Enterprises are large companies that both sell goods and provide services both offline and online. Goods can be for any consumer, prosumer, professional customers. Services can be rendered to support the organization prior or after sale of the goods.
Enterprises have lines of businesses (LOB) or business units who manage different products and services. Each LOB is responsible for their P&L and together they impact the top-line and bottom line of the entire enterprise.
The LOB within enterprises are accountable for the performance, efficiency and improving the margin of their business unit.
Some of the biggest challenges that an enterprise faces from not getting timely insights include ...
Integrating disparate data sources and refreshing them periodically for insights is a huge challenge and a pain point. Data from heterogeneous systems will have to be transformed into a standard and persisted in a centralized repository called as the single source of truth. To ease the process of transformation and conformity, there needs to be a strict data governance practice in place.
Since there is no standardization of Data, BI & Analytical tools, different business lines may have different reads on corporate metrics.
Therefore constructing enterprise insights on business metrics becomes a highly manual endeavor which requires a team of analysts to cobble together different pieces to come up with a holistic view of the corporate metrics.
The sheer volume of data collected and the analysis required, combined with the lack of a single source of truth complicates insights. Analysts are often juggling between business requests, reporting metric oversight and improvement initiatives. Therefore it becomes impossible to get meaningful insights in time to the decision makers causing frustration within the entire organization combined with loss of productivity.