In today’s business world, it is imperative for executives to have the right data, insight in order to make the right calls. Business intelligence (BI) is the key to make those right calls.
To gather business intelligence involves a setup covering databases and data stores, software, policies and infrastructure. Based on the wide variety of data that the business uses, generates or communicates with, an organization’s strategic and tactical business decisions are taken. BI tools access data sets and present various informational discoveries through analytics in the form of reports, summaries, dashboards, graphs, charts and maps to provide users with detailed intelligence or insight about the state and trends of the business.
What are the benefits of Business Intelligence?
There are innumerable benefits for business intelligence. Let us look into a few of them.
Growth Insights: Using business intelligence you can device growth strategies for your organization. It is helpful in sales forecasting, looking at sales opportunities, generating leads, analyzing the markets across the globe, segmenting your customers etc. You can collate data from different departments and gain meaningful insights. The biggest challenge for today’s fast-paced business organisations is growth area identification, assessing supply and demand, measuring the product suitability and positioning in the market places. The data used is procured in real-time and analyzed through collaboration thus enhancing the knowledge on different target markets.
Address Urgent Issues: Having the right information is the key to address emergency and urgent issues. Using such huge volumes of data, you can make better decisions and more informed decision parameters before the crises further get escalated. You can extract critical data from the volumes of datasets and generate reports on the go. Some urgent issues which might surface can be for example, the misallocation of inventories at different stores and allocating them. Is a social media comment affecting your brand, and if so, to what extent? These kinds of questions and issues need urgent attention and solutions faster, and should not be delayed.
Immediate Ground Data: Gathering real-time ground data is essential to monitor the movement of your organisation. Now you don’t have to wait for weeks or months to collate and process raw data from sales, marketing and customer support departments. Getting data from BI is easy as it moves with market events as they happen. Raw data sources by the sourcing team can be uploaded, filtered and cleansed or transformed to get the latest insights.
Getting the bird’s eye view: Getting the bird’s eye view is critical for your top management team. BI gives the company’s overall performance in a dashboard, which depicts the health of your business across verticals. Thresholds and triggers can be set to give a snapshot of your company’s progress against the set business goals.
A peak into the future: With advanced business intelligence and analytical solutions, you can forecast the future and anticipate outcomes. Based on the historical, recurring and current patterns the BI can project and forecast trends. This ability to forecast with data and information can lead your company to be agile and flexible, more importantly, provide the leading edge in disruptive business sectors like manufacturing, education, retail and insurance.