The Advantages of BI Teams in Modern Business
We are in the midst of a technological revolution. Data is expanding at a nearly unfathomable pace — in fact, it’s estimated that with every passing second, 1.7MB of data is created for every person on Earth. That math tallies up to 40 trillion gigabytes with each tick of the clock, and the numbers only grow with each passing year.
Undoubtedly, much of this data is wildly valuable for businesses — at least when it is adequately sorted and analyzed. From marketing efforts to risk analysis, there are countless ways to harness this herculean amount of information to help organizations make data-driven decisions better and faster. High-level executives agree: 98% believe that an increase in data analysis would benefit their businesses in the coming years. How can companies sort through mountains of data, mining the information that will actually aid in strategy and boost revenue? Many are finding that the rapidly evolving field of business intelligence (BI) holds the key.
Why Enterprises Need Business Intelligence Teams
Modern business intelligence encompasses many facets of the digital world, from mining raw data to querying and reporting on said data. Software has grown by leaps and bounds in its abilities to perform statistical analyses and visualize data in helpful ways. BI can help to define a business’s digital transformation strategy. But on its own, even the best intelligence software won’t give organizations the strategic boost they need.
Instead, an expert business intelligence team must use the data gathered by software to improve their companies in myriad ways. When the power of artificial intelligence is backed by human reasoning and skill, companies can implement a successful BI strategy that helps them reach their business goals.
A Working BI Strategy in Modern Business
In today’s business climate, business intelligence is essential to both immediate and long-term success. Modern BI initiatives should give organizations a comprehensive view of their data, rather than a small sample size or anecdotal evidence. They should also present practical solutions that enact positive changes, enhance efficiency, raise revenue, and adapt to an ever-evolving market. These strategies are comprised of many parts, including:
- Data mining and storage
- Querying and analyzing specific data points
- Visualizing and reporting findings
- Managing performance with data sets in mind
Some of these tasks can be performed by BI software itself, but medium- and large-sized businesses increasingly realize that a robust BI department provides a significant advantage. The BLS reports that management analysts and similar fields are projected to grow by 11% by 2031, much faster than the national average. Most fully staffed business intelligence teams include several integral roles.
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Business Intelligence Team Roles
Becoming best-in-field in BI gives business leaders and administrators a strong career outlook. The following jobs all employ a data-driven strategy:
- Data analyst or data scientist: As technology develops, this role becomes more involved and requires increasing expertise. Data analysts are integral to a company's BI success, from mastery of software programs to interpreting complex data clearly and concisely.
- Model designer or data modeler: Designing data models is similar to architecture – this role requires building systems for analysts to work within, adding specific points and insights into the existing model or structure.
- Economist: This role involves extensive financial analysis, trend forecasting, and resource allocation. In any successful organization, business intelligence and finance work hand in hand.
- Logistician: In any product-based company, analyzing the supply chain to improve efficiency and reduce costs is essential. After using BI software to discover key data points, logisticians find solutions and suggest a strategic growth path for the future.
4 Ways BI Teams Provide Businesses with a Strategic Advantage
1. Business intelligence teams increase employee efficiency.
HelloFresh is one of the world’s leading meal kit subscription companies. They source pre-portioned ingredients and ship them directly to consumers’ doors, along with simple recipes to follow. With fresh ingredients at the core of their business model, real-time reporting was essential to the brand's success. By implementing strategic BI tools, they optimized their targeted marketing campaigns and automate supply-and-demand reporting. This saved their marketing team 10-20 man hours per day.
Old reporting models emphasized cost, but BI strategy allows companies to make real-time value-based decisions. Automated reporting and analysis gives human employees the margin they need to maximize a company’s marketing and logistical efforts — which, ultimately, boosts their bottom line.
2. Business intelligence teams help manage risks.
Running any company requires some level of risk, but BI teams can help leaders determine which risks are worth it and which should be avoided. By incorporating data-driven risk analysis, businesses can:
- Improve employee engagement and morale
- Mitigate potential financial losses
- Boost customer loyalty and retention
- Optimize marketing efforts
Spending time, energy, and labor on the wrong objectives is counterproductive and costly. Business intelligence helps companies hone in on the right key performance indicators (KPIs) and employ best practices to reach them.
3. Business intelligence teams successfully identify trends.
BI teams are expert forecasters, which helps companies identify both potential risks and future trends. With a data-driven strategy, company leaders get a clear picture of what is currently happening and what is most likely to happen in the future. Trend forecasting was considered an art form by many businesses of the past, but with data analysis, it has become a reliable, numbers-backed source.
Using software to identify trends is helpful. But building a BI team who can interpret and present the data well is even more important. When data is simply collected, stored, and forgotten, a company does not reap any of the potential benefits. Using data visualization helps the human brain understand complex data points, which then allows teams to put them into action.
4. Business intelligence teams help companies make better decisions faster.
Supervalu, one of the largest grocery retailers in the US, manages multiple brands of grocery stores — and with it, countless logistical and marketing efforts. Leaders in the company knew that finding a successful path forward would require significant interdepartmental work. To make these connections, they hired more than 30 data analysts to create visualizations that would be sent to marketing, merchandising, supply chain, and finance departments. Bringing on dozens of employees came at a cost — but it provided even more value.
By incorporating data visualization into their company-wide dashboard, Supervalu employees can source the information they need right away. This enables a faster and better decision-making process at every level. Since making the change, Supervalu reports:
- Significant time and cost savings
- Improved analytic efficiency
- Better decision-making at every level of the organization
Making quick decisions is necessary for all companies, but making the wrong decision can be costly in more ways than one. Using business intelligence to source data and inform choices can help organizations stay in the black, keep morale high, and meet strategic KPIs.
Launch Your BI Career with an Online DBA from Marymount University
Earning a DBA in business intelligence gives you the strategic mindset and skills to be a leader in any organization. For business leaders who have already completed their Master’s, becoming a Doctor of Business Administration can provide even more detailed education in critical leadership skills, applied research, and data-driven strategy.
Not all DBA programs are created equal, so selecting a university that aligns with your values and career goals is important. For many prospective students who have already begun their careers, pursuing an online DBA in Business Intelligence offers the necessary flexibility while still providing an accelerated graduation timeline.
At Marymount University Online, you’ll find an interdisciplinary program uniquely suited to meet your career objectives and help you reach your long-term goals. With spring and fall intakes, no GRE/GMAT requirement, and no residency requirements, you can become a BI professional in a fully online accelerated program. Learn from highly educated and experienced professors, complete coursework on your own schedule, and discover the advantages of our integrative dissertation model.
Find yourself at the forefront of a rapidly evolving technological landscape. Advance your career today to become an industry leader of tomorrow. Become a BI expert with a DBA in BI from Marymount University Online.