04 Jul 10 Simple, but Powerful Benefits of Business Intelligence
Business Intelligence (BI) provides users with power. The power of knowledge. Through this knowledge, BI can accelerate and improve decision-making, helping to gain a competitive advantage over business rivals.
These are the 10 simple but powerful benefits of using BI tools:
- Gain automatic, data-driven insights to make accurate and timely business decisions. BI eliminates the guesswork from decision-making, leaving you with informed decisions every time. With BI tools, you will be able to analyse data in real-time and make immediate decisions based on all the information (and not just part).
- By having direct access to all your data, you will be able to obtain new insights about potential opportunities. From the identification of market opportunities or consumer buying preferences, you will be able to create new offers to adjust to the current market situation or better satisfy your customers.
- Furthermore, this 360º view of customers can help to establish a competitive advantage against competitors. You will be able to understand customer behaviour better and use it provide customized offers.
- Or use BI as a valuable sales force asset. BI can help to identify sales trends, product improvements or additions, or unexplored sales opportunities. Such data is also a valuable backup to negotiations with suppliers or other vendors.
- BI tools can help to successful track KPIs by setting alerts and notifications. When there are data changes regarding specific KPIs, you and or your team will be notified. This gives you the opportunity to drill down and see what has happened, why it happened, and how you can fix it if need be.
- The beauty of automatic insights means that anyone, anytime, can answer questions. Data insights can also answer questions you didn’t even realise you needed or wanted to know by highlight and provide answers to issues before they are noticed.
- Gone are the days where only IT specialists could access data and create dashboards. BI tools allow different types of users to access data insights through key metrics and reports. With governed self-service BI tools, all users can access the data but maintains only one version of the truth.
- BI tools can also help you better manage your inventory. From the amount you order, to the logistics for correct management, and the detection of anomalies, BI can give you a 360º scope of your inventory management. In the long-run, correct management of inventory can save your business a lot of time, money and effort.
- BI can be used to analyse the progress and performance of each business unit or team. Insights gained through BI can help to identify problem areas, areas of success, and areas in need of improvement. By having an understanding of how each unit or team is performing, resource allocation becomes more accurate.
- BI tools will save you and your team a lot of time and energy, by providing insights within seconds. No longer do you have to wait for the monthly report, with BI you have access to the data anywhere, anytime. You and your team can now get answers faster, improving the efficiency of the workplace.
To view the Triumph ERP Business Intelligence module, click here.