Business Intelligence, in a broad sense, is typically understood as a set of technological tools that gather data, organize it, analyze it, and produce actionable information from that data analysis. Essentially, the overarching advantage of Business Intelligence is its ability to organize, condense, and synthesize large amounts of data. Likewise, this technology enables end users to understand and successfully implement the processed data where it’s needed the most.
Business Intelligence software is quickly becoming a necessity for business operations in this day and age. Many companies have completely overhauled their old systems for this increasingly popular technology, and for good reason. To learn more about the benefits offered by Business Intelligence, take a look at the following list.
1. It puts decision-making on the fast track. No longer do data analysts need to dig through countless piles of random information before they can finally compile reports that actually make sense. With Business Intelligence, companies can skip the traditionally tedious prerequisites to data analysis, so company leaders can focus much more of their energy on growth and innovation.
2. It optimizes internal business processes and increases operational efficiency. Because much of the previously required data work can be automated with Business Intelligence tools, your internal business processes will become more streamlined and efficient. For example, instead of keeping your company’s raw data – data from customer service operations, market segmentation, or product profitability – stored away on different software programs such as Excel, Access, and other database applications, it centralizes everything using one software program.
3. It helps generate new revenues. At the end of the day – or the quarter, in a business’s case – it all comes down to profit. When used to its optimum capacity, Business Intelligence software enables company leaders the chance to make improvements in both the company’s internal and external processes with near-pinpoint precision. Thus, repairing the holes in the system with solutions for more successful advertising, better customer service, and fewer budget-draining glitches will be far easier with Business Intelligence.
4. You’ll be ousting the competition. If you want to stay ahead of your competitors, outsmart them. With Business Intelligence technology, you can work with predictive analytics to dig up the most information on your customers – what they buy, how they buy, what they like or dislike about your company, and so on. The quicker you are able to satisfy your customers, the faster you can outrun your competitors. The same principle goes for internal factors as well. The data collected and presented by your Business Intelligence software should give you a clear picture of how well (or how poorly) your company’s systems are working.
5. It nixes the guesswork. With a top-of-the line software program collecting, analyzing, and organizing your company’s raw data into an accurate and easily comprehensible form, you and your team won’t be left with the task of estimating numbers and trekking blindly into budgeting and forecasting. According to Ken Dixon, executive vice president at Kogent Corporation, “Business intelligence can provide more accurate historical data, real-time updates, synthesis between departmental data stores, forecasting and trending, and even predictive 'what if?' analysis," eliminating the need to guesstimate.”
If you’re looking to fine-tune your business for maximum efficiency, customer satisfaction, and long term financial security, then you may need to give Business Intelligence some serious consideration. As with many other companies, it has the potential to completely revolutionize the way you do business from the inside out.
Evelyn Hylton has been writing about business topics for many years, and is currently writing on behalf of the budgeting and forecasting experts at True Sky. An avid writer and learner, she loves to use her skills for engaging others in important topics in creative and effective ways. When she is not working, she loves working out, problem-solving, and catching up on Shark Tank. Follow her on Twitter @Evelyn_Hylton