Why you’re Leaving Money on the table by not using Business Intelligence
Chances are you’re surrounded by a wealth of raw data about your resources, customers, their purchasing behaviours, as well as your competitors. That data might be hidden in plain sight in different databases within your business or even externally, such as on social media.
But, what to do with all that data?
Often businesses lack the time and knowhow to assess digital technologies and analyse this rich data, says Ai Group. In fact, only a third of businesses surveyed made use of data storage and analysis. That’s despite the low-cost entry barrier and efficiency gains on offer to work through the data for insights.
Business intelligence can do this.
It’s an essential digital solution to help companies transform data into valuable knowledge that feeds strategies for competitiveness and sustainability.
The engine of business intelligence
What’s under the bonnet of business intelligence technologies?
It’s brimming with computational processes. They include data mining, statistical analysis, data visualisation, data preparation, reporting, descriptive analytics, querying, performance metrics, and benchmarking, as well as visual analysis.
Enterprises use business intelligence for a helicopter right down to a granular view of their operations to make smarter, evidence-based decisions.
For example, if your business operates from physical premises, typically, you’d use just 20% of your building data. Armed with business intelligence, you can exploit 100% in a valuable way. That ‘gold mine’ of data includes property maintenance, heating/cooling, utilities, and more.
Getting descriptive + predictive
Rather than relying on gut feel, anecdote, and experience only, this technology allows you to compare your historical data with what’s happening now in your business context. That’s descriptive analytics. Harnessing predictive analytics as well helps pave the way for your future operations. It’s ideal for insights to build short-term to long-term business strategies.
Australian companies extract 12% less value from analytics and are 14% less mature in doing so compared to their international peers, according to a report by Melbourne Business School and AT Kearney.
Your broker – a business intelligence specialist
In fact, you might not realise it, but as your insurance broker, we’ve been using business intelligence to help your business from day one. These tools are baked into our processes, and they’re evolving to include artificial intelligence, blockchain as well as the Internet-of-things automation.
For instance, we can help you with a business intelligence solution to assess the best-fit insurance policies for you in real-time.
Our approach starts with ensuring we collect only quality data, and this delivers a return on investment for both of us. Inaccurate or gaps in information is a risk to insurers and they will increase the cost of your premium to help them manage that risk.
Efficient claim management
Meanwhile, there’s a science to working out your insurance premiums and processing your claims. Insurance companies must trawl through a deluge of data covering actuarial, markets, policy information, geographical and climate data, police reports, any losses, etc. As your broker, we tap into this dashboard daily, so we really have our finger on the pulse.
When you need to make a claim, business intelligence is on your side, too. The technology gives us an insight into open claims and how your claim is progressing within the ecosystem of key business processes and performance. This enables us to ensure your claim is processed efficiently, minimising the impact to your business.
Find out more about how we can give you insights into managing your operational risks using business intelligence.
