Business intelligence solutions can offer an immediate return on investment (ROI), it has been claimed.
According to Shitali Malviya, consultant at Sigma Infosolutions, such tools can bring down a firm's operational expenditure by improving operational efficiency, lowering total cost of ownership and optimising business processes in the long run.
"A good business intelligence solution will not only create, but also enforce processes to follow from day one," she stated.
"Different types of ROI an organisation can benefit from a business intelligence solution include revenue enhancement, margin protection, cost reduction, cost avoidance, and capital cost avoidance."
Ms Malviya said businesses can also see some intangible benefits of strategic value, such as faster reporting, better management information, better decision making, and more productive users.
Other potential gains as a result of using business intelligence solutions include greater efficiency, improved customer satisfaction, lower risk and strategic attractiveness, she claimed.
Tanmoy Sinha, founder and chief executive at Cloud Engineering, recently explained that BI is the emerging class of IT applications that use information assets to support better decision making.
"A variety of tools and techniques such as data mining, predictive analytics and data visualisation are employed to provide valuable insights into past, current and future business metrics," he told the Hindu.
Posted by Alex Boardman