Business intelligence involves the use of computing technologies to identify, discover and analyse business data to provide not only the current but also the historical and predictive views of data, Dataconomy says.
This makes it possible for decision-makers to access, analyse and understand business information so they can execute accordingly and drive their organisations forward.
To have and utilise business intelligence – that is, to transform raw business data into useful information to drive increased revenue – you need appropriate BI tools. If you’ve previously operated on the belief that BI software is an unnecessary added expense, now is the time to reconsider. In today’s data-driven climate, you stand to lose valuable opportunities without this software. Essentially, you’re putting the success of your organisation on the line.
If you need still a bit more convincing, here are 10 things BI solutions can do for your organisation.
Provide business information quickly and efficiently
Many business decisions need to be made on the spot and to ensure you’re making the right one, you need access to the information. Information isn’t just numbers in a column, but also what those numbers mean to your organisation. Using BI software gives you this information at the click of a button to help you gain a competitive advantage.
Come up with performance indicators aligned with your business strategies
When companies focus on doing tasks that are not aligned with their strategy, this leads to both time and money wasted. To avoid this, you need to establish metrics that come with performance indicators that are aligned with your company strategies. BI tools can help you in this regard by providing the metrics so you can focus on improving performance where it really matters.
Empower employees through data access
BI solutions enable employees to make informed, data-driven decisions by giving them access to relevant, real-time data. This allows organisations to maximise information across all levels and empowers employees for professional and personal growth. Having an empowered workforce can make a company more competitive in the global business arena.
Save time on entering data and making reports
Manual data entry is prone to human error, even when it is copied and pasted from another source. Not only that, it also takes a lot of time to do properly. By using a well-configured BI system, you eliminate time spent on data entry and decrease the amount of time spent on performing calculations. BI tools also allow for quick report generation and data visualisation where you can see all the information you need in one place. By saving time on creating reports, you can see how your business is doing and make profitable decisions quickly.
Gain more customer insights
Meeting customers’ needs is what drives businesses forward, which is why it’s important that you are able to discover patterns in customer behaviour. Without BI tools, it is difficult to know what customers really want without spending hours upon hours poring over past reports. BI software allows you to identify which customers should be prioritised in order to increase customer satisfaction and improve your market reputation.
Show important information about your sales
One of the primary functions of BI applications is to reveal sales information, especially if you work with multiple sales partners. With BI on hand, your team is able to know which sales partners perform well and which need to exert more effort.
Identify areas where you can cut costs
BI software allows you to see which areas of your business you can save money on, such as inventory. There may be an excess in your inventory, which translates to extra costs not only in terms of acquisition, but also maintenance. Once you know where you can increase productivity and cut costs, you can take the necessary action to increase your savings.
Increase employee productivity
With BI tools, you are able to monitor the tasks, output and overall performance of your team. This enables you to identify where you can streamline work processes and make your operations more efficient, therefore increasing the productivity of your workforce.
Achieve greater social media intelligence
Organisations leverage social media to connect with existing and potential customers. You can use BI software to gain insights on consumer behaviour and identify avenues for actively connecting with people to expand your customer base.
Protect your business from online threats
Data breach and malware attacks are some of the most common online threats to businesses, which is why it is crucial to invest in BI solutions that are equipped with powerful analytics and advanced security tools. Top-notch BI software with security features is designed to help protect your organisation from hackers and other malicious attacks.
Organisations, big and small, can greatly benefit from the use of BI solutions in all aspects of business – from budgeting to customer relations. All it takes is a little research to help you compare and choose the solution that will meet the needs of your business. With the right BI software, you can expect great advancements for your organisation.