What Is Operational Business Intelligence?
Operational business intelligence is fundamentally a business intelligence that works in the present and is not backward-looking. It is intelligence from data collected as events occur in real-time and processed instantly for immediate consumption and action. Here’s a deeper look at operational business intelligence.
What is operational intelligence?
Today’s business is increasingly reliant on data analytics to operate profitably, and this calls for the gathering of the necessary intelligence. Part of the data collected is useful for long-term business strategy, while the other part is required for immediate and real-time decisions to drive daily operations. Operational intelligence covers the latter, gathering and providing data in real-time to deal with emerging issues along the production chain.
Operational BI data is continuously collected from various feeds representative of the ongoing operational functions that make up the production line. Data could be collected from sales feeds from retail points, sensors on the factory floor, stock markets, or even the domicile CRM asset. The incoming data will be presented on a dashboard in order or priority, complete with alerts for areas that need immediate attention.
Operational intelligence can also be deployed in the company’s IT operations to provide real-time operational metrics for servers and networks and flag possible security threats. Properly deployed and utilized, OI is a critical preventive tool for emerging and unexpected problems in daily business operations. New technology has greatly improved and increased the versatility of OI dashboards to allow for more specific and customized configurations.
Key features of operational intelligence
The operational intelligence solutions come with several prominent features capable of providing real-time analytics, reporting, business idea tips, and alerts for immediate intervention. The following are some of the key features that make operational intelligence such a valuable ai-powered bi tool for businesses.
Dashboards and visualizations
This feature makes all the difference in how data is analyzed and consumed by simplifying and presenting information in a user-friendly format. On the same dashboard, different users can customize their preferences to receive analyses and graphics specific to their needs. That means a production manager, sales executive, and financial auditor can each call-up data specific to their functions on the same dashboard.
the most important function of operational intelligence and the one that sets it apart from other business intelligence. Whatever data is collected by operational intelligence from whatever sources must be and is in real-time. With alerts and analysis happening instantly, business executives can make critical and timely decisions with ease.
The OI dashboard can be configured to provide specific alerts when events occur in a particular area of the business process. Alerts can be generated to warn of a possible breakdown on the production line before it happens and allow for remedial or maintenance intervention.
The OI solution is versatile and will provide analytics for any industry sector through customization. Any industry can customize the OI dashboard to deliver industry-specific analytics in diverse fields that can range from retail, and healthcare, to manufacturing.
Machine learning and big data
OI works with algorithms and the advanced models provided by artificial intelligence (AI) to process vast volumes of data in real-time and round the clock for predictive analysis. Using machine learning, OI can pick up traits and functions of the business’s systems and produce valuable, actionable insights for management decisions.
The latest versions of OI can infinitely scale up by simple addition of computing power through a cloud-based infrastructure. This infinite scaling capacity provides better processing capability and data storage capacity.
The OI dashboard is designed for both regular and expert data users allowing for a broader application in the organization’s systems. Workers on the factory floor can easily understand the information displayed on the dashboard just as easily as the IT or systems audit personnel.
OI solutions can be configured to alert you of a problem, automatically fix the problem, or perform both. Customized scripting of the company’s processes can enable automatic remediation of emerging situations via algorithmic operations.
Benefits of operational intelligence
There are a host of benefits for those using operational intelligence in their businesses. These benefits come in various forms depending on set objectives and specific industry sectors. However, the common thread running through the multiple industry applications is the need for real-time intelligence for predictive maintenance and action. The use of predictive analytics helps reduce or eliminate downtimes and maximizes efficiency.
Operational intelligence provides the ultimate platform for businesses that wish to implement digital transformation. The OI’s edge is in its capability to collect data and analyze it for instant consumption by the relevant end-users. Here are some examples of the benefits of OI in various industries.
Manufacturing – any stoppage of the production line for however short a time costs the company hundreds of dollars. Sometimes these stoppages and the resultant downtime are caused by minor issues that, if diagnosed in time, could have been repaired without interfering with the process. OI is designed to provide continuous monitoring of the manufacturing facility through embedded sensors and raising alerts in real-time or taking automatic remediation.
Financial services – financial markets fluctuate and make sudden turns without prior warning or discernible indication, even to seasoned financial traders. Every stock broker would want a technology that would make market prediction a near possibility or actual reality. Operational intelligence in finance can monitor markets by the use of artificial intelligence to provide critical and actionable insights to avert capital losses.
Medical – healthcare facilities have multiple processes running simultaneously that require close monitoring for efficiency and accountability. Handling a patient’s journey from intake/triage, through admission, possible surgery, and discharge can be monitored seamlessly on the OI dashboard. Other operations that include the supply chain and pharmaceutical inventory control can benefit greatly from OI support.
Retail – retail markets are dynamic and require a business executive to have their finger on the pulse of the market and the changing trends. OI solutions offer real-time data collection from the market with instant analysis to provide pointers for improvement or successful effort. OI allows you to feel the market ahead of change and be ready when the change comes.