If you're in management and looking for ways to facilitate decision making, you can now use Business Intelligence (BI). BI is an excellent tool in the software department that meets the increasing data analysis demands of many organizations. If you're looking to incorporate BI in your company's operations but need more convincing, we'll highlight some reasons to do so. But first, let's take a look at what exactly BI is.
What is Business Intelligence?
Business intelligence applications are common in the IT world. For many years, large companies have been using business intelligence tools for the collection, processing, visualization, and reporting of data and key figures. The data was collected in databases and data warehouses, prepared in static diagrams and KPIs.
These systems were far removed from dynamic trends, real-time evaluations, and ad-hoc queries. Furthermore, nowadays, big data, data analytics, data governance, the Internet of Things (IoT), and machine learning are merging into tailor-made applications. This gives BI tools a whole new meaning.
So, to sum up, BI tools aren't only feasible but necessary in digesting the large quantum of data many organizations have. All in all, they help in evaluating, managing, and visualizing business data.
Let's now have a look at a few reasons why BI is the most important tool for enterprise managers.
Why BI is the most important tool for enterprise managers?
1. Speeds up the decision-making process.
As a business owner or manager, it's always essential to have strong knowledge of your organization's data (from the company's projects and consumer interactions). This is where BI comes in handy.
BI tools produce recent data, provide real-time reports, allowing managers to monitor their organization in real-time at any given time. What's more, BI converts your business data into more organized and understandable information. This means breaking down data in a much more simplified format, allowing you to make quick and comprehensive business decisions. Even more vital is the fact that you'll make decisions built on concrete facts rather than assumptions.
2. Improves data analysis and operational efficiency.
Speed is one of the numerous words that define Business Intelligence. The lack of speed and accuracy could lead to loss of customers and revenue. Since competitors don't stop trying to outperform each other, it's smart to equip yourself with the right tools that give you a headstart. Again, this is when BI comes in. It not only reduces the decision-making process (as mentioned earlier) but it also accelerates data analysis.
The time saved can be used to focus on analyzing the impact of decisions. All in all, the current and accurate information BI offers contributes to efficiency in company operations.
3. Increases customer feedback and satisfaction.
Knowing what your customer wants is essential in growing a business. By investing in BI software, you accelerate your ability to find out and analyze consumer purchase patterns. This data can be used to develop products and services in adherence to consumer demands.
Customer satisfaction is guaranteed in this setup. This is because you can acquire customer feedback in real-time. You can then use that information to appease existing customers and reach new ones. You might even be able to anticipate customer needs and deliver a better product or service.
4. Increases revenue by providing deeper insight.
Every business has a plan which is to make money. BI facilitates that agenda by equipping company's with needed data in understanding the market and what's expected of them. It allows them to ask better questions on consumer behavior and competitors, and identify the current trends.
They can also compare data on various dimensions and identify weaknesses in their operational activities and sales. When businesses listen to their customers, monitor their competitors, and enhance their operations, revenue increment is imminent.
