Business intelligence has become a major attention point, as businesses are experiencing positive outcomes by adopting BI technologies and tactics. Innumerable benefits and rising enterprise productivity are triggering factors, which are enforcing the usage of BI in the modern marketplace.
You must be wondering why Business intelligence has thrived tremendously? And why has it become a crucial business strategy?
Well! The answer is hidden in the following statistics.
- 54% of organizations asserted that cloud-based BI is critical for their current and future initiatives.
- By 2018, small businesses with about 100 employees are the biggest adopters of BI solutions.
- 69% of companies are ready with plans to surge their cloud-based BI usage.
- Record-keeping organizations such as education, financial, and retail institutions are major adopters of cloud BI currently.
From the above, factors you would have understood how business intelligence and cloud ecosystems are critical. Though, the question arises why business intelligence solutions are useful and why must businesses take this technology trend seriously? Let's glean insight into the importance of business intelligence for businesses.
The importance of BI solutions is inexplicable before understanding the concept of Business Intelligence. Thus, you need to know first what we call business intelligence.
Actually, Business Intelligence is a term that refers to the amalgamation of tools, technologies, a variety of practices, and applications, which enable businesses to collect, analyze, integrate, and present raw data into a format that provides enormous insightful information.
It basically includes the exploitation of software and services to convert data into an actionable format that provides insight to organizations to make strategic and tactical decisions. Furthermore, BI Consulting Services include these capabilities into business verticals.
The processes of Business intelligence majorly made up of :
- Data mining
- Analytical processing
- Querying and reporting
BI tools are a major component in this set as they analyze data sets, report, summarize, and arrange data into graphs, charts, and maps to show insightful information. Now you must be thinking about what tools are used in BI?
The major tools involved in business intelligence processes are: SAP Business Intelligence
- Zoho Analytics
- QlikSense and more.
Now, it's the turn of understanding the importance of business intelligence. Actually, the complete purpose of using business intelligence is to support and facilitate strategic business decisions. The effective use of BI enables businesses to increase actionable data and leverage insightful information for better marketing, sales, and other business processes.
To get a new customer - One of the main reasons companies invest their time, money, and leverage business intelligence is because it gives them more ability to monitor and analyze current customer buying trends. Once you use business intelligence to understand consumers' intent to buy and sell, you can use this information to create products and product enhancements to meet their expectations and needs, and as a result, improve the bottom line for your organization.
Real-time data - When officials and decision-makers have to wait for different departments to prepare reports, there is a risk of human error in the data, and it may be out of date before it is submitted for review is being. The BI system enables users to access data in real-time through a variety of media, including spreadsheets, visual dashboards, and scheduled emails. Large quantities can be ingested, interpreted, and distributed with the benefit of business intelligence tools.
To Actionable information: An effective business intelligence system acts as a tool to identify key organizational patterns and trends. This business intelligence system enables you to understand the implications of different organizational processes and changes, allowing you to make informed decisions and act accordingly.
For Efficiency improvement: The business intelligence system helps improve the organization's efficiency, leading to higher productivity and higher revenue potential. Business intelligence systems allow companies to easily share critical information between departments, save time on reporting, data mining, and data interpretation. Facilitate information sharing and enable more efficient organizations to eliminate unnecessary functions and duties, allowing employees to focus on their work rather than data processing.
Enhanced insight: Smart companies have better control over their operations and standard operating procedures, as the business intelligence system improves visibility into these tasks. Gone are the days of browsing hundreds of pages of annual performance evaluation reports. Business Intelligence highlights all areas of your organization, helps you easily identify areas for improvement, and enables you to prepare rather than react.
Competitive advantage: In addition to all these great benefits, business intelligence can help you see what your competitors are doing, allowing your organization to make informed decisions and plan future efforts.
Sales Insights: Sales and marketing teams need to track their customers and take full advantage of their customer relationship management (CRM) applications to do so. CRMs are created to manage all customer interactions. Since it encompasses all communication and interactions with customers, there is a wealth of data and information that can be interpreted and used in strategic initiatives. The BI system aids businesses in identifying new customers, tracking and retaining current customers, and providing after-sales services.
If you want to increase your company productivity and don’t know how to leverage business intelligence then you can consult with companies providing business intelligence consulting services and secure effective solutions.
From the above, it is clear that business intelligence has a significant role to play in the current marketplace. Let's understand what benefits can be gained by embracing business intelligence.
Business intelligence provides a variety of benefits directly derived from the purpose it serves in the current business scenario. It helps in:
- Optimizing internal business processes
- Accelerating decision-making process
- Driving revenues
- Increasing the operational efficiency
- Gaining competitive advantages
- Spotting addressable business problems
- Identifying the market trends
Apart from these, there are many other aspects of security that can be managed. Apart from this, there are many other benefits explained further.
Expanded authoritative efficiency: BI gives pioneers the capacity to get to information and gain a comprehensive perspective on their activities, and the capacity to benchmark results against the bigger association. With a comprehensive perspective on the association, pioneers can recognize the area of chance.
Quicker Analysis, natural dashboards: BI stages are intended to carry out hefty responsibility preparing information in the cloud or on your organization's workers. BI instruments pull in information from various sources into an information stockroom and afterward examines the information as per client inquiries, intuitive reports, and dashboards.
Information driven business decisions: Having precise information and quicker announcing capacity accommodates better business choices.
Improved client experience: Business knowledge can straightforwardly affect client experience and consumer loyalty.
There are several myths prevalent in the marketplace about business intelligence software that they are expensive and require bigger setups. But! It is not true. Business intelligence can be effectively implemented at a cost-effective price, and CRMs can be included on the website easily for data collection.
Business intelligence has become critical for businesses in the current arena. A Business Intelligence Consulting firm ensures to help businesses get these systems and tools installed effectively to leverage the power of business intelligence and data.