboards?
As technology evolves dashboards should adapt to changing user requirements. If we intend on deriving value from BI dashboards we must future-proof them. Regardless of the industry we may belong to, it is always a smart move to think ahead of time.
- As more and more data flows in, BI dashboards must be flexible & robust.
- Mobile is here, it’s no longer the future, but we still analyze on desktops. But it won’t be long before we turn to our handsets or BYODs to analyze data. Your BI dashboards need to be ready for this change.
- Building cross-functional KPIs in dashboards is a challenge but also a priority
- Outsourcing your BI dashboards would seem a good choice for streamlining the adaptation of future BI dashboards.
- Nearly 50% of executive management teams see Cloud BI as critical and very important to their information needs-2017 Cloud Computing and Business Intelligence Market Study – Dresner Advisory Services