Leveraging Business Intelligence: A Quick Read on Benefits and Challenges 21 Jul 2022
Tables of Content :
- Leveraging Business Intelligence For Mobile Apps
- Benefits of Business Intelligence
- Main Challenges of Business Intelligence
Imagine a scenario where a mobile app not only works in the favor of its users but also understands them to make itself the most useful in any given scenario. We are talking about the notifications automatically turning to vibrate mode whenever the user is working on his laptop or the late news flashing as soon as the clock strikes 9 as per the user’s unique behavior of checking his phone for news at 9.
This and a lot more are possible through business intelligence. This sure does look like the ideal scenario, but it comes with its fair share of pros and cons. Let’s look at the benefits and challenges of business intelligence and what it actually means.
Leveraging Business Intelligence For Mobile Apps:
According to sources, business intelligence means “The procedural and technical infrastructure that collects, stores, and analyzes the data produced by a company’s activities.” In simple terms, it denotes a high-end version of data mining that incorporates analysis, performance benchmarking, and predictive analytics.
It helps businesses make critical business decisions in real-time through relevant, operational-centric data of a business by presenting the same to the management in an easy-to-digest report or graphics.
There is more to it, all the information gathered and analyzed can be incorporated into a mobile app to adapt and customize the overall user experience. Other than that, the data can also aid the management to help making critical decisions in favor of the users to give them a better experience.
Benefits of Business Intelligence:
Collect Information that is Useful
Easily collect, analyze, and customize information as per the business needs and also streamline the data collected to benefit the organizations as per their requirement. With the help of analytics, you can avail tailor-made data that suits your customers to benefit them in the most convenient way possible.
Better Decision Making
As you understand more about the needs of your customers, you will be able to make more informed decisions in their favor. For example, if you know that your customers are looking for a particular product, you can easily and quickly stock up to provide the best user experience and can create more opportunities for your business.
Competitive Edge
With the right information in your hand at the time when you need it, you can gain a competitive edge over other performers in your field. This will help you out-perform your competitors giving you better brand value and more information such as the shortcomings, strengths, and weaknesses of your business to deal with the business intelligence.
Revenue Boost
The eventual result of smart decision-making with the help of business intelligence is going to be an increase in sales, leading to a revenue boost. With the application offers more customized solutions to the users, they will be spending more time and choosing your brand over others when it comes o buying things. This will lead to less wastage of time and resources, things will be managed in a much better and optimized way, and will directly impact the bottom line of your business.
Main Challenges of Business Intelligence:
Network stability
For business intelligence to work seamlessly, it requires an uninterrupted seamless network. Without the constant fast and reliable data network, the capabilities of business intelligence can be severely impacted. This inconvenience can be caused in areas that are low in the network, such as the rural areas or hilly areas where the reach is not that great.
Scalability
In some cases, the machine learning model is designed for a specific size and number of users; If the number of concurrent users suddenly increases, the algorithm may be affected and in some extreme cases even fail. The business intelligence model units must be scalable and able to withstand a sudden increase in usage.
Hardware capacity
And finally, hardware capacity is the ultimate barrier that can hinder the adoption and use of business intelligence in mobile applications. If the smartphone or tablet on which the application is deployed is unable to respond to the business intelligence mechanism, the entire process of data collection, data processing, and reporting may be hampered and management cannot get a correct image overlaid with live data.
If you’re looking for a system that can not only build powerful mobile apps but also use business intelligence to ensure higher ROI and an ultimate user experience, Business intelligence is something that might help you loads.
