Manage and Expand Your Business with Operational Intelligence

Manage and Expand Your Business with Operational Intelligence

Introduction

Many business analysts and operators are experiencing challenges in monitoring the massive volume of data flowing from all the data sources in their company. As a result, they fail to identify affairs in their business that could help them plan ahead and execute decisions earlier to meet their company’s expectations, preventing them from having to catch up with market trends and demands.

Operational intelligence today has helped analysts present more simplified data to their leaders by collecting and analyzing real-time data from all data sources in their company and using the information to make well-informed decisions on how to deal with business affairs in their departments. In this blog, I will discuss the importance of operational intelligence and how Bold BI help managers achieve their business goals. I’ll discuss the following topics:

  1. What is operational intelligence?
  2. Aspects of operational intelligence.
  3. Why do you need operational intelligence in your business?
  4. Benefits of operational intelligence.
  5. How to choose the best operational intelligence tools for your business.
  6. How Bold BI helps in business operational intelligence.

What is operational intelligence?

Operational intelligence refers to data analytics that majorly help in applying quick business decisions and taking actions based on real-time data generated or collected by companies. Operational intelligence enables you to gather data from all over your business, analyze it based on real-time, and present it to managers in a simplified way that helps them make better decisions.

Aspects of operational intelligence

Real-time data analysis

Real-time analysis is an aspect of operational intelligence where analysts carry out their investigations on the current data from all data sources in different departments and monitor them to ensure that they deliver results to executives based on real-time occurrences in the company. This enables managers to easily access the most up-to-date knowledge about what is happening in their business and make proper strategic plans for areas in need of change.

Automated problem resolution

Automated problem resolution is as an aspect of operational intelligence that lets organizations solve certain operational issues through algorithmic operations at a lower cost, as it contains powerful scripting. This helps leaders save money otherwise spent to fix issues.

Impressive visualized data

Impressive visualized data is a vital aspect of operational intelligence where a company’s data is represented in charts, images, and graphics in dashboards to facilitate easy monitoring and decision-making. This gives operators an easy time understanding every aspect of change that takes place in their business so that they can make proper strategic plans that will help them boost the performance of poorly performing products and increase the productivity of the company.

Why do you need operational intelligence in your business?

To make decisions for optimizing the business 

Operational intelligence helps you make well-informed decisions that will let you optimize the productivity of your business. This is because, operational intelligence provides you with information regarding your company’s current performance, which enables you to identify your customer’s behavior and bestselling products and services, which in turn helps you predict future demand. Also, you will be able to identify the effects of your customers’ behavior on your brand.

To enhance budgeting and planning

Operational intelligence helps you in identifying areas in need of change and areas performing well. Therefore, you will easily apply this insight during budgeting to plan on how to distribute resources to agents.

To facilitate proper risk management

Analyzing current data in your department helps you know earlier which projects are exposed to risk. This enables you to find a proper solution that will allow you to manage, mitigate, and reduce risk in your department as you minimize loss of company property.

For faster sharing of information

Sharing your company’s information with your employees helps you grow your company quickly and increases the flow of revenue in all departments at all times. This is because, with operational intelligence, you will be able to contribute, collect, and gather ideas from both sides that will help in boosting the productivity of poorly performing products, employees, and more.

Benefits of operational intelligence

Helps in discovering market trends

Helps in discovering market trends
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Monitoring data in your department allows you to know sales and the marketing performance of your company’s products and services. With operational intelligence, you will be able to identify products and services that are high-selling and which are ordered the most within a given period. This enables you to easily identify market trends and use that knowledge to predict future sales of products. You can then put more effort in those products to increase their quality and value and use them in future marketing campaigns as you beat all your competitors.

Improves decision making

Improves decision making
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Operational intelligence helps business owners monitor data on their employee’s productivity to identify the necessary skills for performing different tasks. With a result, management will easily know which employees lack a specific talent for doing a given type of task. This helps managers to make better decisions in areas that will allow team members to achieve a given goal and improve their quality of work. Examples include consistently offering training courses to new employees to develop their skills and providing jobs to employees based on their level of education, strength, and capability.

Increases revenue

Increases revenue
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Operational intelligence helps financial managers examine their data to have a better picture of revenue performance. Looking at the amount the company received from the sales of commodities in the past, they will be able to calculate expenses used for such items to know the percentage of income the business generated. Comparing these results with current data analysis, leaders will be able to know which products and commodities are continually profitable and which are frequently generating less profit and thus lowering revenue performance. With this information, product owners will quickly look for reasons why such products perform poorly, find proper ways to solve such issues, and make proper financial plans that will increase revenue and reduce loss and expenses.  

Helps in mitigating risk

Helps in mitigating risk
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Operational intelligence helps businesses frequently analyze their company to discover products and services that are becoming out of date, are discarded, or are no longer being used by customers. Using this information, businesses will be able to draw effective risk mitigation plans that enable them to save resources that would have been used in acquiring new customers. They also reduce the risk of losing customers by not selling outdated or “out of use” products.

How to choose the best operational intelligence tools for your business

Operational intelligence is determined based on company type. To select the best operational intelligence for your company, you must consider your company’s needs and the needs that can make your company yield high benefits. In this topic, I will show you some of the things to consider while implementing the best operational intelligence.

  • Determine whether the operational intelligence solution you have chosen can customize dashboards applicable to your industry and your products and services.
  • Understand whether the insights are generated from real-time data in your company to ensure that decisions are made based on the company’s actual status.
  • Choose operational intelligence that complements current functional tools in your company.
  • Choose usable tools that can smoothly fix with your machine data to improve your company’s productivity.

How Bold BI helps in business operational intelligence

Bold BI is the integration of analytical and data visualization capabilities, such as a dashboard in your application. With Bold BI, end-users can quickly analyze operational intelligence data within an application.

Some key features of Bold BI.

Data visualization

Bold BI allows for the easy combination of widgets in an intuitive way. It allows a visualization interface to be created with the help of a customization system offering a better user experience in representing your data. This helps managers in operational intelligence to easily put together information from their data for a clear view.

Placement

Placement is an important part of the Bold BI platform in your business operations. Such deployment is always self-contained to suit your environment. This helps business analysts do their work with ease and deploy their preferred platform.

Extensibility

Bold BI has a variety of features that are suited for embedding. It supports embedded features suitable for mobile apps, multi-development languages, themes, and more. This supports operational intelligence leaders in their daily work with easy customization for specific needs.

Data connectivity

Data connectivity is an important feature of Bold BI that helps business operators connect all kinds of business data from files and databases to webservices and more. This makes it possible for your team members to easily access data from Excel files and common relational datastores such as SQL Server, Oracle, Postgres, MySQL, and more. They can use that information to look for ways of grow the business.

Collaboration

Collaboration is a feature of Bold BI that is more useful in operational intelligence. This is because it enables members to share analytics and collaborate with other users by adding comments right within the analytics interface in a secured manner through use of platforms such as URLs, interactive comments, and email alerts. This helps stakeholders in operational intelligence gain insight from their data collaboratively, which leads them to quick actions.

Manageability

Bold BI provides control over every aspect of deployment and routine management in operational intelligence through a rich API layer. With manageability, leaders can quickly have full control of embedded, automated provisioning for tenants, users, groups, and permissions enabling leaders to add or remove tenants using platforms such as a provisioning API and code from within your application.

Conclusion

By implementing operational intelligence more successfully as a constituent of your company, you will definitely make better decisions. Real-time information will contribute to your business success and will put you a step ahead of all your competitors. 

Bold BI helps you integrate dashboards in applications written in ASP.NET CoreASP.NET MVCAngularASP.NET, and Ruby on Rails. It will save you time and prevent you from doing redundant work. Check out Bold BI’s website to explore its features. To learn more about embedding dashboards into your application, refer to the blog “Integrating Dashboards into Applications with the Embed SDK” and our help documentation.

I hope you now have a better understanding of Bold BI and how it can help your business to be more successful. You can create any kind of dashboard you like with Bold BI’s 35+ widgets and 130+ data sources.

Get started with Bold BI by signing up for a free 15-day trial and create interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support questions.

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May 6, 2022 8 min read

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