What can Business Intelligence do for You?
- July 30, 2018
- Posted by: iNurture
- Category: Blogs
The digital age people live in today provides heaps of information that businesses can utilize when making critical decisions, but that is only possible with proper organization. Not every piece of information out there has worth to a company, and that is what business intelligence is all about. BI involves the use of technology to collect and analyze data then condense it into actionable reports for decision makers. Not a lot of companies incorporate BI into their core functions, which is partly due to the lack of understanding on what it is and because some managers don’t think it is suitable for their operations. So, why should your corporation, whatever its size, spend money and time establishing a BI systems?
Companies are driven by strategic planning, which is only possible if the administration can make objective decisions. With business intelligence analytics, managers can receive data from different aspects of the company such as financial, customer, and production that has been condensed into well-detailed reports. A lot of entrepreneurs make avoidable mistakes when deciding on crucial matters, mainly because they were working with inaccurate or unreliable information. BI prevents that. For example, before deciding if a particular brand should be cut from production, you can gather all the individual data on the product line and gauge its performance first, thus giving you clear insight.
Wastage in commercial entities is not new and can be caused by any number of things from inefficiencies to poor productivity. A business intelligence system is useful in detecting all kinds of wastage in companies, which can otherwise, be hard to accomplish because you may not even realize there is such an issue. BI systems are centralized, making it less complicated to get data from different sections of an organization. The system can tell if there are overlaps that may be causing you to lose money.
Enhance Customer Service
Business intelligence analytics provide an understanding of what your clients are looking for. By gathering and analyzing data from previous customer interactions, your BI system can point out the areas that are lacking so that you know where to focus improvements. The company can implement the necessary measures to guarantee customers receive quality services.
Another advantage that BI has to your corporation is availing relevant data concerning sales trends and product performances, which is critical when looking for ways to grow your revenue. When you know which products are doing well and which areas of your company are generating good revenue, you can strategize on how to capitalize on that information.
Gathering, analyzing, and reporting data without business intelligence tools can be excruciatingly slow. Also, there is the threat of human error when collecting information the traditional way. With the right systems, it takes minutes to pull the information you require and package it for easier comprehension, meaning employees spend less time compiling data. The time and human resources saved can be diverted to other useful tasks.
Gain Competitive Advantage
Business intelligence analytics can give you an edge over competitors because information is power. When you have the latest industry trends and key market patterns at your fingertips, you can make decisions faster than your rivals. Slow and untimely access to information can be a great impediment to the growth of a company and BI is a viable solution in such instances. Additionally, a BI system can guide you in conducting predictive analysis, which means going beyond simple analytics, and that offers some leverage among competitors. BI also allows managers not just to react to changing market conditions but to predict them as well, and that has obvious benefits.
Commercial enterprises need more than a basic comprehension of what their customers want, hence the importance of market research. Business intelligence analytics can compile all the information your company has on its clients, which can then be utilized to learn their behavior. Knowing which offers to extend to a particular customer and at what time to take such action can boost your organization’s market share. With the right data, you can learn of why some customers stay, and others leave then introduce strategies to reduce defection.
The growth of an enterprise relies on the ability of its managers to identify good prospects and capitalizing fully on them. Companies with business intelligence systems can pinpoint market trends and conditions, which your entity may not be investing in. Managers can learn the strengths and capabilities of a corporation, in addition to the weaknesses that competitors may be exploiting. By using accurate data, decision-makers can come up with tactics to benefit from.