Your business data is one of your most valuable assets.  In today’s digital age, the amount of raw data is expanding exponentially.   Hence, why so many organizations have turned to business intelligence solutions (BI)  for their strategic decisions.

Business intelligence (BI) consists of tools, technologies, applications, and practices used to collect, integrate and analyze an organization’s present and past data.   BI solutions allow you to create real-time insightful and actionable business information from custom reports to dashboards.  Management teams now can make better and more informed decisions.

According to Gartner, global revenue in business intelligence and business analytics will reach $22.8 billion in 2020.   BI solutions are now affordable and accessible no matter the size of your organization and much more powerful than a spreadsheet for analyzing your data. Ultimately, business intelligence analysis removes the guesswork from managers by quantifying solutions to complex problems rather than relying on gut instincts.

Reasons why you will benefit from a BI Solution

 

1. Turn Data into Actionable Information

According to BI-Survey.com, over 50 percent  of businesses using BI tools said they achieved their goal of making better decisions and were able to predict trends and patterns.  Data captured from portals, CRM’s, ERP’s, websites and much more allow BI solutions to analyze comprehensive data to identify significant trends that can be used to modify or implement strategic plans.  As such, BI system can help you understand and improve various organizational processes and enhance your ability to identify key opportunities and/or threats thus enabling you to plan for a successful future.

2. To Boost Productivity

An increasing number of organizations have found business intelligence as a critical tool to ensure competitiveness and productivity.  Management teams are aware of the daily challenges trying to assess raw data manually. With BI solutions, managers can retrieve, analyze and share information across various departments. This allows the executive team to respond more intelligently to trends in production, material usage, labor, supplier information and more.  Ultimately, BI makes the process of analyzing and interpreting data faster and more efficient, ultimately improving your productivity.

3. Insights into Consumer Behavior

Meeting customer’s needs is what drives a business forward. One of the main advantages of investing in BI is the fact that it will boost your ability to discover and analyze the current consumer buying patterns and trends. Once you understand what your consumers are buying, you can use this information to develop products and services that match the current consumption trends resulting in an increase in ROI through improved customer satisfaction and brand reputation. In fact, companies using BI consider that customer behavior analysis is giving them a real competitive advantage.

4. To Gain Sales & Market Intelligence

BI improves your marketing and sales intelligence by keeping track of data about your customers. It also allows you to understand how they interact with your organization at a deeper level, so you can identify solutions to your customer issues and better reach your customers with targeted messages to increase sales. Also, it helps with sales planning and forecasts, to manage productivity. For one example, many organization has a Customer Relationship Management (CRM) system, which collects the data about your customer and presents it to you in various tables and charts. You can analyze an entire sales cycle, track existing customers, and provide post-sales services. CRM systems are now more involved in decision-support processes than ever before.

5. To Improve Visibility

The only constant is change and your company’s ability to understand, accept and apply strategies to manage this change will determine your success. Business Intelligence will provide organizations with the necessary data visibility through dashboards and reports that help you see the connections and correlations between different data sets. If you want to improve control over various essential processes in your organization, BI will enhance the visibility of these processes and make it possible to any pinpoint any areas that need improvement. Whether it is errors in your invoicing/billing, supply chain and/ or identifying your best performers – visibility is essential.

Business intelligence will continue to change from reactionary to proactive decision making.  BI Modern BI will create even more interest with cloud deployments, data visualization, and algorithms.  Business intelligence ultimately delivers a better experience for your customers and employees as well as increased brand recognition – providing a real competitive edge.  Let us consult with your organization to turn your data into real insights.

What BI benefit(s) would your organization be interested in?   Share your thoughts on business intelligence.

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