Business Intelligence or BI processes enable financial institutions to organize their data for easy access and analysis. Stakeholders can select and analyze relevant information to make more proactive, informed choices.

Business Intelligence is a framework that collects and analyzes large data packets to provide a clear picture of the organization. BI aims to give stakeholders a customized view of their data and help them make informed decisions. Many BI systems are intuitive, customizable, and easy to navigate. It includes processes such as data mining, analytics, infrastructure, and visualization.

Today’s financial risk management requires an interconnected system of governance, risk and compliance (GRC) that is crucial for transparency and trust. With the right BI and GRC platform, organizations can integrate their risk and compliance efforts with existing tools and generate reports.

Business Intelligence to Analyze Data

Business Intelligence (BI) has become a crucial part of creating new business opportunities. BI uses data analytics for decision makers with insights to identify and implement strategies. The process provides a historical, current and predictive view of business operations.

BI tools have the capability to process structured and unstructured data while using machine learning for accurate interpretation.

Complimentary White Paper - Top 10 Risk Management Trends for 2022

Usefulness and Benefits of Business Intelligence

Business intelligence is more than just a system or a program, it is a holistic initiative that companies can use in daily risk and compliance. The benefits of BI translate into the real-world success that shows the framework in action.

Advantages of using business intelligence include:

Faster Analysis

Business intelligence platforms offer robust and heavy-duty data processing in the cloud or company servers. BI pulls data from multiple sources into a data warehouse and then analyzes it according to user queries, reporting, and interactive dashboards. The best benefit of BI is that it makes the dashboard intuitive and data analysis easy, which empowers non-technical users to interpret the data without needing to understand complex queries.

Increased Efficiency

BI enables managers and industry leaders to access data and gain a holistic view of their operations and to track internal and external performance benchmarks. With a 360 view of the organization, leaders can identify the areas of opportunity and develop models to optimize operations for effective performance. When organizations spend a few hours on data analysis or report compilation, BI enables them to use that data to innovate programs and products for the business.

Data-Driven Decisions

Better business decisions rely on accurate data and faster reporting that BI provides. It offers real-time information forecasts that risk and compliance teams can use to manage risks, assessments, and controls. Leaders and managers no longer need to wait for reports and deal with the risk of outdated information.

With the right BI and GRC platform, organizations can integrate their risk and compliance efforts with existing tools and generate reports. Click To Tweet

Better Customer Experience

Customer experience is a factor that makes or breaks a business opportunity and is something organizations emphasize very much. Business intelligence has a direct impact on customer experience and satisfaction. BI implementation provides dashboards to users that pull operations data from servers and text data from customer chat sessions. Using this data, organizations better view their targeted customers and shape their service accordingly for a better experience.

Employee Satisfaction

BI enables IT teams and analysts to spend less time responding to business user requests. Departments no longer depend on IT or analysts to provide the relevant data; they can now jump to the data analysis phase with little training. Scalability is the core of BI that allows access to data solutions to departments and employees who need it at the right time. BI gives a user-friendly interface allowing employees to use the program without any errors.

Data Governance

Data organizations are a concern for organizations as the management and access of relevant information depending on the data’s categorization. BI systems enable organizations to sort their data and organize it for immediate access. Traditional data analysis has users use siloed databases to query and report. Modern BI solutions combine internal databases with external sources such as social, customer, and historical data in a single warehouse. Departments throughout the organization can use business intelligence technology to access data anytime and save time for customer analysis.

Competitive Advantage

Organizations can become more competitive when they know the market and their performance. BI data analysis provides reports of all the possible sources through which an organization can gain a competitive advantage. It gives the best prediction to enter or exit a market while placing oneself strategically for the best results. With BI solutions, organizations can monitor market changes and seasonal fluctuations and anticipate customer demands.

Enterprise Risk Management Software

About the Company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance with effective Business Intelligence (BI) solutions. Predict360 is a flagship software product that integrates regulations and requirements, policies and procedures management, risks and controls, audit management, and inspections with online training and qualifications in a single cloud-based platform based on artificial intelligence. Remain up to date on industry news/updates through our LinkedIn, Facebook, and Twitter pages.