In the past decade, technology has mushroomed like never before. We’ve seen its failures and successes. We’ve made fun of it when it doesn’t make sense, and we’ve admired it when it has surprised us with its brilliance. It has made our life easier. It has not only entered our home but our offices too. It has introduced us to businesses processes and has changed our perspective towards the modes operandi of organization. It is a certain fact that technology has made business move much faster than before.
With the rapid growth on the technological front, the world is swiftly moving towards a junction wherein new business and connection paradigm is emerging which is also known as Business intelligence. Business intelligence (BI) is a wide category of applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users to make better business decisions.
The concept of business intelligence software is relatively new among the Indian industries. The estimated size of Business Intelligence product market in India was in the range of $32-35 million by 2005. There has been a slow but steady growth of Business Intelligence market in India. A growing number of vendors are delivering products that are more of a solution and less of a tool.
In the recent years our economy has opened to the global opportunities. The expectations of people from industries and service providers have risen to the next higher level.
Today, almost all companies are looking for a tool that is intelligent enough to be able to analyze information or data down to the finest details. There is momentous value to be revealed through intelligent data analytics. For example: An MIS dashboard that provides required information for decision-making without going through tonnes of reports and presentations is indispensible for any big to medium size companies.
The common features of Business Intelligence applications are:
1. Reporting Tools that allows creation of customized reports and answers business specific queries e.g., what is the GP (Gross Profit) margins of products and services offered; and keeping a track of which are the slowest moving items in the inventory; who is the best supplier for procuring an item, etc.
2. Ability to add different types of graphs (bar chart, pie chart, etc.) and tables in the report to improve visual representation of analysis and results. Can also convert the report to desired formats like PDF, CSV, TXT, etc.
3. MIS dashboards that drills deep into a large number of data and information available in the environment to provide an in depth insight.
4. OLAP Analysis which allows users to control data in a number of ways, so it can be reviewed from multiple perspectives.
5. Forecasting tools capable to anticipate trends to maintain organizational flexibility and agility. Also, storing historical data to predict future events in order to ensure effective strategic planning.
6. Data Mining to maintain massive volumes of information and sorting relevant data, making it easier for users to access and leverage the information they really need, instead of wasting time browsing through the data they don’t.
7. Customer Intelligence to gather and consolidate Customer/ Client related data from various systems such as CRM, accounting, and help desk applications to provide an in depth view of all customer interactions, in order to understand needs, behaviours respective to customer’s geographic, demographic, social and psychographic segments and use that knowledge to implement more successful loyalty and up-sell/cross-sell programs.
LTS, an Emerging IT service provider based in India is providing customized BI and Reporting application development solutions to a wide spectrum of industries, which includes Finance, Banking, Healthcare, Engineering, Chemical, Automobile, Oil refineries, Fertilizers and many more. LTS has got an impressive project portfolio to support its claims, helping clients to implement customized BI and reporting applications. With its highly talented pool of product engineers, experienced working with quite a few big size companies around the globe, Leo Technodoft can bring about significant reduction in your IT expenditure without compromising on the quality of the product. LTS is using Open source platform for implementation to ensure maximum ROI.
The organization also has extensive experience in the implementation, customization and optimization of leading SaaS business applications and provides SaaS consultancy to understand every facts of your current system, analyze its strengths and weaknesses, to formulate new development plan, ensuring performance and high return of your investment.