Business information providers play a crucial role in building successful business intelligence tools. They wade through a sea of data from every source they possibly can to synthesize valuable information for different business requirements. As business intelligence tools become more pervasive, the competitive edge will go to organizations that leverage data in the best way possible. This requires business information providers to implement the best data practices to meet evolving information and analytics needs of BI users. Here are the four pillars of translating data into actionable intelligence.
Ensure data comprehensiveness
Organizations are increasingly turning to business intelligence tools for their decision-making needs. To help them extract the maximum value, your data needs to be as comprehensive, in-depth, and granular as possible. The deeper the data, the more meaningful the insights your clients can draw.
For instance, a marketer looking to shortlist the right vendor needs more than just a list of company names and their locations. To make a sound decision, he/she would need a deeper view of the vendor’s capabilities. Here’s where data in the form of specialization, affiliations, price-range, reviews, etc., would help him/her achieve this objective. That’s why business information providers should aim to offer holistic and multi-dimensional business information that helps answer a throng of questions your customers may have.
Maintain data authenticity
Nothing is more ephemeral than decisions based on inaccurate data and information. A recent Gartner research highlights that organizations believe poor data quality is responsible for losses of about USD 15 million per year. The magnitude of decisions based on inaccurate business information can be acutely detrimental – both for your clients and to your organization.
For example, consider a consumer brand researching the pricing strategy in a foreign market with the aim to expand its market share. In its course, the company is misinformed about the current prices offered by its competitors. This induces the company to start with a seriously low price, so much so that its prospects question the product’s quality. This can lead to adverse losses not just in present but in the future as well. The only way to avoid such catastrophes is to ensure that every piece of data is validated. This requires verification against trustworthy sources and for relevance. Additionally, it is essential that business information providers constantly refresh their BI data to keep it up-to-date.
Make data accessible
One of the biggest challenges BI users face today is accessing information when they need it the most. Platform mobility, speed, and data customization are some of the top demands of the evolving BI user. According to a survey by Clutch, a B2B ratings
Today’s fast-paced business environment calls for seamless availability of intelligence across desktops, tablets, and mobiles. BI users are constantly turning to platforms offering easy-to-consume data formats powered by customizable visualization tools. While most BI platforms offer basic mobile capabilities, users are unable to filter the parameters to draw the insights they need. This impacts their productivity. BI firms that invest in robust technology solutions to mitigate these challenges will enjoy a competitive edge.
Ensure wide breadth of data coverage
To rest on one’s laurels is not the best advice for any BI company with an eye on the future. In order to stay competitive BI platforms must focus on gaining maximum coverage of companies/products in their industry niche. To ensure this, sound data expertise is a must to sweep clean every existing data lake while plugging into newer, lucrative data streams. This is a constant activity meant to enrich and fortify your business information stack.
Doing this will help your clients get a holistic view of the choices available, thus, enabling them to make well-rounded decisions. Plus, offering expansive business intelligence insights instills a sense of trust among your clients knowing that not a single data point will be missed.
Netscribes supports some of the world’s most trusted BI companies to scale quickly and grow profitably by providing reliable and comprehensive data solutions. Our specialized offshore teams exploit both structured and less-structured data through our research and tech expertise to help your customers make confident decisions and achieve better results. Contact us to know more about our data and information services.