The COVID-19 pandemic has had a huge impact on our lives and businesses, with governments and economies across the globe experiencing the effects. To work through these challenges, companies are turning to business intelligence and decision making based on data. Many are allowing new initiatives to be explored and projects that were in the early stages of planning to be launched.
By depending on business intelligence, they can drive their organisation forward using innovative, new solutions and policies.
What is business intelligence and how can it benefit your organisation?
Unfortunately, during times of financial distress, we also see an increase in cases of fraud and money laundering. This is in part due to companies being stretched as they attempt to respond to market changes. To make products or services available you may have to work with new third-party contractors at short notice and without checking their credentials as thoroughly as you previously would have.
Recessions leave some organisations struggling to survive and facing pressure to secure financial aid. Occasionally, these dire circumstances can lead to a misappropriation of company funds and embezzlement.
Businesses that have been forced to shift their resources away from standard vetting tasks and approval processes, should safeguard their interests as soon as possible. Professional help with credit reports and due diligence on individuals or companies can provide the intelligence you need to make the right decisions.
The global economy will remain in turmoil for the foreseeable future, so protection against fraud is going to remain at the forefront of business intelligence.
What changes can we expect?
Business intelligence software can crunch huge amounts of information quickly, freeing managers from processing the data themselves. It provides an overview and a close-up look at an organisation’s data, allowing you to re-think the solutions that are currently in use. To give companies the best chance of success in a competitive market, AI (artificial intelligence) is being widely used.
AI will become a more powerful tool
With AI it is possible to use data drawn from a range of public and private sources. Staff details, your customer database and your process monitoring could be combined with information from social media and government statistics.
Data on demand
In the past business owners and managers often had to search through stacks of data in an attempt to discover the relevant details. In the future, AI is likely to identify any relevant data for you, providing access to the details you need every day or week, or as you request it.
Most companies would welcome the chance to get answers as and when they are needed. In the coming years, AI solutions that are available wherever the user happens to be will become the norm. This is supported by digital advances that bring the functionality of a desktop to mobile devices, including smartphones and tablets.
Data stored in the cloud
Businesses often have so much data that it’s a challenge to manage it all safely and efficiently. The Cloud is an affordable method that also offers the chance for expansion. Keeping your data off-site can make it easier to access by more people, whilst also ensuring it remains secure. Warehouses dedicated to storing cloud data provide end-to-end encryption and protection against data loss. Moreover, they are constantly adapting to deal with new security violations.
Support with decision making
The link between data analysis and practical decision making is a complex one, but increasingly, AI will be able to unify the two. Appropriate decision making can enhance a company’s position, but the outcomes of these decisions also need to be scrutinised regularly.
In the future, AI will be able to evaluate the efficiency of different strategies and what effect they might have on the company, as well as analysing the actual results. This could involve making ‘decisions’ a type of metadata that is distinct from the others in use. With a full set of data on the data, outcomes become easier to study and understand.
More user-friendly solutions
As the industry continues to expand, the software used in AI will be more accessible. In turn, this will encourage a higher number of people to explore its potential, but managers should be ready to provide training where necessary. Aside from educating people on the technical side of AI, it’s also crucial to explain what your business intends to do with the data it gathers and how the software can assist.
Personal growth through analytics
Soon it will be possible to track a person’s professional performance, in the same way, a phone app can track their fitness journey. AI created performance reviews need not be a constant or even a public assessment of an employee’s achievements, but these reports can guide them towards greater levels of productivity.
Enabling people to see how important their contribution is can be a great motivator. Users can track their progress over time, making a connection between their role and the businesses success.
Data is driving a huge number of organisations and allowing them to be more confident in the business decisions they make. Traditionally, companies that prosper are often the ones with an eye on the future, a willingness to adapt and a personal approach. AI takes this to the next level by helping a company to anticipate its customer needs, optimise its resources and respond swiftly to change.