Adopting Business Intelligence or BI is the best solution to this problem. However, in reality many businesses are oblivious to the benefits of BI, or lack the knowledge of exactly where to start. Many leading businesses are already harnessing the power of BI to gain a competitive edge in their industry. Business Intelligence needs to be an integral part of any organization striving to achieve more with the resources available to them.
Leading research and advisory firm, Gartner describes Business Intelligence as including “the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.”
Business intelligence platform comprises of many BI reporting tools, business analytics, data visualization, data analytics, etc. All these BI tools assist in merging and processing a huge amount of unstructured data and quickly helps in finding valuable business insights through queries. The BI reporting tools help in gaining proper analysis of the data through accurate visualizations, dashboards, reports, etc. and present a genuine picture of the Key Performance Metrics (KPIs), operational efficiencies, new income avenues, new opportunities, trends and patterns, outliers, and much more.
Here are the top 7 reasons why businesses need Business Intelligence:
1.Faster reporting and analysis: BI tools are adept at heavy-duty processing of data. BI tool extracts data from multiple sources into a data warehouse, and analyzes the data based on the user’s queries. All the reports are generated in real time and hence, empower the businesses with powerful business insights to take decisions quickly.
2.Back your business decisions with data: BI tools empower you to take better business decisions that are based on data instead of guesswork and intuition. What’s more is that this data is presented you in the a way that you’d understand and comprehend.
3.Get real-time view of company’s health: Gaining a real-time 360 overview of a business’s condition is imperative for the decision makers. Executive dashboards help them make faster and informed decisions with the help of informative reports, summaries, graphs, charts, etc.
4.Identify bottlenecks and unravel hidden trends: BI tools give you a holistic view of all the big data through dynamic reports, storyboards, etc . Hidden patterns give a clear understanding of the loopholes and then act on them. With a BI tool under your belt, you can easily identify outliers, anomalies, regressions, patterns, etc. and be prepared for to make informed decisions to gear your business in the right direction.
5. Gain customer behaviour insights: BI gives you the ability to combine internal as well as external data. You can leverage all this data available to you to analyze customer behaviour and patterns and take preemptive measures to boost your sales and improve customer experience.
6. Agile and quick to act: How fast can you respond to critical business problems and exploit sudden business potentials? With a strong BI solution you can be at the forefront with your business. With BI tool decision makers can have access to real-time indicators and updated data which can help them analyze present situation based on past trends and also help in forecasting future business scenarios.
7.No more dependence on IT: Dumping enormous requests on your IT department is a thing of the past. With BI tool, end-users can generate reports on their own, on the go. They can simply type or even ask their BI system, by “talking to their BI”. This is made possible by the Natural Language Processing (NLP) techniques.
Our team of BI experts are here to improve your organization’s efficiency by enabling you to leverage your existing data. We will provide you with the tools necessary for your business to transform complex, unstructured, and confusing data into clear and actionable business insights. This will in turn speed your decision-making processes and ensures that all your business decisions are well-informed and backed with reliable data. Get in touch with our team today to see how we can improve your business!
You can also read: "Key Features of a BI Tool”
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