Companies are spending aggressively to build their cloud and data analytics capabilities. They are doing so to drive innovation, growth, productivity, but, more importantly, for informed decision-making.
This has led to significant investments in business intelligence (BI) tools over the last two decades, yet the impact on business is limited. 60-70% of information is still hidden from business users, and less than 10% of data is effectively used in decision-making.
The growth and ubiquity of data in decision-making are expanding every day, and it’s time to re-think BI to overcome the limitation of existing applications.
Thinking of Business Intelligence with Business User in Mind
Many BI tools that the team uses today were built for a particular purpose and time. These tools emphasized on data more than the business user. This led to a complex workflow where specialized data teams became intermediaries for business teams to receive even day-to-day insights from data. Dashboards proliferated, and while they make data more visible, the process remains slow and consumption low.
Moreover, the current BI tools focus only on data. Business users work with a variety of information sources for informed decisions. This includes market news, documents, external and internal data. Consider a typical day of a salesperson in a B2B environment:
The salesperson has 15-20 insight moments in a day. Currently, they access 7-10 applications/tools to gather this information. This is not productive or effective for them. The promise of building such capabilities within tools like CRM has been expensive.
The missing capability in the modern data stack
Innovation and automation in cloud infrastructure and data management are progressing at breakneck speed. While these have been transformational and led to significant IT productivity, it has not translated into business productivity. This is because, in the modern data stack, the last mile is still traditional BI tools.
In a recent discussion with the VP of IT for a large Healthcare firm, we learned that they’d developed cutting-edge data capabilities in the cloud for the business. Still, department teams are reluctant to use any of it because they are already overwhelmed with existing tools.
On the other end, mid to small-size firms cannot use existing BI technologies because they are pretty expensive to deploy and scale. Many don’t live to the promise. In our engagement with a boutique asset manager, we found that while they used 5-6 sales and marketing automation tools, they did not have the tools or data analysts to mine the data effectively from these tools.
So, we have a fundamental problem. Large firms struggle to scale existing technologies and integrate them into workflows for more straightforward consumption. In contrast, smaller firms do not even have a good starting point yet.
Production & Consumption of ‘Most Valuable Insight’ is a Challenge
Demand for analytical insight is increasing every day, and differentiation for businesses is moving towards the speed of insights generation, consumption, and actions. Presentations and dashboards have been the two most popular methods of sharing insights in the business ecosystem. However, over time, these become fragmented, static, and unactionable.
The current tools and processes can slow down decision-making. For effective decision-making, businesses desire a structured, data-driven, automated, and consumable way to get to their most valuable insight quickly. Today, many IT teams solve this with custom development that can be time-consuming and expensive to build.
Bloom ONE, the next evolution of business intelligence
At Bloom AI, we believe businesses can make informed decisions if they have better tools for managing and consuming information (and not just data).
Bloom ONE Digital Playbook is a seamless insights platform that users can effortlessly use to make decisions and achieve business outcomes. It overcomes many of the limitations in existing technologies.
Bloom ONE is built around two core concepts: 1) Integrated insights environment 2) Active insights.
The Integrated insights environment enables teams to track the most relevant metrics, insights, external and internal intelligence, and toolkits, all in one place. It offers structured workspaces where data and business teams can collaborate effectively and productively.
Active insights refer to Intelligent and personalized tracking of insights that matter most for informed decision-making every day. These insights can be programmatic or user generated at digital speed.
Imagine a sales executive receiving curated business news at 7:30 AM updating on all key market activities, key performance indicators at 8:30 AM (just before their 9 AM staff meeting), and then fully prepared toolkits for a 2 PM client meeting.
We believe this hybrid mode of integrated insight workspaces and active insights-as-a-service can make teams and businesses highly effective and data-driven on a day-to-day basis. Think of it as a Fitbit for your enterprise.
About Bloom AI
Bloom AI develops business-focused augmented intelligence products & solutions to better inform their everyday decisions & actions. Our platform, Bloom ONE, reimagines business intelligence beyond dashboards. It’s a Digital Playbook that offers one seamless insights experience to sales, marketing, client experience, and business operation teams. It enables you to track the most relevant metrics, insights, market intelligence, and toolkits, all in one place. Integrate data and APIs across internal and external silos, search enterprise data, visualize in minutes, set smart alerts, and develop consumable insights-as-stories for your team in a simple and impactful way.
We are excited to be on the journey of building the tools for next generation decision making. Reach out to us at info@bloomai.co to learn how we can help you build your Digital Playbooks.
