Business intelligence applications in finance

BUSINESS INTELLIGENCE APPLICATIONS IN FINANCE SOFTWARE

What infrastructure and expertise do you need for business intelligence development?ДЇirst of all, you need to build an orchestrated ecosystem of platforms that collect dispersed data from hundreds of sources like CRMs, reporting software, and spreadsheets. Also, the BI reports are used for providing the specific info to different state institutions (police, for example), as it is defined by the state laws. A sales department uses them to see how the department performs a financial department - to see what is going on with the client base and whether the business generates profits or not a marketing department - for data analytics and using it to generate specific marketing campaigns. The reports are sent to end-users of different LebaraвЂ™s departments in 6 countries. For example, Lebara, one of the global leaders in telecom, is outsourcing business intelligence development to N-iX. In telecom, business intelligence is used to track performance, profitability, create marketing campaigns, etc. Also, theyвЂ™ve built a solution for the maintenance engineering team, which provides comprehensive flight information and enables them to react to emerging issues as soon as possible. It allows monitoring the quality of the Internet connection on different planes in real time.

BUSINESS INTELLIGENCE APPLICATIONS IN FINANCE SOFTWARE

For instance, Gogo, a US-based in-flight connectivity provider partnered with N-iX, a Ukrainian software development outsourcing provider, to develop a solution for collecting and processing geospatial data. In aviation, predictive analytics and business intelligence development are critical to show that, for example, certain devices donвЂ™t work well under certain conditions in specific parts of a plane. In some industries, the cost of mistakes is higher than in others. So you are losing money, simply, because you didnвЂ™t have all the inventory data collected and shown on a dashboard. Or you may have failed to predict that champagne was going to be out of stock soon вЂ“ and now unhappy customers are buying it from your competition. You may overlook that a certain product sells once in seven months yet calls for effort and money to be kept on the shelf.

For example, if you are a big retail chain, you may have thousands of stores with dispersed data and canвЂ™t see clearly what is actually going on.

Why do you need business intelligence development?Д«I development can be successfully applied across a variety of domains. Furthermore, according to business intelligence stats by BetterBuys, a companyВ that uses analytics isВ five times more likely to make faster decisions. According to Nucleus Research, companies earn an average of $10.66 for every dollar spent on business intelligence, performance management, and predictive analytics. Though it requires some investment, ultimately business intelligence development proves to be worth it. ThatвЂ™s the primary task of qualified Business Intelligence developers - to provide businesses with insights and a birdвЂ™s view on both the market trends and their current business situation. And the data remains useless unless it gets properly structured and lucidly visualized. Nowadays, companies generate vast amounts of data streaming from siloed sources.

Business intelligence applications in finance