8 ways Business Intelligence is essential to improving your business (Part 2)
Business Intelligence (BI) involves the presentation of relevant and useful business information in an organization. Companies use BI to isolate important business trends and events so that they stay current and competitive in an ever changing business environment.
All levels of management in an organisation can utilise BI to make more informed decisions and plan for the future with up to date insightful information in mind. During the first part of this article (Part1) we saw the first 4 reasons why BI is important, below are four more reasons for you:
1. Gain Visibility. How many aspects and processes of your business do you really feel that you have complete oversight over and how many escape your attention either due to insufficient procedures or lack of time? A good business intelligence system illuminates those dark corners of your business in a way that makes the evaluation of situations and processes much quicker and your response more timely and effective.
2. Transform raw data into insight. A business intelligence system is a tool that analyses data to reveal information that can determine the success of your strategic decisions. Through the identification of significant trends and patterns that have to do with multiple aspects of your organisation, it is easier to make important associations between them and take actions that would otherwise not have been conceivable. One example is future opportunities rising by exploiting a combination of resources from the company in a way that was not clear before.
3. Acquire intelligence about your competitors. BI can also be used to gain an insight into what your competitors are doing. This puts your company in a position to plan ahead and be more proactive during the planning process reducing the amount of deviations that occur during the implementation of the plan.
4. Return On Investment. All the above benefits lead to the effect BI has on the bottom line. Through better strategic awareness, faster reporting, better cost management and access to better quality data and information, a company’s ROI is bound to be positively influenced.
A world leading Business Intelligence system supported by proper training and BI skills can make a world of difference to your bottom line. Technology is dynamic and versatile, not in a bad way. Use the FREE guide to Business Intelligence below to learn more about Business Intelligence and contact a professional to decide if this is something your organisation needs or has but needs to improve on.