Business Intelligence: The 3 Stages of Data Analytics (Part 3 of 3)
Business Intelligence: What Can Your Business Do Better in the Future?
For capital projects, business intelligence is our “why”; we take the data we’ve gathered and leverage data analysis to help create better project outcomes and improve overall business operations. Maybe that means coming in under budget, solving a minor supply chain issue before it can disrupt the project progress, or simply finishing a job according to schedule.
In terms of day-to-day business, business intelligence can also mean more precise reporting, more accurate forecasting, better estimating and cost reduction, and generally better business decisions. Business intelligence gives business owners the ability to assess risk and approach decisions proactively rather than reactively.
With that said, reporting all data isn’t helpful, as we mentioned earlier. It’s essential to filter out the noise to find the pertinent data spread that best represents the business operations from a holistic standpoint.
Business intelligence can be used to:
Forecast and identify possible risks
Model outcomes
Predict future patterns
Data-Centric Solutions for Capital Projects
Your organization is likely collecting a wealth of data daily, but it’s only useful when validated, cleaned, standardized, and put into context. The more data systems you use, the more complex this process can be. Still, all companies can benefit from improving their data processes and implementing business intelligence solutions if they want to invest in better future project outcomes.
At CPI, we approach data analytics holistically and from the ground up. We know that every organization is unique, so we tailor our solutions for every client. Plus, we offer a distinct combination of data analysis acumen alongside deep experience in capital projects. Regardless of your business complexity or your current level of data analytics implementation, you can make your data work harder for you with the right analytics strategy.
